London-based technology start-ups have banked $1.02 billion during 2014, nearly 30 per cent of the amount brought in during the entire of 2013 and ten times that seen in 2010.

Figures released by the London mayor’s promotional company London & Partners also finds that new funds worth in excess of $1.5 billion have set up in the capital during 2014.

London & Partners partly attributes the growing fundraising levels to initiatives such as Tech City and London Technology Week, both of which seek to promote the growth of London’s technology cluster.

Mayor of London Boris Johnson says, ‘These figures show, without any question, that this is an incredible period for technology firms in our city.

‘Tech is blossoming and our reputation for innovation and discovery, allied with outstanding talent, is attracting record-breaking leaves of investment from around the globe.’

More on investment levels:

• The ten largest UK VC tech deals of 2013
• Biggest tech investments of Q1 2014
• Top ten technology transactions of Q2 2014

Standout investments during 2014, which GrowthBusiness have tracked using figures from Ascendant during the first two quarters of the year, include three transactions worth over $50 million – food delivery service takeaway.com, online fashion boutique farfetch and peer-to-peer funding platform Funding Circle.

Samir Desai, co-founder and CEO of Funding Circle, oversaw a $65 million fundraising for his business in July and has now secured $123 million since founding in 2010.

‘This support has allowed us to build the world’s leading marketplace for business loans,’ he adds.

‘In the UK, more than 5,500 small businesses have accessed over £370 million, and at the end of 2013 we took our marketplace to the US, to help fill the small business funding gap which also exists there.’

Big new funds to have set up in London over the last year include Index Ventures VI, a $550 million fund for ‘building iconic companies in Europe, US and Israel’.

Eileen Burbidge, partner at Passion Capital and angel investor, says that in four years the amount of venture capital funding going into London’s tech start-ups has grown ten-fold.

‘That’s an astonishing rate of growth, which is testament to the exciting innovation that’s happening in London,’ she adds.

Other figures from Oxford Economics reveal that, alongside the growth in funding, there are currently 34,000 digital technology firms in London – a figure that is predicted to grow to 45,000 in the next decade and contribute £12 billion in economic activity.