Mayor announces record-breaking £100m investment deals for Londoners

Created on

14 October 2024

Mayor announces record-breaking £100m investment deals for Londoners

• Mayor announces record investment deals in London so far in 2024 despite global economic downturn and uncertainty
• In 10 months, London has already seen nearly £10m more invested than in previous years
• Three tech businesses that Sadiq met in New York announce further investment plans in the capital
• International investment across the capital has created nearly 10,000 jobs for Londoners in industries of the future such as technology, life sciences, and the green sector in the last five years
• The Mayor is attending the International Investment Summit bringing together policymakers and business leaders, as the Government drives forward its national mission for growth

Today, the Mayor of London, Sadiq Khan, has announced record-breaking investment deals worth more than £100million for Londoners so far in 2024 - bucking the global trend - as he attends the Government's first International Investment Summit to drive forward the national mission for economic growth.

The Mayor has confirmed that three tech businesses whom he met on his recent trip to New York to bang the drum for London have further plans to invest in the capital. Indian IT giant Mphasis, which opened a new London office in September - has expanded its UK presence over the past year and will look to double its business over the next three years. Constant Contact, a digital marketing and automation platform that has helped millions of small businesses and nonprofits globally, will announce its official launch into the UK in the coming weeks. Financial technology company MoonPay, which builds payment infrastructure for crypto, is working with London & Partners as they look to invest and expand further in the capital.

The deals done in partnership with London & Partners, the growth agency funded by the Mayor of London, have seen companies from China, Europe, India, and the US invest in the capital in the last five years, with 543 companies creating nearly 10,000 jobs for Londoners in industries of the future such as technology, life sciences, and the green sector.

This year has so far seen more than £100m in investment deals for Londoners at a time of global economic downturn and uncertainty. In 10 months, London has already seen nearly £10m more invested than in previous years. This includes companies such as Recursion - a US biotech company that uses advanced technology like machine learning and robotics to speed up the discovery of new treatments for complex diseases - opening a new office in the 'Knowledge Quarter' in King's Cross, joining Microsoft and Google DeepMind in rapidly expanding the fast-growing life sciences sector.

One of the Mayor's 10 key priorities is the new London Growth Plan, with a target of helping to create more than 150,000 good jobs by 2028 and increasing living standards for Londoners. The new growth plan aims to grow London's economy, so we can improve the lives of all Londoners, drive London's green transition and support prosperity in London and across the country. Sadiq is also investing £380m a year into skills, careers, and employment activity to ensure that Londoners get the skills and support that they need to progress into good quality jobs. Grow London Local is a free service supported by the Mayor of London giving small businesses access to in-person and digital support to help grow.

Today's International Investment Summit marks a key moment for Mayors and other leaders who were held back by the previous government to work hand-in-hand with the new Government. Sadiq will work in partnership with the new Government to drive forward investment in the capital, promoting London as one of the world's best cities in which to invest and do business, and to deliver the change London deserves, helping to create more well-paid jobs and opportunities for Londoners.

Sadiq Khan, Mayor of London, said: "I'm proud that in 10 months London has already had a record-breaking year for investments - proving that our city is one of the best in the world to start and scale a business. My message is that London is open: open to business, open to investment, and open to new and fruitful partnerships.

"London is home to fast-growing sectors at the innovation frontier like life sciences, AI, deep tech and climate tech, as well as a world leader in financial and professional services, digital technology and creative industries like film, TV and gaming, and the experience economy.

"I am delighted to be attending the International Investment Summit, as we work with the new government to forge new partnerships, reset relationships and seize the opportunity to secure the long-term investment for London and continue building a better and more prosperous city for everyone."

Laura Citron OBE, CEO of London & Partners, the growth agency funded by the Mayor of London, said: "We all know that London is a brilliant place to grow a business. But with competition from other cities hotting up, we can't just expect investors to come here.

"That's why we're out fighting for every win. We target the most exciting, innovative companies and give them a world-class concierge service to invest in London.

"We hold their hands every step of the way. That's why London is bucking the global trend with record levels of investment despite a tough market."

Business Secretary Jonathan Reynolds said: "Mayors up and down the country are working with us on our pro-growth, pro-business, pro-worker economy and these investment deals in London are the jewel in the crown.

"This is just the beginning. We're showing what can be achieved when we work together to give global businesses the certainty they need."

Nitin Rakesh, CEO and Managing Director, Mphasis, said: "We are thrilled to expand our operations in London, a city that aligns with our vision of innovation and growth. We extend our sincere thanks to Mayor Sadiq Khan and the supportive London ecosystem for their constant support.

"London, a global hotbed for technology development is an ideal location for Mphasis' latest innovation centre. Our centre highlights Mphasis' commitment to delivering cutting-edge, AI-powered threat detection and response services for our clients. We look forward to strengthening partnerships and driving impactful innovation from this hub."

Keith A. Grossman, President of Enterprise at MoonPay, said: "The UK is well-positioned to drive innovation in Web3 and fintech. Since opening our flagship office in London this July, we've been impressed by the city's exceptional talent pool and the support from partners like London & Partners and Mayor Sadiq Khan. We're eager to expand our team in the area and expect to have over 100 employees by next year."

Frank Vella, CEO of Constant Contact said, "Small business has long been the engine that drives the economy, and London has long been a hub for small business innovation. We are proud to support this entrepreneurial spirit. By investing in London and the UK, we aim to empower small businesses with the tools and resources they need to market their businesses online, helping them reach new heights and contribute to the growth of local communities. Our commitment is to fuel their potential and foster a robust ecosystem where small businesses can succeed."

Notes to editors

Breakdown of new investment projects across the different sectors in the capital in 2024: Sector 2024 Enterprise Tech & Business Services 26 investment projects Fintech & Cyber 23 investment projects Sustainability 19 investment projects Creative Industries 19 investment projects Life Sciences 10 investment projects Other 2 investment projects Breakdown of where the businesses are from and how many investment projects they have created in the capital in 2024: Market / Region 2024 Europe 31 India 26 North America 18 China 17 Rest of World 7 London & Partners has teams of talent scouts working all around the world finding international companies that can help London grow. They simplify the process for these businesses looking to set up in the capital. Whether they need insights into the local market, help to find the perfect office space or introductions to the right people. With London & Partners' support, companies can hit the ground running, build essential connections, and concentrate on growing and succeeding in London. London & Partners has a rigorous and transparent methodology for evaluating its impact on Foreign Direct Investment. This includes validating whether each opportunity is 'contestable' and how much difference London & Partners support has made. The methodology is public, and the results are externally audited on an annual basis. London & Partners' FDI evaluation methodology received the OCO GLOBAL and WAIPA (World Association of Investment Promotion Agencies) innovation award 2023 for "Assessing FDI impact": https://ocoglobal.com/innovation-report-2023/ The methodology was referred to in 2023 in HM Treasury's review of best practice evaluation London & Partners' evaluation methodology is audited by RSM UK: "L&P should be commended for a deliberate and conservative approach to KPI reporting" Please read more here: www.londonandpartners.com/about-us/how-we-measure-our-impact Indian IT giant Mphasis, which opened a new office in September - has expanded its UK presence over the past years and looks to double its business with pioneering Quantum technologies within the UK and globally. The facility will serve as a centre of excellence for developing cutting-edge Quantum Computing, Quantum Cryptography, and Artificial Intelligence solutions.