£25m fund set up to help London’s tech start-ups
Boris Johnson is hoping to help the fast-growing industry with the creation of the £25m London Co-Investment Fund.
The cash will be invested in as many as 150 small businesses and create up to 2600 new jobs in the capital.
While the initial money will come from taxpayers, it is expected that six private sector partners will be pumping an additional £60m into the scheme.
Announcing the investment at the start of December, Mr Johnson described London’s tech sector as a “hotbed” of talent, driving the digital economy.
“Despite this boom, we know that many budding start-ups find it difficult to raise the finance they need to grow,” he said.
“This new fund will ensure the tech-giants of the future can get the support they need to bring their ideas to reality and deliver jobs and growth for the capital.”
As it stands there are over 34,000 digital technology businesses in the capital and they employee some 155,000 people – equivalent to the population of Kensington and Chelsea.
In fact, recent statistics suggest that almost a third of jobs being created in the cityl are technology-based.
At Royds we have a wealth of experience representing tech firms that have chosen to set up business in the capital. For more information about the services we provide please visit our website or contact John North or Claus Andersen.