VCs still investing in UK's tech sector despite Brexit risks

The UK's tech sector is continuing to see high levels of interest in spite of the risks associated with Brexit, new figures have revealed.

In fact, the nation attracted more investments in the last six months than it has in any six months in the last decade.

Also, London kept its place as the biggest tech city in Europe, ahead of rivaling European cities Berlin, Dublin, Paris or Stockholm.

In the first half of 2017, venture capitalists pumped in £1.3 billion into the UK's tech sector, with London alone accounting for £1.1 billion of that.

“For a technology business looking to raise growth capital and scale, investment can come from anywhere in the world, but London is a great place to be located," Improbable CEO Herman Narula told CityAM.

Investment in the first half of 2017 was up 86 percent, compared to the same period last year. During last year, worries about Brexit were flying high. Compared to H1 2015, it was up almost 60 percent, as well.

Investments in the tech sector in the UK since Brexit was more than double compared to our biggest rival -- Germany, which stood at £2.4 billion.

"The Brexit vote has understandably created some uncertainty but it is no surprise to see that London continues to attract more than double the amount of investment than any other European city," London & Partners chief executive Laura Citron told CityAM.

Published under license from ITProPortal.com, a Future plc Publication. All rights reserved.

Photo Credit: Rawpixel.com/Shutterstock