Although the UK experienced a turbulent year full of Brexit uncertainty and political turmoil, investment into British technology surged.
Last year, more than £10bn was provided for British start-ups within the technology sector, an amount never seen before.
The level of UK investment surged by 44 per cent to reach this record level of venture capital investment; however, other powerhouse countries such as China and the USA saw investment into start-ups drop by 20 per cent and 65 per cent respectively.
Government-backed group Tech Nation and Dealroom have released new data that shows 2019 as a bumper year with the financial technology and healthcare industries attracting vast amounts of funding.
Recent statistics show that almost half the total amount invested in British technology came from American and Asian investors. This is not entirely surprising as last year foreign investors flocked to the UK in search of cheaper valuations amid growing interest in tech.
Tech start-ups such as mobile-only bank, Monzo and online payments firm, Klarna both attracted massive nine-figure deals led by US investors.
Emerging sectors like artificial intelligence, “deep tech” and clean energy also received an influx of funding. Health firm Benevolent AI raised $90 million and virtual reality company Melody raised $60 million, while in energy Ovo raised $260 million from investors.
Co-founder of early-stage venture fund LocalGlobe, Saul Klein, said: “The U.K. and Europe quite frankly have over the last 20 years mainly seen on the sidelines of the global tech economy,”
He continued: “It’s taken about 20 years to get here and the data now supports that the U.K. is a major global tech player.”