Silicon Valley funding for UK tech start-ups hits record

41

Silicon Valley investors put a record £1.1bn into British technology start-ups last year, boosting claims that the UK is spreading its wings as a global tech hub.

The figures, revealed in a report from law firm Pennington Manches, appear to knock back claims that international investors would turn their backs on the UK’s technology companies after the Brexit vote.

West Coast investment into UK tech companies rose by 47pc last year to £1.08bn, according to the report, and is up from just £213m in 2011. The number of deals has also increased significantly, climbing from 21 in 2011 to 74 in 2017.

The report, made using figures from the UK start-up database Beauhurst, said that a third of all investments…