London's tech businesses have record breaking quarter for venture capital funding

BusinessZone
Christopher Goodfellow
Editor
Sift Media
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The amount of venture capital being pumped into London's tech scene more than doubled year on year to reach $682m (£460m) in the first three months of 2015.

The previous record for venture capital investment was $412m (£278m) in the fourth quarter of 2014, according to London & Partners, which added the amount raised by London-based businesses in the sector accounted for 80% of that raised by all UK companies.

The first quarter saw several high-profile investments. WorldRemit, a London-based company that enables online money transfers, raised the most funding with a $100m (£67m) round led by Technology Crossover Ventures. Silicon Valley firm Andreessen Horowitz invested $58m (£39m)  into online payments company TransferWise.

Ismail Ahmed, founder and CEO of WorldRemit, said: "London is the ideal place to start a fintech company, as it's a technology hub as well as a financial services hub. There is an abundance of world class talent in the city and the convenient time zone enables communication with Asia and the Americas in same working day."

Sherry Coutu, an angel investor and non-executive director, said: "London has shown that it can produce exceptional companies that grow to scale quickly and become significant players on the international stage."

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