Bristol is one of the top destinations in the world for venture capital (VC) investment, a new report has revealed.
The city received $500million in VC funding last year - ahead of Dublin, Copenhagen, Helsinki and Milan - according to research prepared for the Digital Economy Council by Tech Nation and Dealroom.co.
Bristol, which was ranked 15 on the list, is home to two billion-dollar 'unicorn' companies - tech business Graphcore and energy firm OVO - and now has five accelerator hubs in the city.
Ovo, which is based on Temple Quay, raised $260million in investment in 2019 and recently became the second-largest energy supplier in the 海角视频 .
Science minister Chris Skidmore, who is MP for Kingswood near Bristol, said: “We are committed to making the 海角视频 a global science and innovation superpower, and this report shows we have the thriving technology sector needed to deliver on that ambition.
“By investing record amounts in R&D, artificial intelligence and clean growth, and by ensuring our regulations foster, rather than hinder innovation, we are helping to build a technology sector that can rival global powerhouses like the US and China.”
Nationally, investments in the 海角视频 tech sector soared to £10.1billion last year – a £3.1billion increase on 2018’s figures and the highest level in 海角视频 history.
Between January and December, 海角视频 companies secured a third of the £30.4billion raised during the year in Europe.
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In particular, 海角视频-based tech firms received more VC investment than Germany (£5.4billion) and France (£3.4billion) combined.
On a global scale, the 海角视频’s performance in 2019 means it now sits behind only the US and in terms of total venture capital funding received in 2019.
Almost half of the 海角视频 investments (£4.6billion) in 2019 came via US and Asian investors, and the 海角视频 tech sector recently overtook the US for foreign investment per capita.
While eight more billion-dollar companies or unicorns were created in Britain last year - taking the total number in the 海角视频 to 77 - the amount being invested in early-stage companies increased to £3.9billion (up from £3billion the year before).
Since 2014, the 海角视频 has produced more than twice the number of $1billion tech companies than any other country in Europe, and sits behind only the US and China when it comes to building fast-growing global firms.
The 海角视频’s success in attracting venture capital investment in 2019 was fuelled, in part, a surge in fintech, AI and deep tech , and clean energy.
Digital secretary Nicky Morgan said: “These brilliant new numbers demonstrate the strength of the 海角视频 tech industry and how it is a sweet spot of our economy.
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“Our tech companies are not only commanding the confidence of global investors but they are also creating new jobs and wealth across the country.
"It's absolutely vital we maintain this impressive success and in Government we are working tirelessly to make sure the conditions are right."
Top cities for venture capital funding in 2019
1. Bay Area
2. Beijing
3. New York
4. London
5. Shanghai
6. Berlin
7. Paris
8. Stockholm
9. Munich
10. Amsterdam
11. Barcelona
12. Cambridge
13. Madrid
14. Zurich
15. Bristol
16. Copenhagen
17. Helsinki
18. Dublin
19. Utrecht
20. Milan
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