Published Date : Jan 09, 2019
Tech firms based in London received over 1.8 billion pounds in venture capital funding, making the city the most attractive investment destination in Europe. The investments in London were nearly double the size of investments in Berlin, its closest rival, in 2018.
While London has emerged as the top destination, Paris and Berlin had a lot to smile about in 2018 as well. Paris and Berlin gained considerable ground against London last year. Berlin received 937 million pounds in investments, while Paris received 797 million pounds. Berlin received a significant boost in 2018, as investments in the city doubled their size in comparison to the numbers in 2017.
Though this is good news for London, there is also a worrisome water under the bridge. While Berlin significantly moved up in attracting investments, London did not match its record levels in 2017. However, the silver lining in London’s story included a 47% rise in investments on artificial intelligence (AI) in 2018.
AI Opportunities on the Rise in London, thanks to Growing Research in Universities
London grabbed the attention of investors, mainly for its status as the leading financial center. London attracted 1.2 billion pounds in fintech investments. Another reason emerging is the growing research in UK universities regarding AI, creating more opportunities for investors.
Eileen Burbidge, a venture firm partner based in London said, “We get a lot of calls and inquiries from investors in the U.S. and Asia looking for fintech opportunities”. Fintech opportunities in London are rapidly changing the financial landscape in London. The emergence of startups like Revolut and Monzo recently, signals greater financial freedom in the near future.