At an event at WeWork Sony Center in Berlin on Monday, London’s Deputy Mayor for Business Rajesh Agrawal highlighted the opportunities for stronger collaboration between London and Berlin’s technology and life sciences sectors and revealed the findings of new research which shows that London and Berlin are Europe’s two leading cities for technology investment.
The findings published by London & Partners, show that London and Berlin’s thriving tech and life sciences clusters are fuelling the growth of their national economies – the data reveals that Germany and the UK are Europe’s two leading countries for technology and life sciences investment. With access to world-class universities and research facilities, London and Berlin’s strengths in life sciences have helped the UK and Germany to cement their position as Europe’s two leading destinations for life sciences investment. According to the research, the UK’s life sciences sector has attracted £2.4 billion in venture capital investment over the last five years, while Germany’s life sciences companies have raised a total of £1 billion – both more than any other European country.
Sarah Haywood, CEO at MedCity said: “London and Berlin’s thriving life sciences and digital health ecosystems, made up from leading universities, research institutes and companies, make us a natural partnership for scientific innovation. Berlin and London are destinations of choice for global pharma players and we have a shared passion to get discoveries from the lab to people quickly. With emerging strengths in areas such as genomics and digital health, I’m excited to see what the future holds for our two capital cities. Together, we can transform healthcare by delivering better, faster, more innovative solutions to society’s health problems.”
London’s tech companies attracted almost two thirds of all venture capital investment (£8 billion) into the UK tech sector in the past five years, while Berlin’s tech companies received almost 70 per cent the total £4.8 billion raised by German tech companies since 2011. London tech firms have raised £5.4 billion since 2011, while Berlin tech companies have raised £3.3 billion – significantly more than any other European tech hub including Paris, Dublin and Amsterdam1. Further analysis shows that the UK’s tech sector is continuing to attract investment following the EU referendum vote with UK tech firms attracting over £1.5 billion in venture capital investment, with London companies receiving over £1 billion.
Philipp Hartmann, Principal at Index Ventures added: “The success of a tech ecosystem depends primarily on the availability of talent, so it is no surprise that Berlin and London have become the leading tech hubs in Europe. Very few European capitals have managed to become a magnet for the best founders and operators from all around the world in the way these two cities have done. The most ambitious and talented people have been drawn to them because they are exciting, welcoming, entrepreneurial and constantly changing – always offering opportunities to try new things. Building a closer link between Berlin and London will benefit both capitals.”
Speaking at the event to promote greater trade links between London and Germany, Juergen Maier, CEO of Siemens UK will emphasise the importance of London and the UK as a leading market for Siemens and the opportunities for collaboration on talent and investment.
Since the EU referendum vote, other leading global companies have announced commitments to London. Google has put forward a £1 billion investment plan for a new headquarters in King’s Cross, Facebook announced an additional 500 jobs for London and Apple revealed its plans for new headquarters in Battersea. Earlier this year Snap Inc – owners of Snapchat, announced it will open an international hub in London, while Amazon announced the creation of new jobs and the opening of a new London HQ in 2017.
The Mayor of London, Sadiq Khan, said: “London is the world’s greatest commercial centre but retaining our place at the top is always tough. This commitment by Siemens helps send the message loud and clear that London remains open to talent, investment and ideas. Our connections on the continent have never been more important and, regardless of Brexit, we will continue to work closely together to our mutual benefit.”
Juergen Maier, CEO of Siemens UK, added: “London and the UK remains an important market for Siemens and is a good place to do business. While the exact terms of the UK’s exit from the European Union are unclear, we are committed to London in the long-term. We will continue to apply our expertise in technology and engineering to the challenges that face cities, particularly urban transit and air quality. London remains a leading centre for innovation and technology and we see many opportunities for collaboration on talent, digitalisation and investment in the years ahead.”
A trade delegation of 15 of London’s fastest growing technology and life sciences companies will accompany the Deputy Mayor on his visit to Berlin. The trade mission, organised by the Mayor’s International Business Programme (MIBP), is designed to support high-growth companies to expand and export across Germany.
StepJockey, a digital health start-up also accompanying the Deputy Mayor on his Berlin visit and one of the first SMEs on our Angels in MedCity programme, will announce a new distribution partnership with the German corporate wellness provider Aktivita, as part of the London company’s drive to grow its presence in Germany. StepJockey’s IoT technology boosts health, productivity and sustainability in the workplace by nudging and rewarding office workers to ditch the lift and use the stairs. StepJockey is now used in over 12,000 buildings in over 100 countries across the world.
For more information, contact Kim Watson, Communications Manager, MedCity on firstname.lastname@example.org or call +44 (0)20 3179 8100