London has been announced as the top city in Europe for technology investment in the past year.
The capital swooped the acclaim after more funding went into firms within the city than into businesses located in Paris and Berlin among others major cities within Europe.
Funding database, PitchBook looked into the study and found that London attracted £2.45 billion in venture capital funding in 2017, representing around 80 percent of the £2.99 billion invested in Britain.
Eileen Burbidge, partner at Passion Capital, has highlighted that Fintech, otherwise known as financial technology was the most popular segment for investors, she said: “It’s a testament to our exceptional entrepreneurs that the UK tech sector continues to produce companies that are leading in the development of cutting edge technologies such as artificial intelligence and fintech.”
Fintech-based companies received £1.34 billion in venture capital, the data showed. Also artificial intelligence (AI) was another growth area, with UK-based AI firms raising £488 million, double the amount a year earlier.
The data also showed other companies which received significant investment were Improbable, who received £391 million, for their company whose software creates large-scale simulations in the cloud.
Deliveroo also saw £364 million investment for food delivery company Deliveroo; and there was also £255 million invested in mobile phone firm Truphone.