London Daily

Focus on the big picture.
Sunday, Oct 11, 2026

London's 'Tech City' may never be the same again after the coronavirus

London's 'Tech City' may never be the same again after the coronavirus

London’s reputation as one of the world’s major tech hubs is in jeopardy as a result of the coronavirus pandemic. “The downside for London might be the dwindling of ’serendipity,” said Harry Briggs, a venture capitalist with Omers Ventures. The lack of tech workers in and around East London’s Shoreditch neighborhood isn’t going unnoticed.
London’s reputation as one of the world’s major tech hubs is in jeopardy as a result of the coronavirus pandemic.

At the start of the last decade, a cluster of start-ups began to form around East London’s Old Street roundabout (technically a gyratory system), leading the area to be nicknamed “Silicon Roundabout.”

Then-British Prime Minister David Cameron latched onto their success and branded the area in and around the hipster Shoreditch neighbourhood “Tech City.”

Since then, London’s tech ecosystem has expanded to other corners of the capital including King’s Cross and the West End. Today, tech companies and their employees span the entire city.

Homegrown start-ups like DeepMind, Shazam, Revolut, and TransferWise have become well-known names in their respective industries, while U.S. tech giants including Amazon, Facebook, Google and Apple have also set up huge new offices for thousands of staff.

But the coronavirus pandemic is threatening to change the landscape.

Given the very nature of their work, tech firms can often embrace remote working far more easily than companies in other industries.

“The downside for London might be the dwindling of serendipity,” said Harry Briggs, a venture capitalist with Omers Ventures.

“Whilst Shoreditch never had it to Silicon Valley levels, the square mile between Shoreditch, Clerkenwell and Kings Cross has become Europe’s most serendipitous place for founders,” Briggs said. “You can’t go into Ozone (coffee shop), Granger & Co (restaurant) or Google Campus without bumping into several VCs or fellow founders.”

Meanwhile, events held by the likes of tech network Founders Forum, VC firm Seedcamp and start-up factory EF (Entrepreneur First) have all gone virtual.

“Now, the meetings and events are happening on Zoom, many founders have temporarily migrated to places like Lisbon, and the VCs are working from their country ‘cottages,’” Briggs said.

Many of the city’s start-ups have been based in flexible coworking spaces, but future of these hubs also hang in the balance.

This month, TechHub, an office space provider that has housed hundreds of start-ups over the last decade, filed for administration. Founded in 2010 by Elizabeth Varley and TechCrunch Editor-at-Large Mike Butcher, TechHub said it lost three-quarters of its revenues as a result of the lockdown.

“Elements of Tech City are being hit hard, like co-working spaces,” said Eze Vidra, managing partner at Remagine Ventures and a former tech investor at Google Ventures. “But from a start-up and VC perspective, I am being regularly reminded that some of the best companies were created in times of crisis. I am seeing great companies, effectively raising rounds and gaining traction.”

The lack of tech workers in and around Shoreditch isn’t going unnoticed. Entrepreneur Rich Pleeth told CNBC that The Griffin pub in Shoreditch was practically empty when he visited last Thursday. “That used to be the beating heart,” he said.

“We’ve seen Covid make more decisions than a CEO ever could on working remotely,” Pleeth said, adding, “Why go back to the office if you have to sit on your own with no colleagues anywhere near you?”

These problems are in no way confined to London’s tech ecosystem. On the other side of the Atlantic, San Francisco is experiencing a similar thing, while there are now over 13,000 empty apartments in Manhattan. Major cities are turning into ghost towns as people opt to work remotely from less densely populated parts of the world.

