The Global Startup Ecosystem report ranks London as the second-best place for startups.

According to a definitive ranking of international tech hubs, London has ranked second to Silicon Valley for the best place for startups to thrive. The UK capital tied with New York in Startup Genome’s Global Startup Ecosystem Report 2021 cited that London was also ahead of the next highest European city on the list, Paris, ranked 12th in the list.

The Global Startup Ecosystem report listed the leading 140 tech hubs worldwide and calculated the value of London’s startup ecosystem at more than 142 billion USD. The information has been published for London Tech Week, and the annual event has seen a lot of positive news around the UK‘s startup ecosystem.

UK’s startup sector was reported to have generated more in the half of 2021 than the whole of 2020. The country is witnessing increased availability of tech-based roles, with London home to the highest number.

The Global Startup Ecosystem report identified fintech as a particular strength for London. At the same time, unicorn startups like Revolut and Wise are making headlines, but there was plenty of praise for startups that had made the most of the pandemic, such as virtual events platform Hopin.

Sadiq Khan, Mayor of London, said, “London is a fantastic place to grow and upscale a global tech business. We celebrate our tech ecosystem’s diverse, international nature, and it is great to see our thriving startup community recognized in this report.”

He added that London’s tech industry has a pivotal role when the community is rebuilding from the pandemic. He said he is excited to be part of London Tech Week to discuss how the tech community can work together with startup hubs to solve global issues.

“In the face of Brexit and the global pandemic, London has proved its resilience and itself once again to be one of the best places globally for tech innovations and startups, “said Mayor.

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