Welcome to London, unicorn capital of Europe

We're flying far ahead of anywhere outside US for tech investment

- JONATHAN PRYNN

London has strengthened its already dominant position as Europe’s leading tech hub this year by attracting double the level of investment of its nearest rival, Paris, fresh data reveals today.

The capital drew in $6.8 billion (£5.2 billion) of venture capital tech investment in the first half of 2024 as scores of firms, from legal tech firm Luminance to fintech giant Monzo, secured fresh funding.

That was up 31 per cent from the $5.2 billion seen in the same period in 2023, according to figures compiled by Dealroom for The London Standard. That puts it far ahead of the French capital, which has pulled in $4.2 billion in the first six months. No other European city comes close, with third-placed Munich on $1.6 billion, then Berlin on $1.4 billion and Stockholm next with $1.35 billion.

In fact, the figures show that London, with its innovation clusters in hotspots such as Shoreditch, Stratford and White City, attracts more venture capital tech investment than any metropolis outside America.

By far the world’s biggest is California’s Bay Area centred around San Francisco and Silicon Valley, with $38.8 billion of investment, well ahead of New York on $14.2 billion and Boston with $8.8 billion so far this year.