London is being limited as a digital city because of a lack of investors who are familiar with the industry and of the high costs of development in the city.

Charles Irving, co-founder of Pond Ventures, said "You want to pitch to people who understand your business. Investors have to remain experienced."

Irving said today at the London Inno Tech Summit that while Government initiatives had helped growth, London faced obstacles in developing its position as a technology hub in comparison to Berlin and Silicon Valley because of high prices.

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