UK tech sector remains resilient post Brexit vote

The UK’s technology sector drew more investment than that of any other European country in 2016, according to data released this week by London & Partners.

Measuring activity across private equity and venture capital deals, more than £6.7 billion ($9.5bn) was invested into UK tech firms in 2016, with London accounting for more than a third of the total.

The research showed that London remains a leading hub for tech investment, attracting significantly more money than any other major European city last year. 

Commenting on the findings, Richard Heap, technology partner at RSM said:

‘Following the Brexit vote, there were many fears expressed that enthusiasm for the UK tech sector would dampen and that London would lose out to European city rivals. However, the early signs are that investors are shrugging off those fears and that London is maintaining its status as an important international tech hub.

‘Recent investments in the UK from the Silicon Valley giants like Google, Apple and most recently Snap Inc will further enhance the UK’s tech ecosystem and help build confidence among investors keen to get behind UK tech talent.

M&A activity over the last year has also been buoyant, with over five times the total number of completed deals in 2015 and 2014.

‘The optimism suggested in these latest figures is matched by the mood of many of our own clients, including companies engaged in cutting edge technologies such as AI, programmatic, data and blockchain.’