The future looks bright for London’s tech sector, according to a new report from London & Partners and Dealroom.co, showing that 2021 was another record year for venture capital investment into London’s tech firms.
2021 marks the year London tech came of age, with a large increase in megarounds (USD100 million-plus rounds), an unprecedented number of exits and more new unicorns than any previous year. The UK capital’s tech firms raised an all-time high of USD25.5 billion in VC funding, 2.3x investment levels in 2020, against a backdrop of record global (USD675 billion) and European (USD115 billion) VC investment.
Despite the challenges posed by Brexit and coronavirus, the strong performance and rapid growth of London’s tech sector in 2021 suggests the city is competing strongly on the world stage with other leading global tech hubs like the Bay Area, New York and Shanghai. London ranked fourth globally for VC investment in 2021, behind the Bay Area (USD100.9 billion), New York (USD47.5 billion) and Greater Boston (USD29.9 billion). Berlin was the only other European city to make it into the top ten list with USD11 billion in tech VC investment. On a national level, the UK ranked fourth globally following another record year of funding (USD39.8 billion), behind the United States (USD328.8 billion), China (USD61.8 billion) and India (USD44.6 billion).
Read more/Source: Private Equity Wire
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