London’s startup scene is booming as the number of new ventures launched increased by nearly a quarter in just a year, shows data from Companies House.
Startups increased by 21 per cent in just a year, according to Instant Offices, which compared how many businesses registered with Companies House last year with the year before that.
Tech continues to be a key growth sector in the capital, as technology services shot up by an eye-watering 200 per cent, and the wireless and telecommunications industry by 70 per cent.
But Silicon Roundabout isn’t the only area driving growth, as both the retail and real estate industries also doubled their numbers of new companies registered year on year, whereas PR and IT consultants actually registered slightly fewer new companies compared to the year before.
Tim Rodber, chief executive of Instant Offices, said in a statement:
The diversity of the firms behind this increase in demand is interesting - but of particular note is the role technology and creative services industries are playing in driving growth in the Capital and producing space requirements outside traditional business locations.
Instant Offices also mapped Companies House data, which proved a useful visual overview for where new tech companies are expanding, showing that Tech City is certainly a hub, but not the only growth area, as startups are sprouting up all around the capital, with a second hot spot in Stratford.