Britain’s Tech Sector Attracted More European Investment Despite Brexit
Arslan Butt • 1 min read
Despite Brexit uncertainties reigning British markets for a while, European investment in tech firms based in the UK touched a record high in 2018. Britain’s tech sector received funds from Europe to the tune of £1.89bn, higher than the £1.66bn investment received in 2017.
New research published by Penningtons Manches, a law firm, also reveals that 70% of this investment went to firms based in London, Oxford and Cambridge. Confidence in the tech sector appears to stay strong despite Brexit as nearly 80% of the deals went into forging new relationships.
The total number of deals in the tech industry rose from 149 in 2017 to only 150 in 2018, but the overall value of deals went up by 14%.