London tech firms bag most VC cash ever in Q1
VC investment in London tech firms hits $682m
London's tech industry has raised more cash from venture capital (VC) investment in Q1 2015 than in any other recorded quarter.
Research from London & Partners, the mayor's promotional company for London, found that for the first three months of this year the UK's capital landed more than $682m (£460m) in VC funding for its tech firms.
This was up by 66 per cent year on year and smashed the previous record of $411.6m in Q4 2014.
This sharp rise in investment was helped by Silicon Valley VC firm Andreessen Horowitz pouring $58m into online payments company TransferWise.
Other companies to receive significant investment included music tech firm Shazam which got $30m and money-transfer player WorldRemit which bagged $100m.
Eileen Burbidge, London technology ambassador, said: "This quarter is the most exciting yet in London's tech development, as we have seen companies based in the capital attract substantial new investments from some of the world's most tech-savvy and influential investors.
"London is one of the most electrifying tech hubs in the world, with companies and investors all brought here by the city's ideas and entrepreneurial spirit, as well as its talent and access to markets."
According to the report, London dominated the total amount of VC investment in the UK, with the capital's companies making up 80 per cent of the total amount raised by all UK firms ($856.7m).
News of the dramatic rise in VC investment in London comes after last week's report by Accenture which showed that investment in financial technology (fin-tech) firms in the UK now accounts for 42 per cent of all fin-tech investment throughout Europe.
Gerard Grech, chief executive of Tech City UK, said: "2015 looks set for the record books as the UK earns its position as a global tech leader. It's been a great year for London tech companies with the likes of WorldRemit, Farfetch, JustPark, TransferWise and Shazam smashing through their funding targets.
"The increase in venture capital investment into London in the first quarter of 2015 comes as no surprise. With 44,000 [people] working in the fin-tech space alone and record levels of investment in 2014, the capital is the engine of Tech Nation."