Investment firms say ‘business as usual’ as they back UK’s tech sector despite Brexit
Some of the biggest investment firms in the capital have reaffirmed their backing for the UK’s tech sector despite the results of last month’s referendum.
San Francisco-based Index Ventures, Holborn’s Octopus Ventures, Balderton Capital and Hoxton Ventures, who between them have invested in some of the UK’s biggest tech success stories, have all added their voices to a chorus of investment firms pledging their support to London’s, and the wider UK’s, booming tech sector.
It comes after the Mayor of London, Sadiq Khan, launched the #LondonIsOpen campaign last week, as the capital’s business and political leaders put on a united front in the face of continued Brexit uncertainty.
London’s tech investment figures have remained robust in the first half of this year, despite a Europe-wide contraction in the amount of venture capital being invested, with big investment rounds in Revolut and what3words, amongst others, bolstering the $200m total in the period.
Further research by London and Partners has also unearthed that since 2011, London has attracted $6.64bn investment for its technology companies, more than any other European city.
With these figures in mind, and one eye on projecting a ‘business as usual’ image in the face of worrying UK-wide economic forecasts, Khan said: “This is further proof that London leads the way when it comes to technology and, because of its diversity and entrepreneurial spirit, continues to attract investment from across the globe.
“This investment in the capital shows that London is open for business, open for new ideas and will continue to welcome the best talent from around the world.”
Eileen Burbidge, who is a Partner at London VC firm, Passion Capital and has just been announced as the new Chairman at London-based digital-first bank Tide today, echoed the Mayor’s sentiments and believes London will continue to attract significant investment and talent.
She added: “London remains the biggest tech centre in Europe and continues to attract the best talent and companies from all over the world. These are attractive factors for any investor and there will be plenty of opportunities for investment in the coming months and years ahead.
“London’s success has been built on strong entrepreneurial spirit and it is important that we remain positive and continue to promote our tech sector at home and abroad.”