“London will survive -it always does -and people will find new ways to connect -we always do. But Tech City’s role as a hub of serendipity may have had its peak,” said Briggs.
Newsletter

Related Articles

0:00
0:00
Close
UK Government Rejects US-Russia Diesel Agreement and Reaffirms Sanctions Against Moscow
UK and Germany Agree to Deepen Security and Economic Cooperation Following Berlin Talks
British Prime Minister Burnham Pledges Closer EU Ties During Visit to Germany
UK Announces New Sanctions on 17 Russia-Linked Entities During Foreign Secretary's Ukraine Visit
UK and Germany Finalize Kensington Treaty to Strengthen Defense and Technology Cooperation
Britain Maintains Diplomatic Mission in East Jerusalem Despite Israeli Closure Deadline
English Councils Push Government to Rethink Proposed Funding Cuts
Scottish Homebuilding Falls to Lowest Level in 11 Years
BBC Chief Matt Brittin Defends Restructuring as Staff Challenge Job Cuts
UK Finance Warns High Energy Costs and Bond Yields Are Complicating Fiscal Outlook
UK Adopts All 44 Recommendations on Regulating AI in Healthcare
Chancellor John Healey Prepares Autumn Budget as Borrowing Costs Strain Public Finances
UK Investigators See Strong Indications of Iranian Link After RAF Fairford Security Operation
Laura Trott Pledges Tighter Controls on Political Activism in UK Classrooms
Welsh Ministers Launch Long-Term Review of North Wales and Anglesey Crossings
Welsh Government Orders 18-Month Study of Road Solutions Around Newport
Reform UK MP Sarah Pochin Faces Scrutiny Over £800,000 Second Home Purchase
British Households Grow More Concerned About Fuel and Energy Prices
NHS Leaders Warn of Rising Winter Pressure on Emergency Departments
Kemi Badenoch Proposes £2.3 Billion Employer National Insurance Cut for Young Workers
Middle East Conflict Could Erase UK Fiscal Headroom, Economists Warn
Manchester City Found Guilty of Multiple Premier League Financial Rule Breaches
UK Security Services Find Strong Indications of Iranian Role in RAF Fairford Incident
Costa Coffee Returns to Operating Profit on Iced Drinks and Menu Changes
Asos Warns Customers After Unauthorized Access to Retail App and Data
Kemi Badenoch Puts Growth and Deregulation at Center of Conservative Conference
Campaigners Warn of Deepening Social Care Crisis for Disabled Adults
Study Finds Rising Early-Onset Cancer Rates Among Adults Under 50 in Britain
UK Coach Operators Warn High Diesel Prices Could Force Route Cuts
FCA Opens Independent Review Into Handling of Epstein-Linked Whistleblower Case
Argentina Vows to Block Falkland Islands Offshore Oil Development
UK Chancellor Prepares Fiscal Measures and Welfare Reforms Ahead of Autumn Budget
Sainsbury’s and Morrisons Explore Potential Multi-Billion-Pound Merger
UK Weighs Tariffs on Chinese Electric Vehicles to Align With European Union
UK Threatens Diplomatic Expulsions Over Planned Closure of East Jerusalem Consulate
UK Energy Price Cap Hits Three-Year High as Middle East Conflict Raises Costs
Seventh Arrest Made in Suspected Terror Plot at RAF Fairford
Systemic Education Collapse Sparks Mass Student Uprisings in France
Green Party Faces Backlash Over Resolution Equating Zionism With Racism
Conservatives Debate Scrapping Environmental Rules for New Homes
Cornwall Insight Warns UK Energy Bills Could Approach £2,000 This Winter
UK Coach Operators Warn of Service Cuts as Diesel Prices Exceed £2
Scottish Parliament Approves £68 Billion Budget With New Tax and Property Measures
FCA Opens Independent Review Into Handling of Epstein Whistleblower
UK Government Drops Plan to Suspend Jury Trials in England and Wales
Bank of England Holds Interest Rate at 3.75% as Markets Watch November
Two Iranian Nationals Charged Over Alleged Plot Targeting Manchester Jewish Community
UK Fiscal Headroom Halves to £11 Billion Ahead of Budget, EY Warns
US Bomber Withdrawal From RAF Fairford Prompts UK Security Review
Sarah Wakfer Appointed Chair of Northern Ireland’s Health and Care Regulator
×