Progress 1000: Snap founder Evan Spiegel hails London’s booming tech ahead of Evening Standard honours

“Bright future”: Snap founder Evan Spiegel, with wife Miranda Kerr, has hailed the capital
Getty Images

London’s explosively growing tech sectors are on course to attract record levels of investment this year, sealing the capital’s status as Europe’s dominant silicon city.

Venture capital investment into tech has already hit £4.5 billion, surpassing last year’s total of £4.3 billion, according to data from the Mayor’s promotional agency London & Partners.

The latest figures come as the Evening Standard prepares to celebrate the remarkable achievements of London’s tech entrepreneurs and pioneers in our 13th annual Progress 1000 list.

This year’s theme of the future and technology highlights London’s position as one of the world’s most important tech centres of excellence.

New sections of the list include augmented and virtual reality, biotechnology and cyber security, plus social media stars who use their influence to challenge inequality, tackle the environment or simply launch a successful start-up.

Figures on the list include Claire Valoti, the international vice president of social media giant Snap, Alex Klein, chief executive and founder of computer kit start-up Kano, Clara Bacou, a Snapchat filter and animation artist, Kike Oniwinde, founder and chief executive of the Black Young Professionals Network, Will Shu, founder of Deliveroo, and Nicola Mendelsohn, Facebook’s boss in the UK.

Key player: Animation artist Clara Bacou

Sectors performing particularly well include AI and health tech, which have both seen strong year-on-year growth in investment, including major deals such as Chelsea-based Babylon Health’s $550 million funding round in August.

The huge uncertainty unleashed by the Brexit referendum in 2016 appears to have done little to dent London’s progress as a tech mega-hub, with some of the world’s leading figures hailing its status.

Evan Spiegel, chief executive of Snap, said on a recent visit to Britain: “London has a bright future as a global hub for tech and innovation.

Key player: Deliveroo founder Will Shu
AFP/Getty Images

“It’s open, well connected and there is a lot of talent in areas including computer vision.

“We are growing our team here including expanding our world-class team of engineers working on our AR, content and games platforms.”

Key player: UK Facebook boss Nicola Mendelsohn
Daniel Hambury

Saul Klein, one of the founders of King’s Cross-based tech investment firm LocalGlobe, said: “London is at the heart of the UK’s global success in technology.

“In the area of fintech London ranks second only to San Francisco and ahead of New York and Beijing.”

The full Progress 1000 list will be unveiled on October 3, shortly before an invitation-only gala celebrating this impressive roll-call of top contributors to London life.

Citi, the global bank, is once again the official headline partner and it will be the fifth year of its sponsorship of the Progress 1000 campaign.

  • The Progress 1000, in partnership with the global bank Citi, is the Evening Standard’s celebration of the people changing London’s future for the better and will be announced on October 3.

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