UK holds onto status as tech capital of Europe

London attracted almost triple the VC investment of any other European country over the past two years

The UK remains the tech capital of Europe, according to research by London and Partners.

Headline findings from the report reveal that British tech firms have received £5bn worth of VC funding since June 2016 - more than France (£1.55bn), Germany (£2.15bn) and Sweden (£644m) put together.

Tech firms in London pulled in £4bn, significantly ahead of both Paris (£1.14bn), Berlin (£814m) and Stockholm (£542m).

London and Partners highlighted the wealth of local tech talent in the UK, as well as the strength of fintech and AI startups.

In the last year, British finetch firms such as TransferWise and Monzo have secured £211m and £71m respectively. Meanwhile, a recent £177m injection for Revolut, has made it the UK's latest unicorn company, valued at over $1bn.

It joins the list of 13 others, helping the country maintain the mantle of Europe's unicorn capital with 37 per cent of Europe's total unicorn companies.

The news comes as London Tech Week begin today.

Commenting on the news, London Tech Week ambassador and angel investor Sherry Coutu CBE said:

"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.

"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."