London beats New York (and everywhere else) in terms of decade of tech investment

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solo11 June 2023Last Update : 4 months ago
London beats New York (and everywhere else) in terms of decade of tech investment

London has beaten its rivals to take the top spot for global tech investment over the past decade after pumping cash into more than 1,700 separate investment projects, according to new figures.

With 1,752 separate projects securing funding since 2014, according to data from London & Partners, the capital overtook past rivals such as New York and San Francisco in the number of tech initiatives attracting foreign capital.

The data comes as policymakers and firms chew on the capital’s international appeal at the tenth annual London Tech Week next week after a gap of few months. A series of big-name tech organizations have fired barbs at London this year, claiming that regulators and capital markets authorities had undermined its appeal.

Commenting on the new data today the Mayor of London, sadiq khansaid London’s tech sector “has become an international success story” and is driving “economic growth for all Londoners”.

“These new figures confirm that London remains a top destination for the best international tech businesses,” he added.

“The tenth anniversary of London Tech Week is a wonderful opportunity to celebrate our recent successes and I look forward to another decade of growth for our city’s tech sector, resulting in a better, more prosperous London for all “

The figures come after data from big four firm EY this week showed the capital’s financial services sector has shrugged off the worst of Brexit concerns and topped the foreign investment list every year since Brexit.

London slipped to second place in volume of investment projects last year, with Dubai taking the top spot with 233 separate initiatives.

The findings come after a global slowdown in tech investment and venture capital funding over the past 12 months as rising interest rates and rising inflation lock out cheap money.

Fintech venture capital funding in London fell by five per cent last year, amid a record-breaking decline in 2021.

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