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London looks to tap the deep pockets of Silicon Valley

London looks to tap the deep pockets of Silicon Valley

May 12, 2022: -The mayor of London, known as Sadiq khan, traveled to California as part of a trade mission to make Silicon Valley tech leaders invest money in the U.K. capital.

On Tuesday, Khan met with senior tech bosses, like Google Chief Financial Officer Ruth Porat, venture capital investors, and the Bay Area entrepreneurs.

The London mayor is hoping to bolster a strong relationship between London and Silicon Valley.

He wants explicitly more U.S. tech firms to open more offices in London. He wants more U.S. tech investors to back more London start-ups with more of their billions.

U.S. tech giants including Google, Meta, Amazon, Twitter, and Apple already have bigger offices in the capital. Simultaneously, Silicon Valley venture capital heavyweights, including Sequoia and Lightspeed Ventures, have recently set up outposts in the city to help them find start-up investment opportunities.

Ahead of his meetings, Khan said in a statement that he planned to “bang the drum for even more investment in London by American tech companies.”

In 2016, there were concerns that Brexit would lead to a mass exodus from U.S. tech, but it didn’t happen.

Today, U.S. tech giants employ tens of thousands of people across London, with many of them in highly-skilled and highly-paid roles that contribute to the city’s overall economy.

In January, Google announced paying $1 billion for the colorful Central St. Giles building, which already occupies many floors in London’s West End.

The internet giant is building a vast recent office with enough space for more than 4,000 staff on a site behind King’s Cross train station. At the same time, Apple is all ready to be one of the central tenants of the Battersea Power Station redevelopment.

“Google has been committed to the growth and success of London through investments in our local offices, employees, and R&D since we first opened our offices in London in 2003,” Porat said in a statement.

“Google shares the mayor’s belief in the power of technology to drive sustainable economic growth. We look forward to continuing to deepen our connection to the capital in the years ahead.”

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