London’s technology sector is heading for another bumper year of investment after 2021 saw record amounts of venture capital (VC) injected into the capital’s tech firms, new research has revealed.
London-based tech firms raised $25.5bn last year, doubling 2020 investment levels and minting a record 20 so-called ‘unicorns’ – firms valued at over $1bn – according to a report from London & Partners and Dealroom.
London now boasts 75 unicorns with insuretech firm Marshmallow, SaaS company TrueLayer and fintech firm Starling Bank among the newest additions to the pack.
Eileen Burbidge, Partner at London VC firm, Passion Capital said: “London and the rest of the UK’s tech sector continues to go from strength-to-strength and means that the UK is now competing on the global stage.
“It’s fantastic to see that London tech companies are attracting large volumes of capital across all stages of the funding journey as a sign that our tech ecosystem is truly flourishing and our entrepreneurs are second to none.”