Tech trade and investment between London and the United States continues to go from strength-to-strength, with fresh foreign direct investment data showing that London is the number one destination globally for US tech companies looking to expand outside of their home market.
The research was released to coincide with the Mayor of London’s recent trade mission to the US to meet with senior tech bosses, investors and entrepreneurs from the Bay Area to promote even stronger tech links between the two regions.
US tech companies continue to see London as their preferred destination for international expansion, with research from London & Partners showing that in the last five years London has attracted more new tech investment projects from the US than any other global city. Between 2017 and 2021, London attracted 251 new tech investment projects from the US, creating almost 9,000 new jobs – more than tech hubs such as Singapore (154 tech projects), Bangalore (121 tech projects), Dublin (121 tech projects) and Paris (115 tech projects).
Over the past few years, a number of leading US tech companies have made long-term commitments to London with the likes of Facebook, Google, Apple, Netflix, Amazon, Microsoft, LinkedIn, Snap and Stripe all growing their workforce and expanding their office space in the capital.
The Mayor of London Sadiq Khan met with tech investors and entrepreneurs in Silicon Valley and San Francisco to secure more trade and investment deals for the UK capital, including a visit to the Silicon Valley headquarters of Plug and Play, the world’s largest early-stage investor and a global innovation platform, who have announced that they will be setting up their first UK operations in London and Warwickshire.
Through partnerships with leading UK brands – including founding partners Jaguar Land Rover and BT Group – Plug and Play will build and run innovation programmes rooted in collaboration between corporates and start-ups. Plug and Play also aims to make up to 30 investments per year into UK early-stage start-ups.
Also on the agenda was a visit to Faire, a leading San Francisco-based online B2B retail marketplace which continues to expand its presence in London, following the opening of its international headquarters in the capital last year. The company currently employs over 170 staff in London and is growing rapidly in Europe following a $400m funding round last November which raised its valuation to $12.4bn. Additionally, Palo Alto-based artificial intelligence software provider and unicorn, SambaNova Systems, has announced its expansion in the UK with the opening of its first London office over the coming months.
The Mayor of London, Sadiq Khan said:
“London is already the number one destination for American tech companies to expand, showing we are an unrivalled destination in Europe for US businesses to invest. It is great news that even more leading US tech companies have unveiled plans to invest in and create new jobs in London, and I encourage businesses from across the sector and beyond to set their sights on London.”
Ruth Porat, SVP and CFO of Google and Alphabet, said:
“Google has been committed to the growth and success of London through investments in our local offices, employees and R&D since we first opened our offices in London in 2003. Google shares the Mayor’s belief in the power of technology to drive sustainable economic growth, and we look forward to continuing to deepen our connection to the capital in the years ahead.”
Saeed Amidi, CEO and Founder of Plug and Play, said:
“As a global hotspot for innovation and home to a strong network of entrepreneurs, the UK has the potential to be one of Plug and Play’s biggest innovation platforms. London is one of Europe’s leading technology hubs – making it a natural place for us to set up our first UK operation. We see lots of similarities between London’s thriving start-up ecosystem and our original home in Silicon Valley and we look forward to exploring investment opportunities into cutting edge companies based in London and the rest of the UK.”
The Mayor was joined on his visit to the Bay Area by 11 founders from some of London’s high-flying women-led tech companies, who are looking to explore investment and expansion opportunities in the US market. London & Partners’ BeyondHERizons programme is dedicated to helping create more growth opportunities for female founders.
London & Partners is the business growth and destination agency for London, supporting the Mayor of London in promoting London internationally as a leading world city.
Find out more at www.londonandpartners.com