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Mayor of London to invest £25m in tech start-ups through LCIF

Friday 5th December 2014

The Mayor of London will invest £25m in tech start-ups through the London Co-Investment Fund (LCIF), which this week announced its six partners who will bring the total of the fund up to around £80m.
 
Established by Funding London and Capital Enterprise, LCIF is a government-backed fund which has been established to address the funding gap faced by London’s tech start-ups.
 
The fund  will invest in 156 seed stage companies within the Technology, Digital and Science sectors over the next three years.  
 
The £25m is being contributed by the Mayor of London through the London Enterprise Panel’s ‘Growing Places Fund.’
 
Out of 38 applicants, Crowdcube/Braveheart Consortium, Wellington Partners, London Business Angels, Angel Lab, PLAYFAIR Capital and Firestartr.co have been selected as the LCIF’s partners. 
 
Luke Lang, co-founder of Crowdcube, sees this as a clear endorsement of the growing popularity of equity crowdfunding. 
 
“For the UK Government to invest in London’s top start-ups through Crowdcube is an exciting prospect and underlines Crowdcube’s reputation as an effective way for high growth tech firms to raise finance,” he said.
 
The Mayor of London, Boris Johnson said: “London’s tech sector is flourishing and the city is a hotbed of talented young and ambitious people buzzing with exciting ideas who are setting up new companies in their droves.” 
 
“Despite this boom, we know that many budding start-ups find it difficult to raise the finance they need to grow. 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.”
 
John Spindler, CEO of Capital Enterprise, which will be in charge of promotion of LCIF, deal pipeline development and the application and filtering process, added: “It is fitting that Crowdcube, which has pioneered equity crowdfunding globally and has done more than most to overcome the funding gap, was selected as a LCIF partner.”  
 
“We were impressed with Crowdcube’s consortium bid with Braveheart, which combines traditional fund management expertise with crowdfunding.  This will mean more businesses will benefit from investment much faster.”
 





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Editorial Contact Details - Conor Shilling
conor.shilling@angelsmedia.co.uk
0845 672 6000
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