UK tech venture capital deals reach new high as London dominates

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UK tech venture capital deals reach new high as London dominates

Big-ticket investments in companies including Mimecast and Tamar Energy pushed technology venture capital allocations in UK and Irish companies up to £1.01 billion during 2012.

Research from Ascendant shows that 232 companies in the technology sector were backed with £1.01 billion from 248 investors during 2012.

The venture capital outlay is a significant rise from figures recorded in 2011 when 193 businesses were supported with £788 million from 228 backers.

Statistics from 2012 represent the largest recorded since 2008 when a similar amount was injected. Before that, bigger amounts are not found until 2001 numbers are examined.

The biggest investment of the year saw Tamar Energy backed by a large syndicate of investors including the Duchy of Cornwall. The £97 million awarded to the business is being used to develop its anaerobic digestion plants.

Other large deals saw Housetrip garner £37 million and takeaway aggregator Just-Eat pocket £40 million.

Stuart McKnight, managing director of Ascendant, says that the money invested in Tamar Energy represents 9.6 per cent of all funds invested in 2012 and was responsible for the year breaking the £1 billion barrier, a feat that has only happened twice since 2001.

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