New figures released by Tech Nation and Dealroom have revealed that UK tech firms have received record foreign investment of £5.52bn for the first seven months of 2019. This total is already larger than the entire total of investment in 2018.
Between January and July this year, UK-based tech firms received this funding, with more than 55% of it coming from either Asia or the USA.
What makes this total even more impressive for the UK tech scene, is that is has overtaken its US equivalent for total foreign investment – and is also rapidly closing in on China’s total.
The report also revealed that the top 30 UK tech firms that have received this type of funding have created over 5000 jobs across the country.
Some of the biggest drivers of foreign investment this year have included Checkout.com, which received £190m in Series A funding from New York-based Insight Partners; supply chain finance company Greensill, who received £660m from Japan’s Softbank; London-headquartered Deliveroo’s £475m Series G round led by Amazon and Fidelity; and Bristol-based OVO Energy’s £180m raise from Tokyo’s Mitsubishi Corporation.
Eileen Burbidge, Chair of Tech Nation commented: “Investment in the UK tech sector has been steadily rising for years and as these latest figures demonstrate, the momentum is increasing. It is incredibly gratifying to see that in addition to domestic and European investors, British tech innovators are also attracting US and Asian investor attention and allocation. The fact that this is growing is a testament to the strength and depth or our entrepreneurial talent, coupled with the dynamic and deeply engaged ecosystem that has been established here in the UK.”
Secretary of State for Digital, Culture, Media and Sport, Nicky Morgan
These fantastic figures show the confidence overseas investors have in UK tech with investment flows from the US and Asia at an all-time high.
We have a longstanding reputation for innovation and the statistics endorse our reputation as one of the best places in the world to start and grow a digital business.
Today we are also launching our Bright Tech Future Awards to recognise the strength and depth of our talent and I encourage bosses to nominate their staff for one of these prestigious prizes.