Technology companies in Oxford have received £1.4 billion of funding in the past 12 months, compared with £250 million the previous year; one investor described it as a “once-in-a-decade phenomenon”.
The capital — raised by investment management companies — has backed start-ups and high-growth companies in what has become known as ‘the Oxford tech cluster’ — made up of entrepreneurs, high-tech firms and researchers in the county’s science parks, labs and universities.
David Mott of investment organisation Oxford Capital said: “For the first time, there is a mass of capital that talented entrepreneurs and fast-growing businesses can dip into. This raises the question of whether we can build global-quality businesses here in Oxfordshire, and there are very positive signs of success so far.”
Mr Mott said that much of the funding is coming from international sources, including the USA, Europe and Asia. “Unlike the rest of the UK and London, where 80% of funding goes to Internet firms of some type, one of Oxford’s biggest attractions for investors is its diversity.
"The Oxford cluster is categorised by deep science, including new forms of energy and materials, and that has attracted a lot of new money in the past year. Now the money is here, we need to have more ideas, more talent and great execution to turn this into a legacy for the next 10 years and beyond.”