UK tech companies extend funding lead over European rivals

Josh Hall's picture

The UK remains the leading European hub for tech investment, extending its lead over its Continental rivals.

UK tech companies secured $5 billion (£3.9 billion) in funding during the first half of 2019, according to a new report from Tech Nation and Deal Room.

The figure represents a record for the city, buoyed by a series of major investments including Amazon's £450 million million bet on Deliveroo.

London is now second only to San Francisco in its number of fintech 'unicorns' - businesses valued at over $1 billion.

The report also suggests that 75 further companies were valued at $250 million or more during the period, putting them "on the path to unicorn status."

The record investment figures come despite deepening uncertainty about Brexit.

This morning the FT reported that the European Union will warn UK businesses on Wednesday that they should not expect any further support in the event of a no-deal Brexit.

The European Commission will say that the contingency measures it has already taken will "mitigate the most serious disruptions of a withdrawal without an agreement," but that no further concessions will be made.

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