London VCs drive investment as cleantech bubble bursts

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London VCs drive investment as cleantech bubble bursts

The value of VC investments in UK tech firms soared by 44 per cent in Q1 2011, despite the number of deals slumping by a third.

The aggregate value invested by VCs jumped 44 per cent, to £221m, in Q1 2011, numbers show.

The £221m was invested by 72 investors in just 42 UK companies (compared to 65 companies in the same period last year).

The data, provided by Ascendant, shows that the largest deal was £73m, invested in web-based money lender Wonga, putting the internet sector on top of the rankings.

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