Transferwise and Farfetch mega-deals help attract funding to LondonComments Off on Transferwise and Farfetch mega-deals help attract funding to London
London-based tech businesses have attracted $682 million (£460 million) out of a UK total of $856.7 million since the start of the year, according to research by London & Partners, a company set up by the Mayor of London to promote the capital.
This smashes the previous record of $472.5 million investment in the final three months of last year.
The surge in funding was driven by big deals for firms including international money-transfer business TransferWise, which raised $58 million, its rival World Remit, which bagged $100 million, and online fashion boutique Farfetch, which landed $86 million.
Renowned Silicon Valley investment house Andreessen Horowitz, which has a $2.7 billion fund to invest in start-ups, has also put money into the UK for the first time, backing TransferWise and virtual reality business Improbable.
Sherry Coutu, a technology investor and non-executive director at the London Stock Exchange, said: “London has shown that it can produce exceptional companies that grow to scale quickly and become significant players on the international stage.
“Global investors are increasingly tapping into this ability, providing the funding and access to export markets that companies need to ‘scale up’.
“This is powering the UK’s entire economy through creating growth and new jobs both in London and beyond.”