London is the "undisputed" tech capital of Europe, says Sadiq Khan
Research reveals UK's diverse hub of tech firms are attracting the most investment within the EU
London has been hailed as the "undisputed" tech capital of Europe by its Mayor Sadiq Khan, following a report released by London & Partners.
According to the figures, the capital's tech firms are contributing to the growth of the UK's digital economy, accounting for over 80% of all venture capital money invested into the UK since Brexit.
"London is the undisputed tech capital of Europe and today's figures offer further proof that London remains a leading global tech hub for investors. With world-class universities and a diverse international talent pool, London is a centre for creative energy and innovation," said Mr Khan.
"London's tech sector is an important source of jobs and growth for the city's economy and it is vital that we continue to ensure that we can attract the very best talent and investment from all over the world in the aftermath of Brexit."
The research revealed that London's high concentration of tech companies has helped it remain Europe's number one destination city for venture capital funding, with its tech firms attracting over 4 billion of investment, ahead of the 1.14 billion for Paris, 814 million for Berlin and 542 million for Stockholm.
Next week London will showcase the very best of its tech offering by opening its doors to the international business community for London Tech Week 2018, Europe's largest festival of technology and innovation. The city will host over 200 events and welcome over 50,000 entrepreneurs, investors and tech leaders from all over the world.
Sherry Coutu CBE, London Tech Week ambassador and angel investor added that it was no surprise to see that London and the UK are the leading destinations for international tech investors because of its diverse mix of innovative startups.
"From Artificial Intelligence to cybersecurity, EdTech and GovTech, the UK is home to companies that are leading the way in developing and implementing the latest cutting-edge technologies," she said.
"This year's London Tech Week will shine a spotlight on London's mix of thriving start-up and scale-up businesses and a whole range of innovations. It's a fantastic opportunity for London to showcase itself to global investors, entrepreneurs and tech leaders from across the world."
Further analysis of the findings showed that UK remained the leading European hub for US tech investors since the Brexit vote, with German and French tech companies receiving less than half the amount of funding seen in the UK.
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