London just captured a RECORD 28.2% of all EMEA venture capital in H1 2026 — and the driver is unambiguous: AI.

UK AI startups raised roughly EUR11B in H1 (4x year-on-year), and AI took ~74% of all UK VC. That pushed London to its highest-ever slice of the region.

The real story is CONCENTRATION, not just growth. AI capital doesn’t spread evenly — it pools in ecosystems with dense talent (DeepMind’s alumni), research (Oxbridge), and capital. AI is a winner-take-most GEOGRAPHY: SF in the US, London in EMEA. Success attracts success, and the hub’s share compounds.

Where AI capital pools →