Venture capital investment in UK tech hits record high

Venture capital investment in technology companies across Britain hit $1.5 billion in the six months to June, with London leading the way.

A record high of almost $1.5 billion (£963 million) was invested by venture capital firms in Britain's technology companies during the first half of 2015. 

This is according to new figures released by London & Partners, the promotional company for the capital set up by mayor Boris Johnson.

Financial technology - or FinTech - companies are driving the surge, with companies such as Funding Circle, Azimo, WorldRemit and Currency Cloud bringing in $472 million in investment between January and June.

Tech firms in the UK have made a massive increase in the amount of investment they are bringing in from venture capitalists, as in 2014 the figure for the same six-month period was just over $1 billion, and 2015 has already eclipsed totals for 2010 to 2013.

Chief executive officer for London & Partners Gordon Innes said: "London is rapidly becoming the most exciting city in the world for tech. Innovative entrepreneurs across the capital continue to produce exciting new companies which are attracting the eye of the world’s investment community," adding it is "no wonder" that tech firms now play such a major role in the capital's economy.

Tech ambassador for London Eileen Burbridge added the city combines many of the best elements of some of the world's other tech hubs, such as Silicon Valley, New York and Washington DC.

Pic: Matt Brown