Boris Johnson Backs Great Enterprise Tech Expedition to US as London Tech Firms Hit $1bn Invesment [press release]

London's Mayor, Boris Johnson added his support to this week's Great Tech Expedition to the US, organised by the Mayor's office, UK Trade & Investment with support from Chinwag's trade mission experts, who programme the Digital Mission series.

He said, “We are a city packed with entrepreneurs who are experts in their field and my commitment to them is to provide whatever assistance I can to set them on the path towards international success. The opportunities that this whirlwind tour presents will convert into dollars for the companies and regeneration, jobs and growth back home in London."The mission comprises 17 of the UK's leading EnterpriseTech startups visiting Chicago, Boston and New York this week and includes meetings with JP Morgan Chase, a VC pitching session, briefings on local markets, visits to MIT Media Lab, incubator 1871, Fidelity's FCAT facility with receptions in each city.

To follow the trip follow #gte14 on Twitter and @digitalmission. To keep up-to-date on future Digital Mission trips, sign up for the free Digital Mission newsletter.

London tech superstars join forces with the Mayor of London and UKTI to tackle the US market

New figures reveal London’s technology firms have attracted more than one billion dollars of investment in 2014

A group of ambitious London tech firms have arrived on American soil this morning (6 October) on a week-long mission to showcase their digital and technology expertise and win new investment in the capital. Their visit begins on the day it was revealed that technology firms in the capital have attracted more than one billion dollars of investment already in 2014. 

Seventeen the of the capital’s fastest growing technology start-ups have joined ‘The Great Enterprise Tech Expedition’ for a mission that will see them explore commercial opportunities and build relationships with key U.S. enterprises in New York, Boston and Chicago. While in the United States they will network across financial & business services, life sciences, retail, media and education brands. Firms were chosen to take part in the trip based on their dynamism, traction in local and international markets, readiness to do business in the US, and ability to gain interest in the highly competitive US tech and investor landscape.

The Great Enterprise Tech Expedition is one of the trade missions organised as part of the Mayor’s Export Programme, delivered in partnership with UK Trade & Investment, with the aim of providing the capital’s businesses with practical information and help to trade overseas. The Export Programme is funded by the London Enterprise Panel, which supports the creation of jobs and growth in the capital.

Today London & Partners, the Mayor’s Promotional Campaign for London, released new quarterly figures that show technology firms in the capital have attracted more than $1 billion of investment in 2014. The $1.021 billion raised by tech firms during the first three quarters of this year is almost 30 per cent more than the previous full year record of $719 million raised during 2013. It is also more than 10 times the amount raised in the full year 2010, highlighting the success of initiatives such as Tech City and London Technology Week. 

The Mayor of London, Boris Johnson, said: “London’s innovative approach to the tech sector is the envy of start-ups the world over. We are a city packed with entrepreneurs who are experts in their field and my commitment to them is to provide whatever assistance I can to set them on the path towards international success. The opportunities that this whirlwind tour presents will convert into dollars for the companies and regeneration, jobs and growth back home in London.

“The figures released by London & Partners today show, without any question, that this is an incredible period for technology firms in our city. Tech is blossoming and our reputation for innovation and discovery, allied with outstanding talent, is attracting record breaking levels of investment from around the globe.”  

Quote from Keith Moses, Tech City Adviser- UK Trade and Investment’s (UKTI)

We are very excited to bring together such an inspiring collection of early stage and rapidly growing enterprise technology companies. This group represents the very best in emergent fin tech, ed tech and enterprise technology. Our expectation for the trip is that this group will help to raise awareness of the pace of innovation taking place in London. The size and breadth of the US market is both an opportunity and a challenge which is why the support and help from the Mayor of London and UKTI is so critical these start-ups.

Quote from Michael Wilmott of Knodium, one of the mission companies,

Knodium are thrilled to have been invited to join such a high calibre of companies in the Great Tech Expedition. It’s a fantastic opportunity for us to take the first steps in exploring the US market. The support provided and opportunity to connect with US companies is something very hard to achieve individually. 

Businesses attending the trade mission will hear the experiences of several companies and individuals who are already operating successfully in the United States. Highlights include a question and answer session with UK ex-pats, tax and accountancy advice, presentations on the local economy and networking events. 

ENDS

NOTES TO EDITORS:

1. The Great Tech Expedition is supported by The Mayor’s Export Programme, which seeks to increase the number of London SMEs trading internationally by providing practical assistance for London based companies new to exporting overseas or seeking to grow their business in emerging markets.

2. The Great Tech Expedition to the United States in October 2014 will support 17 London & Tech City based companies seeking to capitalise on interest in emerging technologies. The businesses taking part will learn about the American market and meet with prospective customers and partners in New York, Boston and Chicago.

3. For more details on the companies taking part, visit http://www.thegreattechexpedition.com/ The full list of participating UK tech start-ups is:

• AltViz
• Century
• Decibel Insight
• Digital Shadows
• FinGenius
• GOAL Group
• Gojimo
• Knodium
• Kusiri
• Natterbox
• Paperfold
• ReadyCache
• RefME
• Rezonence
• Screendragon
• Show My Homework
• Wazoku

4. A new quarterly barometer measuring venture capital investment into London’s technology companies – published by London & Partners, the Mayor’s promotional company for London, shows that technology firms in the capital have attracted more than $1 billion investment so far in 2014.

5. There are currently more than 34,000 digital technology firms in London. That number is expected to rise to 45,000 in the next decade creating 46,000 new jobs and creating more than £12 billion of economic activity, according to recent research by Oxford Economics. 

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Photo (cc) Chinwag on Flickr.