It should be based on the number of successes relative to the amount raised or ROI and that picture is quite different. In that sense London is way behind SV.

Given that London has little else going for it other than a financial industry it's not surprising money is raised and companies are registered there.

That said I don't know anyone doing a startup in London. But I know dozens in Berlin without even thinking about it.

Having a London domicile often leads to an overstating in venture capital raised for the UK ecosystem.

For example, I've funded Polish and Indian startups that chose the UK as their legal domicile because we couldn't be bothered to hire a legal team to draft a contract to Polish or Indian specifications.

Builder.ai [0] is a great example of that - it was an Indian startup that was domiciled in London to simplify raising capital from Gulf investors.

[0] - https://www.ft.com/content/926f4969-fda7-4e78-b106-4888c8704...