London’s explosively rising tech sectors are heading in the right direction to draw report ranges of funding this yr, sealing the capital’s standing as Europe’s dominant silicon metropolis.
Venture capital funding into tech has already hit £4.5 billion, surpassing final yr’s complete of £4.Three billion, in line with knowledge from the Mayor’s promotional company London & Partners.
The newest figures come because the Evening Standard prepares to have a good time the exceptional achievements of London’s tech entrepreneurs and pioneers in our 13th annual Progress 1000 checklist.
This yr’s theme of the longer term and expertise highlights London’s place as one of the world’s most necessary tech centres of excellence.
New sections of the checklist embody augmented and digital actuality, biotechnology and cyber safety, plus social media stars who use their affect to problem inequality, deal with the surroundings or just launch a profitable start-up.
Figures on the checklist embody Claire Valoti, the worldwide vice chairman of social media large Snap, Alex Klein, chief government and founder of laptop equipment start-up Kano, Clara Bacou, a Snapchat filter and animation artist, Kike Oniwinde, founder and chief government of the Black Young Professionals Network, Will Shu, founder of Deliveroo, and Nicola Mendelsohn, Facebook’s boss within the UK.
Sectors performing notably effectively embody AI and well being tech, which have each seen robust year-on-year progress in funding, together with main offers comparable to Chelsea-based Babylon Health’s $550 million funding spherical in August.
The big uncertainty unleashed by the Brexit referendum in 2016 seems to have performed little to dent London’s progress as a tech mega-hub, with some of the world’s main figures hailing its standing.
Evan Spiegel, chief government of Snap, stated on a current go to to Britain: “London has a brilliant future as a worldwide hub for tech and innovation.
“It’s open, effectively linked and there’s a lot of expertise in areas together with laptop imaginative and prescient.
“We are rising our workforce right here together with increasing our world-class workforce of engineers engaged on our AR, content material and video games platforms.”
Saul Klein, one of the founders of King’s Cross-based tech funding agency LocalGlobe, stated: “London is on the coronary heart of the UK’s world success in expertise.
“In the area of fintech London ranks second only to San Francisco and ahead of New York and Beijing.”
The full Progress 1000 checklist will probably be unveiled on October 3, shortly earlier than an invitation-only gala celebrating this spectacular roll-call of high contributors to London life.
Citi, the worldwide financial institution, is as soon as once more the official headline accomplice and will probably be the fifth yr of its sponsorship of the Progress 1000 marketing campaign.
- The Progress 1000, in partnership with the worldwide financial institution Citi, is the Evening Standard’s celebration of the folks altering London’s future for the higher and will probably be introduced on October 3.