London confirms to be a top tech hub as Mayor’s post-referendum start-up investment tops £5 million.
In particular, the London Co-Investment Fund (LCIF) – The Mayor of London’s early stage business fund – has allocated more than £5.3 million since the EU referendum and 32 cutting-edge tech start-ups, specialising in areas from artificial intelligence to fintech to big data, are the ones which have benefitted from the investment.
The Fund aims to invest in at least 20 high-tech companies before the end of 2017,
London’s Deputy Mayor for Business Rajesh Agrawal said, pointing out that:
Since LCIF was launched in 2015, it has invested £14 million into 88 tech companies, which has attracted almost £98 million in external funding from its co-investment partners. These investments in LCIF have created more than 600 new jobs and safeguarded a further 250.
The ultimate objective of LCIF is to empower London’s start-ups to grow into tech giants and we will continue to support them with the same vigour.
Benivo is one of the companies supported by LCIF Fund. The startup, which defines itself “the world’s first cost-effective relocation solution for junior employees”, has over 50 clients including Google, Microsoft, and Bloomberg, supporting national and international moves, a press release states.
Founder and CEO, Nitzan Yudan, said:
LCIF support was much more than the funding. John Spindler helped us shape our fundraising strategy in future rounds and to open doors with investors. The LCIF team actively looked for opportunities to add value in the most important areas – hiring, fund raising, mentorship, and regulation.
Find out more here.