Dan Kitwood / Staff
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Oscar Williams

News editor

Silicon Valley investment in UK startups soars to new record

Silicon Valley VCs invested twice as much money in UK startups in the first nine months of this year than in the entirety of 2015 or 2016.

Major investments in British firms such as food delivery service Deliveroo drove up West Coast funding from £342m last year to a record £884.8m this year.

The research, conducted by the Mayor of London’s PR agency London & Partners, aims to allay fears that investors would be spooked by the UK’s decision to leave the European Union.

“The figures released today suggest that Brexit has not had an impact,” said serial entrepreneur Sherry Coutu, who has founded Silicon Valley Comes to the UK, a week-long series of events starting today.

The analysis revealed that over the last five years the UK has attracted more Silicon Valley funding than any European country, and more than Sweden, France and Germany combined.

“While London has grown to become Europe’s largest tech hub, we still have a way to go to emulate the success of Silicon Valley and there is a lot we can learn from each other,”  Coutu added.