70 Per Cent Rise in Capital Funding for UK Tech Startups

A study has revealed UK startups won a £2.46bn in venture capital funding last year.

Over the past five years venture capital funding of UK-based technology startups rose by 70% to make a total of £6.85bn in 2015.

A study conducted by London and Partners shows venture capital funding of UK tech startups reached £2.46bn last year which is more than 70% up on 2014.

A large percentage of the investment was in London with tech companies raising £1.56bn in 2015, accounting for 63% of the UK's venture capital total.

According to London mayor, Boris Johnson, this result was down to the capital's diverse talent pool and a well-established financial services sector.

Johnson said: "With a flourishing tech scene and one of the world's leading financial centres, it is no surprise to see that London's tech companies are attracting record levels of investment.

"Our world-class talent pool and our culture of innovation and entrepreneurial spirit are helping the sector to go from strength to strength."

The financial services startup sector, fintech, accounted for around 25% of the London-based funding for tech companies in 2015.

With the UK fintech sector being an area of growth over the past five years, Europe is said to be the fastest-growing region worldwide.

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