By Jonathan Davies

Tech firms based in London raised more than $1 billion in investment in the first nine months of 2014; a new record according to London & Partners.

The $1.021 billion (£640m) raised by London tech firms so far in 2014 is already 30% more than the previous annual record of $719m (£450m), which was raised in 2013.

London & Partners said it was 10x more than the amount raised in 2010.

Mayor of London Boris Johnson said “These figures 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.”

Eileen Burbidge, Partner at Passion Capital, which invests in technology startups, and London technology ambassador, said: “In just four short years the amount of venture capital funding going into London’s technology firms has increased more than ten-fold. That’s an astonishing rate of growth, which is testament to the exciting innovation that’s happening in London.”

Funding Circle is one of the firms to have raised more than £31 million this year. Samir Desai, Co-founder and CEO of Funding Circle said: “Since we launched Funding Circle in 2010 we have secured $123 million of venture capital funding in London — starting with our first $1 million seed funding in 2010, right up to our latest $65 million round in July. This support has allowed us to build the world’s leading marketplace for business loans. In the UK, more than 5,500 small businesses have accessed over £370 million, and at the end of 2013 we took our marketplace model to the US, to help fill the small business funding gap which also exists there. The latest round will help us to consolidate our growth even more, and allow us to explore further international markets.”

Today (Monday) a group of nineteen of London's fastest growing tech startups have embarked on a mission the US to win more business for the industry in London.

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