London is the top choice in Europe for venture capital investment in technology firms, according to a study by the promotion agency for the British capital.
The city’s buoyant tech sector saw more than double the level of investment of its closest European rival Berlin in 2018 and so far this year, research commissioned by London & Partners found.
The trend has accelerated in recent years, despite continued uncertainty around Brexit following Britain’s 2016 referendum on European Union membership.
London & Partners unveiled the study, by research firm PitchBook, at the start of London Tech Week which was opened by Prime Minister Theresa May.
The study showed London received £2.56 billion ($3.3 billion, 2.9 billion euros) in tech venture capital investment in the first five months of 2019.
Typically the riskiest type of funding, venture capital targets start-up projects and unlisted companies.
The numbers put London well ahead of the German capital Berlin, which attracted £1.09 billion, followed by Paris on £900 million.
“Today’s figures offer further proof that London is a fantastic place to grow and scale an international technology business,” said Laura Citron, CEO of London & Partners.
She added the capital offered access to “a high concentration of growth capital, talent, corporate headquarters and some of the world’s most early adopting consumers”.
Britain’s decision in a June 2016 referendum to leave the EU has prompted fears the capital might struggle to keep attracting young foreign talent.
Some multinational companies including Panasonic and Sony have decided to relocate their European headquarters from London to the continent.
But London has benefited from the confidence of American tech giants like Google and Apple, which have announced long-term expansion plans in recent years.
‘Stand with Hong Kong’ shirts fill the stands at Nets game as NBA is protested for China subservience
The National Basketball Association was protested on Friday for bowing to pressure from China.
The NBA has been harshly criticized for standing by the oppressive regime instead of standing in solidarity with the pro-democracy protesters in Hong Kong.
"Producer and activist Andrew Duncan bought 300 tickets to tonight's Nets vs Raptors game and is hosting hundreds of Chinese pro-Democracy activists to protest the NBA," New York magazine correspondent Yashar Ali reported Friday. "They're all wearing 'Stand With Hong Kong' T-shirts."
Photos from the protest:
1. Producer and activist Andrew Duncan bought 300 tickets to tonight's Nets vs Raptors game and is hosting hundreds of Chinese pro-Democracy activists to protest the NBA.
Trump polling close friends over whether he should fire Mulvaney: report
President Donald Trump is considering firing Mick Mulvaney, his acting White House chief of staff and director of the Office of Management and Budget, The Atlantic reported Friday.
"Mick Mulvaney's job was in danger even before his disastrous press conference yesterday, and his equally disastrous attempt to walk that performance back," The Atlantic reported. "The fumble could not have been more poorly timed: According to multiple current and former White House officials, many of whom spoke on the condition of anonymity to relay private conversations, Trump has been steadily souring on Mulvaney for weeks."
Michael Moore predicts Mick Mulvaney will get into Heaven after confessing Trump’s quid pro quo
Academy Award-winning filmmaker Michael Moore predicted acting White House Chief of Staff Mick Mulvaney will ascend to Heaven in the afterlife during a Friday interview on MSNBC's "The Beat" with Ari Melber.
The host played a clip of Mulvaney admitting Trump's quid pro quo while seeking foreign election assistance from Ukraine.
"This man obviously is going to be admitted into Heaven," Moore said. "You know, he told the truth."
"If there was a movie version of this, somebody stuck him with a needle just before he walked out onto the stage there, a truth serum needle, and he just went on and on saying, 'Yeah, that’s what we do. Yeah, of course.' Essentially admitting there is a quid pro quo. In fact, there are many quid pro quos."