RNK Global Eyes the UK's Tech sector

Later-stage investment in London's tech companies nearly quadruples in past four years. End Quote

(1888PressRelease) October 12, 2015 - The UK Has Seen Record Venture Capital Investment in the Tech Sector over Last 9 Months. Companies from around the globe are looking to the UK for diverse portfolios. Canadian VC company RNK Global's Investment Director - John Poole said "we are seeing firms that are based in London securing 75% of all VC funding, for that reason we are looking into the possibility of opening an office or at least having a shared presence there to give us an opportunity to expand our network and make serious inroads into the UK VC market".

Venture capital investment into Britain's technology sector has reached a record high with London-based companies securing around 75% of the $2.2bn raised by UK firms since the beginning of this year, according to data from London & Partners1, the Mayor of London's inward investment company.

Altogether UK tech companies have raised more in the first nine months of 2015 than the $2.1 billion raised in the whole of 2014. Meanwhile, London-based tech companies have raised $1.6 billion so far this year, eclipsing the $1.3 billion for the total amount raised in 2014.

Five years on since the launch of the Tech City project, VC investment into London technology companies has sky-rocketed, with over ten times more investment in 2015 than in 2010. This coincides with a rapid increase in the number of tech businesses, forecast to rise to 51,500 by 2025 according to Oxford Economics.

Mayor of London Boris Johnson MP said: "As a global financial and technology powerhouse, it is no surprise to see that the capital is the jewel in the crown when it comes to venture capital investment in the UK tech sector. With record investment helping companies to flourish, access to top tech talent, world class universities and great transport links, there has arguably never been a better time to start, grow and scale a digital business in London."

Eileen Burbidge, Partner at Passion Capital and the Mayor of London's tech ambassador for the city, said: "In little more than five years we have seen investment in London's tech sector increase tenfold. Even more importantly, we are now starting to see more later-stage investments which support the scaling of more London tech businesses. Today's figures and the fact that London is home to more software developers than anywhere else in the world validate the fact that London's tech sector is maturing and is one of the world's leading tech hubs."

Gordon Innes, CEO of London & Partners added: "London is fast becoming a world class destination for tech. The capital's access to talent and international markets makes it an attractive location for some of the world's leading investors. From fledging start-ups to high growth companies, the money pouring into the sector is helping to support the growth of firms at all stages of the business life cycle. With London businesses securing around 75% of all investment into Britain's digital economy, it is no surprise that the tech sector is a leading source of jobs and growth for London's economy."

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