Investment in UK tech firms soars to £1.4bn

Data compiled by CB Insights shows a record $2.1bn (£1.4bn) in venture capital funding was invested in UK technology businesses in 2014, nearly double that of 2013. Notable deals included travel search engine operator Momondo Group raising $130m, peer-to-peer lender Funding Circle's $65m funding round and online payment specialist Powa Technologies raising $80m. The near-$1bn rise in funding represents the biggest annual increase in technology investment in the last four years. Overall, 284 technology companies managed to attract institutional funding in 2014. However, questions have been asked about how London-focused the booming sector is. Some 67% of all venture capital funding raised by UK technology businesses was ploughed into London-based companies against just 8.78% in 2010.

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