LONDON, UK – JUNE 10, 2023 – London has secured its position as a leading global destination for technology investment over the past decade, with a total of 1,752 tech projects funded since 2014, eclipsing other international competitors such as New York and San Francisco, according to a recent report by London & Partners.
Rudi Kesic, CEO of Verify 365, said: “London’s resilience and adaptability, despite various challenges, signifies our robust and dynamic tech ecosystem. The city’s proven ability to consistently attract significant investment reiterates its unmatched position as a global tech hub.”
These encouraging figures coincide with the city’s tenth annual London Tech Week, an event where policy makers and companies from around the world will discuss the capital’s ongoing international appeal, despite a challenging few months marked by regulatory concerns and critical comments from several major tech companies.
“The tech sector of London has evolved into a global triumph, contributing significantly to the city’s economic growth,” said the Mayor of London, Sadiq Khan. “This positive trend, as depicted by the latest figures, indicates that London continues to be a top choice for premier international tech enterprises.”
This week’s London Tech Week’s tenth anniversary serves as an ideal occasion to commemorate recent achievements and anticipate another decade of advancement for the city’s tech sector, further contributing to a wealthier and more prosperous London.
Despite the setback of falling into the second place in terms of investment projects last year, with Dubai taking the lead at 233 initiatives, London’s financial services sector demonstrated resilience against Brexit-related apprehensions. According to EY data, the city topped foreign investment lists annually since Brexit.
The overall tech investment landscape has seen a global downturn in the past 12 months due to rising interest rates and surging inflation limiting access to inexpensive capital. Despite these headwinds, London’s fintech venture capital funding only saw a slight dip of five per cent last year, following a record-setting 2021.
