London beats New York (and everywhere else) on decade of tech investment
London has beaten its rivals to take the top spot for global tech investment over the past decade after raking in cash across more than 1,700 separate investment projects, according to new figures.
The capital sailed past rivals like New York and San Francisco in the number of tech initiatives attracting foreign capital, with 1,752 separate projects securing funding since 2014, according to data from London & Partners.
The data comes as policy makers and firms chew over the international appeal of the capital at the tenth annual London Tech Week next week after a bruising few months. A series of big name tech outfits have fired barbs at London this year claiming regulators and capital markets officials had dampened its appeal.
Commenting on the new data today Mayor of London, Sadiq Khan, said London’s tech sector “has grown to become an international success story” and was boosting “economic growth for all Londoners”.
“This is highlighted by these new figures showing London remains a top destination for the very best international tech businesses,” he added.
“The tenth anniversary of London Tech Week is a great opportunity to celebrate our recent successes and I look forward to another decade of growth for our city’s tech sector, resulting in a better, more prosperous London for all.”
The figures come after data from big four firm EY this week showed the capital’s financial services sector had shrugged off the worst Brexit concerns and topped foreign investment lists every year since Brexit.
London slipped into second place in the amount of investment projects last year however, with Dubai moving into the top spot with 233 separate initiatives.
The findings come after a marked slowdown globally in tech investment and venture capital funding in the past 12 months as rising interest rates and soaring inflation shut off cheap money.
Fintech venture capital funding into London fell five per cent last year amid a sharp global slump – down from a record breaking 2021.