The year 2018 turned out to be a profitable year for cryptocurrenciesstartups in the UK as Investors pumped in £200M on them. The reports came from Pitchbook and London & Partners.
Among the biggest gainers were Bitfury, a blockchain-based software firm which raised £61M in a SeriesA funding. The round was closed by London-based TradeIX. Other than that, Culture Trip bagged a Series B funding of £58.86M and Graphcore, AI chipmakers chipped in a whopping £153M in Series D round.
Big FinTech rounds included Revolut’s £177M and Monzo’s recent £84M Series E.
While in the previous years, the startups only raised £19.11M in 2017 and £51.96M in 2016.
The tech companies in London made a significantcontribution towards UK investment in 2018, in which 72 percent of the money coming from capital’s businesses, i.e. (£1.8BN) of the total £2.49BN raised by Britain’s tech firms.
In addition, the stats revealed that London-based tech business continues to rip the full benefits from the growth capital available to their competitors in other parts of Europe such as Stockholm (£224.23M), Paris (£797.04M) and Berlin (£936.53M).
In 2018, Capital into AI companies in the UK peaked at £736M. The numbers are large due to the series of big deals which were carried out by investors, representing a 47 per cent increase on the £499M raised in the year before.
According to the stats, the fintech companies in the UK continue to be a major draw for venture capital investors.