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London tech sector attracts record US investment
American investors are investing more money in London-based technology companies than ever before, according to figures revealed by the Mayor of London during a recent trade mission to New York.
New figures compiled by London & Partners, an organisation set up to amongst other things promote the investment opportunities in London, show that London-based tech firms attracted $795.2 million (£497 million) from US investors in 2014. This figure is more than double the previous record figure from 2012 of $296 million.
The figures were revealed at an event at Grand Central Tech in New York, hosted by London & Partners, in association with Tech City UK and the Technology is GREAT campaign.
Mayor of London, Boris Johnson, said:
“As the digital capital of Europe, London is clearly the place to create fast-growing tech companies, and our flourishing tech sector has caught the eye of US investors. London’s talent is attracting global investment, enabling our innovators to turn their ideas into companies that create jobs and economic growth in London.”
Gordon Innes, London & Partners CEO, added:
“London and New York are world-leading tech hubs where innovative companies are producing technologies that are changing the face of industry. For international companies expanding and investing overseas, London is their first choice. Over the last decade the city has attracted more HQ investments than Paris, Berlin and Dublin combined, with companies investing more than £4 billion and creating more than 20,000 jobs in the city.”
The mayor was recently on a six-day visit to the US east coast in a bid to strengthen relations between London and the US. In addition 22 of London’s leading financial technology firms were in New York on a trade mission organised as part of the Mayor’s Export Programme. They used New York events to pitch to investors in the hope of winning new deals for London.
Also launching in New York was Barclays which used the trade initiative to launch its fintech accelerator program in New York. The Barclays Accelerator, backed by Techstars, will open in July 2015. Barclays already has an accelerator programme in London.
At Royds we have great experience in advising overseas companies in investing in the UK. We frequently advise overseas companies from for example the US and Europe on corporate structures and investment agreements. In addition, we have great knowledge as to the technology sector.