London is far and away the most popular place in Europe for tech businesses to call home, according to new research.
Figures produced by Oxford Economics show that ‘over 1,000’ tech-based projects had been started in the Big Smoke between 2005 – 2014, leading to the sector employing over 200,000 people.
London’s nearest rival in terms of company counts is Paris, on 381, but even France as a whole can only manage 853. Dublin totalled 162, Madrid 139 and Amsterdam 126.
The research was commissioned by London & Partners to kick off London Technology Week – a week-long celebration for one of the capital’s and the UK’s most important sectors.
Previous studies have highlighted the growing economic contribution delivered by tech firms around Britain – something which has been fuelled by the general business landscape becoming a lot more technology-orientated.
A report from Tech City, the government-supported organisation for championing and growing the UK’s tech sector, found that 1.46 million Brits are employed by these companies. With more growth on the way, that number is expected to rise 5.4% by 2020, exceeding average levels of job creation.
Advertising and marketing companies are playing a crucial role in driving such figures as, according to the same study, 11% of Britain’s tech sector is made up of them.
It’s a proportion that is only bettered by software development companies, who account for 22%.
Manish Madhvani, co-founder and managing partner of investment banking firm GP Bullhound, said: “The UK has raced ahead as the undisputed home of unicorns [companies worth over $1 billion] in Europe, with London producing the vast majority of Britain’s billion dollar tech companies.
“Growth is accelerating because we have created an environment capable of sustaining high levels of investment across a range of tech sectors.”