Britain is now home to more $1 billion tech start-up companies than any other country in Europe by far and is behind only the United States and China.
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New research that shown that entrepreneurs in the UK have created 72 such companies including 13 in the past twelve months.
Those 72 compare to 29 in Germany and India with 26. Investment into British tech start-ups has topped $5 billion since January, according to The Times.
London is now home to more FinTech unicorns than San Francisco, CityAM have reported. The data was compiled by Tech Nation and Dealroom.
The capital now helps to produce around 20% of the billion dollar start-ups, with those 45 unicorn companies in London valued at around £116bn.
Prime Minister Theresa May is expected to speak at London Tech Week and say: “British tech is growing over one and a half times faster than the rest of the economy, adding more than £130bn to our economy every year.
“But if we are going to maintain our position as a global leader, our challenge is how we develop British tech and make it even better. We want this to be the place everyone thinks of – and comes to – first when they want to develop their world changing tech ideas.”