Record £200m investment for UK cryptocurrency startups

Keiligh Baker's picture

Investors poured a record breaking £200million into UK-based cryptocurrency startups in 2018.

Data released by London & Partners and Pitchbook reveals that crypto companies managed to raise over £200million in the form of ICOs and venture capital last year.

The most substantial investment in 2018 was the £61million raised by Bitfury – a blockchain technology company with eight locations around the world. Another was a Series A closed by London-based TradeIX.

According to the data, London’s technology startup sector is accounting for 72 percent of all tech investments in the UK. Tech companies in London managed to get around £1.68 billion of the total £2.49 billion investments in the tech sector in 2018.

As Prolific London reported yesterday, data shows that technology businesses based in London are still enjoying access to almost double the amount of growth capital available to their counterparts in other European cities such as Berlin, Paris and Stockholm.

London’s Deputy Mayor for Business, Rajesh Agrawal, said: “These figures demonstrate that London is going from strength to strength as a global hub for technology, innovation and creativity. The fantastic success of our tech sector is rooted in our city’s openness and our diverse, international talent pool. Regardless of the outcome of Brexit, London will remain open to innovation, talent and investment from all over the world.”