London tech scene getting boosts from US investors

US investors are injecting more money than ever into the London technology scene, contributing $795.2m (521m) from US investors in 2014, which is more than double the previous record of $296m (193m) in 2012.

Mayor of London Boris Johnson will announce the news today while on a trade mission in New York to promote economic and cultural ties with the country.

Johnson will also announce a number of partnerships between UK and US tech companies including Transferwise, which will open offices in New York and Tampa thanks to $58m (38m) of new investment from Silicon Valley investment firm Andreessen Horowitz.

He will also detail a deal between Shazam and a US investor that gave $30m (19m) of funding to the UK-based music technology firm.

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."

22 financial technology firms are currently in New York with Johnson to promote possible tie ups between countries on both sides of the pond as part of the Mayor's Export Programme. They will pitch to some of the US's biggest tech investors to boost trade between the countries.

Johnson will also reveal that investment from the US into the UK as a whole set a new record of $1.35bn (880m), compared to the previous record of $582m (381m) received in 2012.

Clare Hopping
Freelance writer

Clare is the founder of Blue Cactus Digital, a digital marketing company that helps ethical and sustainability-focused businesses grow their customer base.

Prior to becoming a marketer, Clare was a journalist, working at a range of mobile device-focused outlets including Know Your Mobile before moving into freelance life.

As a freelance writer, she drew on her expertise in mobility to write features and guides for ITPro, as well as regularly writing news stories on a wide range of topics.