£109m investment to create hundreds of ‘high-tech’ jobs
Eleven overseas investment into the UK’s FinTech, information technology and advanced engineering sectors have been unveiled.
The deals, several of which have originated from growing Latin American and Asian markets, including Brazil, Argentina and India, are expected to create 359 jobs in London, Reading, Leeds and Newcastle.
The investment wils are the result of the Department for International Trade’s work across its network of more than 100 countries.
“It’s easy to see why the UK is Europe’s top destination for foreign direct investment,” said international trade secretary Dr Liam Fox.
“Our country is home to world leading research and development capability, as well as a culture of innovation.”
One of the investment deals secured includes a £32 million investment by Argentine software and digital design company Globant in its ongoing operation in London, creating 140 new jobs.
Meanwhile, US-based software company ThinCI will create a new site in Leeds, creating 40 jobs; and US electronics company Avnet has spent £5 million to acquire UK IT firm Hanhaa, creating 25 new roles.
Nearly half of Europe’s FinTech ‘unicorns’ are based in London, with app-only bank Monzo the latest company to join the list at the end of October, while the Prime Minister announced £2.3 billion of investment in FinTech during London Tech Week, creating 1,600 jobs.
Total venture capital investment in UK tech companies since 2016 has surpassed £5 billion, and was more than Germany, Spain, France and Ireland combined last year.
Fox continued: “Today’s announcement is further evidence that the UK is one of the most attractive places in the world to invest and demonstrates a vote of confidence in our economy and our people.”
The full list of investment deals are below:
Eye Capital: Argentine Fintech company which has invested £2 million to open a new London office, creating 10 jobs.
LHV Pank: Estonian bank which has invested £1 million to open a new London branch creating seven jobs.
Globant: Argentine software and digital design company that has invested £32 million to expand its ongoing operation in London, creating 140 jobs.
ThinCI: US company specialising in software for artificial intelligence products will create a new site in Leeds, creating 40 jobs.
Avnet: US electronics company has spent £5 million to acquire UK-based information technology company Hanhaa, creating 25 new jobs.
Tradify HQ: NZ-based business organisation software company have invested £1.2 million to build a new office in Reading, creating 14 jobs.
Infotel: French software company that has invested £1 million to build new premises in Newcastle, creating six jobs.
Engineer.ai: Global venture capitalists Lakestar, Jungle Ventures & Softbank’s DeepCore have announced that they will invest £22.5 million in this London-based AI company, who will be creating further jobs in addition to the 50 already created.
Aethra: Brazil’s largest autoparts manufacturer has selected the UK as the location for their new European subsidiary. Their £30 million investment will create 10 jobs over the next four years.
MKW Engineering: Precision engineering company which, as part of US-owned Simmons and Company International, has announced £9.3 million of investment to secure new premises in North Tyneside. The company are relocating and consolidating their operation in the North East and creating 100 new jobs.
Paper Plus: UK companies will find it easier than ever before to go green, after DIT assisted this carbon-neutral paper manufacturer to secure £5.5 million of investment from India, expanding their London operation and creating seven new jobs. The company has already saved half a million trees in two years, and will use some of the investment to fund research into biodegradable food packaging.