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London remains best city for tech innovation outside Silicon Valley and New York, new rankings table finds

·1-min read
UK tech firms raised £13.5 billion in 2021(Ian West/PA) (PA Wire)
UK tech firms raised £13.5 billion in 2021(Ian West/PA) (PA Wire)

London remains the world’s leading city for tech innovation outside Silicon Valley and New York despite the setbacks of Brexit and the pandemic, according to a new rankings table.

The capital tied with New York for second place for the second year in a row in a report published today by advisers StartupGenome. It was the only European city to make the global top 10.

It found that London’s tech start-up industry is now worth a total of $142.7 billion (£105 billion) while the $13.3 billion (£9.75) of venture capital investment in the first month of the year is already ahead of the $10.9 billion (£8 billion) in the whole of 2020.

London’s advantages include access to deeper pools of capital and talent and larger networks of investors than other major European cities, according to the Global Startup Rankings report, published to coincide with London Tech Week.

JF Gauthier, founder and chief executive of Startup Genome said: “London’s fundamental strengths in talent, global connectedness and access to funding are the reasons it continues to feature highly in our rankings and remains the number one startup hub in Europe.

“It’s important for startup hubs all over the world to connect to top ecosystems. As a top-3 ecosystem London has an important role to play in galvanizing the global startup community.”

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