London Tech Week 2022 kicks off with a record-breaking amount of investment in the UK tech sector.

According to recent data, UK IT startups raised more venture capital financing in the first five months of 2022 than they did in the entire year of 2020.

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In terms of start-up investment, the UK is second only to the United States, with £12.4 billion raised so far this year, ahead of China, France, and India.

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The findings were revealed ahead of the commencement of London Tech Week which started on Monday, which is an annual celebration of the UK tech sector when business and government officials discuss the industry's future. They were analysed by the UK's Digital Economy Council and based on data by Dealroom.

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According to the figures, 950 UK digital start-ups raised £12.4 billion this year, compared to £12 billion raised in all of 2020.

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The UK currently has 122 unicorns (start-ups worth one billion pounds or more), with at least one in each of more than 20 cities and towns. London, Bristol, and Oxford were also rated among Europe's top 20 investment destinations.

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“It is a staggering achievement that UK tech companies are attracting more investment than countries more than ten times our size." Culture Secretary Nadine Dorries, who will make the opening comments on the first day of London Tech Week, said.

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“This is a huge vote of confidence in the talent behind great British tech and the innovative, competitive market that we have here.”

“As we head into London Tech Week, it’s great to see the strength and resilience of the entire UK tech ecosystem, not just London’s," said Russ Shaw, founder of industry organisations Tech London Advocates and Global Tech Advocates.