London keeps crown as Europe’s top tech investment hub

London is the fourth biggest global hub for tech sector investment. — AFP Relaxnews

London remains Europe’s biggest hub for technology startups despite the twin challenges of Brexit and Covid, a study showed Thursday.

The Mayor’s promotional agency London & Partners said US$25.5bil (€22.4bil or RM106.62bil) was invested in fledgling tech firms in 2021.

That was more than double the level in the previous year, L&P added in a statement citing figures from data specialist Dealroom.

Europe-wide tech investment also more than doubled to reach US$115bil (RM480.87bil).

“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,” the agency added.

London is also the fourth biggest global hub for tech sector investment. Berlin is the only other European city in the top ten with tech investment of US$11.1bil (RM46.41bil).

San Francisco tops the list in first place with US$100.9bil (RM421.91bil). Global tech start-up investment meanwhile doubled to a total of US$675bil (RM2.82 trillion).

The survey was published one day after online payments processing giant revealed that a new fundraising round took its value to US$40bil (€35bil or RM167.26bil), reportedly making it Britain’s biggest fintech startup. – AFP Relaxnews

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