London-based technology start-ups received $10.5bn of venture capital (VC) investment in 2020, accounting for a quarter of all European tech funding, new research has revealed.

The research, conducted by market intelligence firm Dealroom and investment agency London & Partners, shows that a significant chunk of the investment, $4.3bn, went to London’s financial technology (fintech) firms, while $1.9bn went to firms developing enterprise software technologies – an 82% increase on the previous year.

The figures mark a significant increase from the capital raised by London firms in 2017 and 2018 – $7bn and $5.9bn, respectively – and come close to eclipsing the record $10.7bn raised in 2019.

UK tech firms outside of London raised a further $4.5bn, bringing the country’s total tech investments to $15bn – a significant proportion of the $43.1bn raised by European companies throughout 2020.

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