Mayor announces record-breaking £100m investment deals for Londoners – London Business News | Londonlovesbusiness.com

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.”