Record boost for UK techReading Time: 2 minutes30th October 2019 | Modified: 19th December 2022
Categories: Tech News
Britain’s tech sector has received record amounts of foreign investment so far this year – and it’s broadening the range of IT services available to UK businesses and customers.
According to a report compiled by Tech Nation and Dealroom, $6.7 billion was invested in the UK up to July. That’s two billion more than the same period last year and means the UK has overtaken the US in terms of tech investment per capita of the population. This is a clear sign of investor confidence in our tech sector, says the report commissioned by the Department for Digital, Media, Culture and Sport.
Most of the money, $3.7billion, came from the US and Asia with the increase in funding driven by investment in so-called ‘unicorns’– private companies valued at more than $1bn such as renewable energy company Ovo, takeaway business Deliveroo, supply chain finance firm Greensill and fintech firm Checkout.com.
Culture Secretary Nicky Morgan said: “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. We have a long-standing 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.”
Gary Jowett, from Computer & Network Consultants in Brighton, said: “The significant increase in foreign investment shows there’s a strong demand for new technology from UK businesses and customers. It also suggests that UK organisations need to use a wide range of digital services to make sure they can continue to compete successfully and serve customers and business partners. Such investment may also encourage more people to consider tech jobs as there are more opportunities to develop valuable skills and have a successful career.”