London is the top destination for international tech companies looking to expand
London is the top destination for international tech companies looking to expand or set up an operation outside of their own country according to the latest data by London & Partners.
The figures suggest that London is attracting more foreign direct investment (FDI) projects from overseas tech companies than any other city in the last 12 months.
In the past year, 91 international tech firms chose to expand or set up an operation in London with total investments worth £864m, ahead of cities such as Singapore and Paris.
The research shows that in the last decade London has received 916 tech FDI projects, with global tech investment projects worth £9.5bn to the city’s economy – creating over 27,600 jobs.
This comes after the news that London’s tech firms received £2.56bn in venture capital funding in the first half of 2019.
Venture capital investment into London companies accounted for over 80% of the £3.17bn invested into the UK tech sector so far this year.
Laura Citron, CEO of London & Partners and one of the co-founders of London Tech Week, said: “Today’s figures offer further proof that London is a fantastic place to grow and scale an international technology business.
“London not only offers access a high concentration of growth capital, talent, corporate HQs and some of the world’s most early adopting consumers but it is a city that international entrepreneurs can genuinely be part of – we are a global, open community and always will be.”
The research by London & Partners also shows that London is the top global destination for American tech companies looking to expand outside of the United States.
In the past 10 years London has seen 516 FDI projects from the USA, worth £5.39bn and creating over 16,800 jobs.
Nichole Mustard, co-founder of US fintech company Credit Karma, which recently announced its international expansion in the UK, added: “London is the one of the top centres of fintech innovation for a number of reasons.
“By setting up our UK headquarters in London, we will be able to access more global customers and clients, as well as some of the best international tech talent.”
This research comes on the first day of London Tech Week which will see the capital welcome around 55,000 global visitors from over 90 countries.
10 Jun 2019
Source: UK Tech News