Investment in Northern Tech has soared in the three months to March 2017, with £116.2 million of finance supporting the region. Capital flows have increased 1,303 percent compared to the equivalent period in 2016, and represent the best Q1 investment period since 2007.
Atom Bank’s £83 million funding round dominated the market, and was the highest UK tech investment in the month of March. This capital was used for both equity and provision of financial services. However, a proportion of this investment is to enable the provision of financial services, and is not allocated for organisational investment and expansion.
The investment results have been welcomed, James Bedford of Tech North summarises:
“This is a great start to the year for Northern tech investment. It’s early days, but 2017 could be a record year – countering concerns about Brexit and an economic slowdown”