Britain remains Tech capital of Europe in 2018

The Shard

LONDON: Britain’s tech scene remains the most attractive and leads with record number of venture capital deals and exists than any other country in Europe.

Great Britain attracted £6.3 billion ($7.9 billion) in venture capital funding from investors in 2018, according to new data published by Dealroom and TechNation.

The country also witnessed sales, IPOs and mergers worth £31.5 billion ($40 billion).

The three UK based companies Farfetch, Sky Betting & Gaming and Zoopla had the biggest exists in Europe this year.

Jeremy Wright, Britain’s Digital Secretary said: “These brilliant statistics round off another bumper year of investment in our digital economy and show the UK is Europe’s undisputed tech hub.”

He added “The success is thanks to our unique combination of talent, location and language, alongside our business-friendly environment, unrivalled access to capital and world-leading universities. We are determined to make the UK the best place to start and grow a business, and through our Digital and Industrial Strategies we want to see the power of technology change people’s lives for the better.”

Germany and France came second and third, drawing in $4.6bn and $4.4bn of investment respectively.

Europe is closing the gap with US in terms of exits of venture-backed companies. The US achieved $136bn of deals and IPOs in 2018, while European sales and IPOs added up to $107bn.