A report has underscored the UK’s position as Europe’s most vibrant hub for fast-growing technology-enabled businesses. Investment into UK tech start-ups grew more than anywhere else in the world in 2019, according to figures by Dealroom and TechNation​.

UK tech start-ups shrugged off uncertainty over Brexit and raised a record £10.1 billion last year, a £3.1 billion rise on the 2018 total and a leap of 44% year-on-year.

Much of this was won by food tech businesses. Out of 697 early stage VC funding rounds below the $25m mark last year, 91 were in the food tech space. The $575m acquired by the food delivery app Deliveroo in its funding round in 2019, led by Amazon, was the third largest venture capital investment round in the UK last year. At an earlier stage, London-based Taster raised €7m. (Operating in London, Paris and Madrid, Taster is made up of three food brands which make meals that people can buy online via food delivery platforms.)

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UK tech firms beat France and Germany combined

British tech start-up companies secured more new capital than their French and German counterparts combined and accounted for a third of the venture capital invested across Europe, according to the data.

The UK received more funding than Germany and France combined, which came in second and third place at £5.4bn and £3.4bn. The UK growth surpassed that in all other countries, including in the US and China, where tech funding fell 20% and 65% respectively. France grew by a little over a third compared to 2018, while Israel’s investments rose by a fifth.

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