London has beaten New York and San Francisco to be named the crowdfunding capital of the world, according to new figures out today from The Crowdfunding Centre.

The UK capital saw 250,000 new campaigns started on platforms such as Kickstarter and Indiegogo between January and July, with a particular focus on sectors such as technology, gaming and publishing. 

The Crowdfunding Centre also claims that the UK as a whole is starting to challenge the US’s dominance.

The organisation, which provides tools and insights for crowdfunders, backers, investors and analysts, also announced the launch of an interactive crowdfunding map, which allows researchers and journalists to see where crowdfunding investments are being made around the world. 

Chancellor George Osborne said: "We stand at the dawn of a new era of innovative finance, and setting the objective of the UK leading the world, London has become the world capital of Crowdfunding. London created more campaigns during July than any other city, while the UK as a whole is ready to challenge US dominance."

Barry James, founder and CEO of the Crowdfunding Centre, said: "The Chancellor is right, this is a new era. We've been tracking it and mapping it's exponential growth for more than two years. What we have seen has revolutionised our thinking and our understanding of what's happening to the world, it's economy and fast-evolving global culture.

“Technology is the enabler but people, the crowd, are at the centre. It is their decisions, wishes, needs and demands that are driving and directing this new economy. This is why it moves at a faster pace and with a very different heartbeat. The UK and London are playing a key role and we look forward to sharing in more detail."