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Surge in venture capital investment in Norwich-based tech firms

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The volume of venture capital investment in Norwich-based businesses rose four-fold last year to £33 million, up from £8.3 million in 2019, reinforcing the city’s growing reputation as an attractive location for tech companies. Tim Robinson, chief operating officer at Tech East, said: “This is a great indicator of the potential and skills we have in Norwich and recognised by VC investors and will support the financial prosperity of the region and country as we bounce back from restrictions.” The annual Tech Nation Report, also showed that Cambridge – which attracted £217 million of venture capital investment in 2020 - ranked among the top five cities for VC investment in the country, alongside London, Oxford, Bristol and Edinburgh. Meanwhile, tech initial public offerings to raise funds on stock markets gathered pace in 2020, with double the capital raised compared to 2018. The report says the UK appears to be “pulling away” from European tech hubs, Germany and France in terms of investment. One new tech unicorn, a private start-up valued at over $1 billion, has been created in the East of England so far 2021; Cambridge-based Kymab.

Gerard Grech, chief executive, Tech Nation, said: “These are truly exciting times for UK tech. The successes of the past decade have shown what the UK is capable of when policy foresight, investment and a diverse and ambitious pool of talent come together. By continuing to set our sights high, the next decade promises to be the most innovative yet."

Last Updated ( Monday, 22 March 2021 15:32 )