London officially usurped New York City and San Francisco last week to become the crowdfunding of the world.

At an event held by The Crowdfunding Centre on the 15th August, London was crowned the top city with local businesses and startups creating more campaigns during July than any other city.

Just over 250,000 crowdfunding campaigns have been launched internationally so far this year. London is leading the way, with an average of 12 new crowdfunding projects launching every day.

The average amount raised is £10,714, with an average fully-funded success rate of 32%.

Barry James, founder and CEO of The Crowdfunding Centre, said:

“It’s clear from the figures that the hyper-connectivity of the startup community in London is helping. There is also the fact that compared to the US, where centres of excellence are scattered around the East and West coasts, London has become a centre of many specialisms.”

The data shows that London is doing particularly well for business, technology, publishing and games industry projects.

George Osborne said:

“We stand at the dawn of a new era of innovative finance. Setting the objective of the UK leading the world, London has become the world capital of crowdfunding. The technologies being developed today will revolutionize the way we bank, the way we invest, the way companies raise money. It will lead to new products, new services, new lenders.”

Crowdfunding popularity in the UK has grown 600% between 2012 and 2013, from just under £4 million raised in 2012 to over £28 million in 2013. It is predicted the industry will reach £1 billion by the end of the year.

Photo by Simon and his camera