It’s no secret that startups this year have had a good run for their money; sky-high valuations are setting records, endless technological resources are coming in handy and innovative ideas are flooding the startup world, following the revolutionizing shifts we are witnessing in our society. From Uber and AirBnB to Zenefits and Lyft, startups are on the rise everywhere.
But more importantly, startups in London are on the rise. In fact, London startups are raising significantly more capital, double the figure from 2013, according to a new study.
The Financial Times reports that London startups raised a total of $1.4 billion in venture capital money in 2014. The data originates from a survey commissioned by London & Partners, London’s official promotional company. Whats more impressive is that the $1.4 billion raised is not only double the figure of the capital raised last year, it’s also over 20 times the amount of VC money raised by London tech startups four years ago.
But things are always greener on the other side, and from where London is standing, the other side is literally greener. Compared to the rest of the world, it’s not really that impressive. I mean Silicon Valley tech startups managed to raise over $22 billion in 2014, and New York managed $1.7 billion in just the third quarter of 2014.
The survey also included some data on how London measures up to the rest of the UK when it comes to startups. Unsurprisingly, most of the money raised happens in the capital: London makes up 65% of the UK’s total.
Nevertheless, the UK, or London more specifically, is still a flourishing place to raise a startup,with an ecosystem that is thriving, full of opportunities and potential, and if approached strategically, could turn into a goldmine.
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