UK tech firms attract record £5.5bn in foreign investment

THE UK’S tech sector has attracted $6.7bn (£5.5bn) in foreign investment this year so far, which is more than the whole of 2018.

The data, released on Wednesday by Tech Nation and Dealroom for the government’s Digital Economy Council, found that US and Asian investment accounted for more than half of that amount. The UK’s tech sector has now overtaken the US for foreign investment per capita.

The surge of investment is in part due to the rising number of high-value deals, the report said. During the second quarter of 2019 more than $1.9bn came via investment deals valued at $100m or more.

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The research also found that the top 30 UK tech firms that have received the most foreign investment over the past three years – including peer-to-peer lenders Funding Circle and Zopa – have collectively created more than 5,000 new jobs over that period.

“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,” said Nicky Morgan, Secretary of State for Digital, Culture, Media and Sport.

“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.”

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