American investors are putting more money into London technology companies than ever before, according to new figures announced by the mayor of London.
Mayor Boris Johnson revealed the figures during a trade mission to the US, aimed at strengthening economic and cultural ties between London and the US.
New figures compiled by London & Partners, the Mayor’s promotional company for the capital, show that London-based tech firms attracted $795.2 million (£497 million) from US investors in 2014, more than doubling the previous record figure from 2012 of $296 million.
Investment from the US into the UK as a whole also set a new record of $1.35 billion, compared to the previous record of $582 million received in 2012.
The figures were revealed at an event at Grand Central Tech in New York, hosted by London & Partners, in association with Tech City UK and the Technology is GREAT campaign.
Johnson said: “As the digital capital of Europe, London is clearly the place to create fast-growing tech companies, and our flourishing tech sector has caught the eye of US investors. London’s talent is attracting global investment, enabling our innovators to turn their ideas into companies that create jobs and economic growth in London.”
Gordon Innes, chief executive of London & Partners, said: "London and New York are world-leading tech hubs where innovative companies are producing technologies that are changing the face of industry.
“For international companies expanding and investing overseas, London is their first choice. Over the last decade the city has attracted more HQ investments than Paris, Berlin and Dublin combined, with companies investing more than £4 billion and creating over 20,000 jobs in the city."
The mayor is on a six-day visit to the US east coast aimed at strengthening ties between London and the US. Twenty-two of London’s leading financial technology firms are currently in New York on a trade mission organised as part of the Mayor’s Export Programme. They are using New York events to pitch to investors in the hope of winning new deals for London.
Barclays has used the trade initiative to launch its fintech accelerator program in New York. The Barclays Accelerator, backed by Techstars, will open in July 2015. Barclays already has an accelerator programme in London.