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July 6, 2017

VC firm behind Farfetch and Goop raises $150m in boost for UK post-Brexit

The VC firm is yet further proof of the continued confidence in the UK tech sector.

By Tom Ball

UK venture capital firm Felix Capital has raised a huge $150 million in its second funding round, defying yet again Brexit fears about a possible exodus of investment into the UK.

Not only were existing investors adding to the substantial figure, but new investors also showed great interest in the firm, causing the round to be oversubscribed.

Felix Capital has a portfolio including marketplace Farfetch, a platform that draws together vendors of high end brands and puts them together in one place. Another high profile company supported by Felix Capital is Gywneth Paltrow’s online brand Goop.

This latest funding round beat the first by a margin of $30 million, and only two years later. Strong funding at this critical period is indicative of London’s dominance over other competitive European capitals post-Brexit.

VC firm behind Farfetch and Goop raises $150m in boost for UK post-Brexit

Another indicator of London’s growing momentum since Brexit came from research conducted by the Mayor of London’s promotional agency, London & Partners, which showed that London tech had received record venture capital investment in the year since the vote.

The amount raised by London tech reached £1.1 billion, with the UK as a whole amassing £1.3 billion. In contrast to 2013, the sum accrued in 2017 is four times great.

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London’s tech sector funding of £1.1 billion also doubled the amount raised by the next most competitive cities in Europe post-Brexit.

READ MORE: UK tech sector flies high following Brexit with record investment

These examples show unexpected stability following the major decision, but they also point to the formidable organisations within the London tech industry, providing innovation across the spectrum of cutting edge technologies that hold great promise for the future.

The UK has also experienced a 12% increase in IT jobs according to the Robert Walters UK Job Index, which is a positive sign in terms of growth and opportunity. However there is a global problem in regard to the tech skills gap, which some believe could be felt very severely in the UK depending on the final terms of Brexit.

Growth in the UK tech sector has been continuous, and it is worth over £100 billion, and the real test will be whether there is trajectory to sustain this in light of Brexit. The growing momentum is a strong sign that success in UK tech will continue.

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