Overseas investment doubles in UK tech firms
The technology sector in the UK is moving far ahead of its European competitors, with data revealing that in 2017, the UK was able to attract more venture capital investment than France, Germany and Sweden put together. Tech businesses in the UK pulled in £7.8bn in funding in 2017, nearly twice as much as the year before.
Research from Tech Nation and Dealroom demonstrated that venture capital investment in the UK in 2017 was far ahead of the £3.2bn total of Germany and the £2.8bn brought in by France. The boost to the tech sector has also assisted with propelling foreign direct investment growth in the UK, enabling it to remain the number one destination for this kind of funding.
An EY report said there has been a 22% rise in digital investment within the UK, which has been able to offset the decline of investments into sectors such as logistics and financial services that were the result of investor concerns over Brexit. Investment in the nation’s manufacturing sector has also continued to be resilient, increasing by as much as 17%.
Overall, the UK was able to attract 6% more FDI in 2017 than in 2016. The release of the research into the UK’s tech scene comes at the beginning of the London Tech Week event. The research also revealed that the UK has produced 13 companies valued at more than £1bn, putting the nation well ahead of Germany’s six and France’s three.