London's popularity as tech hub slumps ahead of Brexit

London's popularity as tech hub slumps ahead of Brexit

   October 24, 2018  
 
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London's popularity as tech hub slumps ahead of Brexit

London’s popularity among Europe’s tech startup hubs has slumped as Brexit approaches and the city only kept its top spot in an European industry survey published on Tuesday by a narrow margin.

The survey of 540 tech founders showed that London’s popularity dropped to 41 percent in 2018 in a weighted vote, down from 55 percent in 2017. Berlin followed with 40 percent, according to the survey by the European Startup Initiative, a nonprofit organization.

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London’s popularity is partly because it attracts more investment money for startups than anywhere else. It captured 53 percent of all startup investment in the European Union last year, the survey said.

But after Brexit it might become more difficult or less attractive for tech startups to base themselves in London.

“With Brexit looming the question is pressing, how the still fragile network of European startup hubs will react when an important bloodline is pinched off,” the organization said in a statement.

The second tier of European startup hubs was unchanged from the previous year with Barcelona and Paris remaining in third and fourth position with around 20 percent of the vote each.

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