French overtake British as top tech investors amid Brexit frets

Investors have ploughed more money into French technology funds than their UK rivals this year, a report revealed today.

French venture capital funds have raised €2.7 billion (£2.4 billion) from investors so far this year, compared with €2.3 billion in the UK, the first time France has raised more venture capital money.

And while France has already raised more than the €1.6 billion it managed last year, the UK could fail to pass the €3.5 billion from 2016.

The data, from venture capital data firm Dealroom, comes amid concerns that London could lose its status as the tech start-up capital of Europe after Brexit.

French president Emmanuel Macron has been open about his aim of luring London firms to Paris.

Simon Cook, whose venture capital firm Draper Esprit has raised €192 million this year, called on the Government to do more to back the industry.

“I do think other parts of Europe are challenging the UK in technology venture. The French are having a particularly strong push,” he said.

“They have a lot of initiatives in their country to help enable corporates to invest in venture funds, so that’s helping.

“We’ve got this Patient Capital Review going on in the UK — maybe they should be thinking about giving support.”