London`s start-up still receive investments despite the threat of Brexit. Venture capitalists have invested £395 million in such companies based in Lo
London`s start-up still receive investments despite the threat of Brexit. Venture capitalists have invested £395 million in such companies based in London, up from £245 in the prior period of three months.
Although the referendum to leave the European Union has been a dangerous move for London tech firms, they have received more than £1 billion in funding since then. This is reportedly said to be over 70 per cent of the total £1.59 billion that has been invested into the UK tech during the period.
Notably, VC money goes to their favourite sector, namely financial technology. Some of the big recent deals include Funding Circle (£82 million), Monzo (£22 million) and Currency Cloud (£20.27 million), according to Wired`s journalist Rowland Manthorpe.
Accountancy company Deloitte has ranked London among the top global cities. Another leading hub that appeared in their analysis is Singapore. However, they warned that “more national and international fintech companies will move to Frankfurt” as Brexit changes come into force.
Still, London is said to successfully acquire VC money. An article from June, 2016 stated that Twitter has bought London-based machine learning start-up Magic Pony Technology for $150 (£102) million.
“We’re looking forward to some of these investments turning into large, independent companies in a few years.”, Matt Clifford, of Entrepreneur First, the Bermondsey-based accelerator that worked with Magic Pony, told Wired.