The UK held a splash event in New York this week to attract more US venture capital firms TechCrunch |

3D hologramcalled the changing sculpture, will be displayed in The rise of Barclays Workspace in New York until April 4.

Sipping wine and nibbling on burrata, a group of government officials, reporters and founders gathered at the unveiling, watching as the hologram flashed on a display screen that alternated through images of some of the UK’s top unicorn founders such as Tessa Clark, co-founder of Food. Waste startup Olio, Alexander and Oliver Kent Braham, co-founders Start insurance Marshmallow.

The show celebrated the UK as the third trillion-dollar tech economy, preceded only by the US and China.

Although Brexit has taken its economic toll, UK officials want US venture capital firms to know that since 2020, its technology ecosystem has seen a healthy development. Deal room Show data UK startups raised $31 billion in venture capital in 2022 and $41 billion in 2021. Last year, the UK raised $21 billion in venture capital – although this represents a decline, given the decline Market taken into account, it is still more than what France and France raised. Germany Combined nominative. It is also still more than the $18 billion the UK raised in 2019 and the $12 billion it raised in 2018.

And even Black founders, a group that has historically struggled to secure funding, appear to be seeing progress. Between 2009 and 2019, just 38 black founders in the UK raised VC funding – that number now stands at 80, according to an updated report by Extend Ventures.

The UK says it is home to more than 160 unicorns and 12 decacorns (companies worth more than $10 billion). Fintech is a particularly niche area, including Monzo, Revolut, and Wise. With the advent of Deepmind and Benevolent AI, it has also become an AI hub. There was a lot of silent pride among those in attendance at the event because it is also the home of OnlyFans.

The hologram – and British government officials – are selling the potential as the UK’s main attraction, a sales pitch clearly designed to Boosting a stagnant economy.

Although talent from other European countries may have slowed in the UK, there is still an influx of immigration from other countries, which means an influx of ideas, employment and, again, potential. Other cities in the country, such as Manchester and Cambridge, also flourished.

Rodney Appiah, co-founder of UK-based venture firm Cornerstone Ventures, spoke to TechCrunch about some of the gaps waiting to be filled in the UK. He said there is room for more funding and accelerator programmes, along with a desire for more top talent that can help companies move from early stage to growth.

Paul Taylor, CEO of Thought Machine and one of the people depicted in the hologram, echoed the need for more investment funds dedicated to the region, saying British companies typically have to get foreign investors when they grow.

“The UK tech ecosystem has made great strides, but there is still work to be done to reach the scale and influence of Silicon Valley,” Taylor told TechCrunch.

Meanwhile, Appiah said the ecosystem is dealing with the emergence of more emerging managers, smaller funds and, finally, access to more risk capital. “We are also seeing more venture capital participation from wealthy people [corporations] and institutional investors seeking diversification.

The presence of the hologram in New York is clearly an attempt to attract the attention of American startups and investors. A 2023 report on innovation banking at HSBC – formerly SVB – showed that US investors were The biggest source To fund British startups last year. The Times reported this More American tech entrepreneurs They buy real estate in London, while the NEA and Bessemer and a16z They have all opened offices there in the last few years.

On the other hand, not all investors were successful in their attempts to invest outside London. Two prominent investors, Omar W coatrecently reduced or significantly closed its European outpost operations based in London.

However, perhaps the biggest draw for Americans is that Brits seem willing to work with investors and founders to shape the tech ecosystem. In fact, friendly regulation was one of the reasons a16z opened its cryptocurrency office in London, as the US was looking to impose regulations on the industry.

Prime Minister Rishi Sunak – who created the Unicorn Kingdom Initiative – She revealed a plan Last year to invest £370 million (about $468 million) to support the country’s technology ambitions. Last summer, the British government announced an agreement with the nine largest pension funds in the country To start investing assets in startups, a move the government predicted could unlock £50bn of capital if the rest of the superannuation industry decided to invest in startups too.

It’s no wonder, then, that the shimmering red, white and blue hologram is being sold as a sign of the future. “Creating a two-way road between the US and the UK is a win-win for both countries,” Clark said.

The sculpture, created by British company HYPERVSN, will be on display until April 4.