Biotechnology has overtaken information technology as the fastest-growing sector in Cambridge, one of Europe's most active clusters of venture capital investment, according to the first report of its kind by Library House, an independent research firm.

Information technology has until now dominated venture capital activity at Cambridge, centred on its university. Its preeminence has been so great that the area has been nicknamed 'Silicon Fen', which refers to both California's 'Silicon Valley' and the wetlands region known as 'the fens' to the north of Cambridge.