Technology start ups in London attracted over $682m in venture capital funding during the first three months of the year, growing 66% on Q1 2014.
During the quarter, the funding for the fledging digital start ups beat the previous record of $411.6m reached in fourth quarter of 2014.
The funding raised by the technology companies in London is about 80% of the total $856.7m raised by UK companies.
Notable venture capital funds which invested in the promising London tech companies include Silicon Valley firm Andreessen Horowitz, which invested $58m into online payments company TransferWise and $20m into virtual worlds creator Improbable.
Passion Capital partner and London technology ambassador Eileen Burbidge said, "This quarter is the most exciting yet in London’s tech development, as we have seen companies based in the capital attract substantial new investments from some of the world’s most tech-savvy and influential investors.
"London is one of the most electrifying tech hubs in the world, with companies and investors all brought here by the city’s ideas and entrepreneurial spirit, as well as its talent and access to markets."
The investment figures have been compiled by London & Partners which is the promotional company for London city.
During the quarter, London based online money transfer company, WorldRemit has raised maximum amount of funding worth $100m through a funding round led by Technology Crossover Ventures.
WorldRemit founder and CEO Ismail Ahmed said, "London is the ideal place to start a fintech company, as it is a technology hub as well as a financial services hub.
"There is an abundance of world-class talent in the city, and the convenient time zone, which enables communication with Asia and the Americas in same working day, is an attractive factor for us as an international money transfer service."
