Britain must ‘roll out the red carpet’ to retain top tech companies
Britain must ‘roll out the red carpet’ for pioneering technology companies to ensure they stay in Britain and boost growth, a top venture capital investor has urged.
Suranga Chandratillake, a partner at technology investment firm Balderton Capital, says he fears start-ups bought by foreign predators or listed abroad will no longer see British ownership.
“That will be dangerous and a huge shame,” said Chandratillake, whose company has invested in cybersecurity firm Darktrace, e-retailer THG and banking app group Revolut.
“We need to create an environment where at least some of them will be here forever.”
Boosting growth: Britain must ‘lay out the red carpet’ for breakthrough tech companies
The city suffered a major blow when Cambridge microchip maker Arm Holdings listed in New York last year.
More recently, Darktrace – also headquartered in Cambridge – agreed to be acquired by US private equity group Thoma Bravo.
With the tax burden approaching its highest level since the 1940s, the efforts would be crucial to both Labor and Tory plans to raise more money, he argued, adding: ‘Both parties say we need more will experience growth. Guess where that came from?’
Balderton says it has raised £3.6 billion to invest in technology companies in Britain and the Continent and has backed more than 250 companies.
But Chandratillake said it was not just about money, adding: “We are also driven by a certain amount of patriotism. We would like to see many more of our companies listed here.’