Forbes reports on UKBAA targeting the Regional Funding Gap
UK tech startups attracted £2.99bn in 2017, almost double the sum raised in the previous year, according to figures published by London and Partners, the agency charged with the task of promoting Britain’s capital.
If that headline figure is heartening, it also disguises a slightly more more uncomfortable truth. While VCs upped their investment in the UK’s tech-driven startups, most of the money – £2.44bn to be precise – found its way to businesses based in London.
There is, of course, a bigger picture. Tech startups are not the only businesses chasing investor cash and VCs represent just one source of possible funding in a rapidly developing business support ecosystem. And as Jenny Tooth, CEO of the UK Business Angels Association (UKBAA) explains, the ability of a business to raise capital may well depend on where it is located. “Seventy five percent of investment in the UK is directed at the golden triangle of Oxford, Cambridge and London,” she says.
Read more at Forbes