London’s technology sector is continuing to thrive despite the looming prospect of exiting the European Union, according to a new report.
British tech companies raised 4.5 billion pounds ($6.1 billion) in 2017, almost double the amount raised the year before, according to the report from Tech Nation, an organization partly funded by the government to promote the U.K.’s digital economy. The country ranks behind only the U.S. and China for venture capital investment, the report said.
London is ranked as the world’s second-most “connected” technology hub after Silicon Valley, based on entrepreneurs who report a significant relationship with two or more people based in the city. Citing data from Startup Genome, a group that helps cities build digital ecosystems, Tech Nation said that London topped Silicon Valley for the number of digital businesses with foreign customers — 33 percent compared to 30 percent.