New partners announced for Mayor’s tech fund, boosting startup investment

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Financial firms will lose passporting rights once Britain leaves the single market.

The Mayor of London’s early stage business fund has announced the five new partners joining its Tech Fund, facilitating investment into the UK’s cutting edge tech startups.

The London Co-investment Fund (LCIF) is now partnered with Albion Capital, Concentric Team LLP, Mustard Seed Impact Ltd, Startup Funding Club Ltd and Venture Founders. All five will join the existing LCIF partnership, bringing the total number of co-investment partners to an impressive 14.

They will co-invest with existing partners in London-based tech start-ups specialising in areas such as fintech, AI and big data, who are ready to accelerate their growth. Companies who have recently received investment include Pivigo, VChain and Powervault, all three of which won top honours at the recent UKBAA Awards.

Rajesh Agrawal, Deputy Mayor for Business, said: “This is great news in the development of the fund and further evidence that London in open for investment.

“I am pleased that these new partners are on board and look forward to seeing them play a key role in the growth of London’s tech scene in the years to come.”

Maggie Rodriguez-Piza, Chief Executive of Funding London, said: “We are delighted to welcome our new co-investment partners, and look forward to working together to support the dynamic London tech ecosystem.”

Since LCIF was launched in 2015, it has invested £14 million into 88 tech companies, which have attracted more than £98 million in external funding from its co-investment partners. LCIF has created more than 600 new jobs and safeguarded a further 250.

Will Fraser-Allen, Deputy Managing Partner of Albion Capital, said “The opportunity to partner with LCIF further builds Albion’s position as a leading investor in growing and innovative London businesses. Digital health, automation, cyber and data analytics are important investment themes for Albion and London, with its thriving Tech community, is a great source of businesses for us to support.”

James Codling, Co-Founder and Managing Director of VentureFounders, said: “We are delighted to have been selected as a partner by LCIF. London-based companies raising through VentureFounders will not have the opportunity to apply for additional capital through LCIF, providing additional security, the opportunity to prove their business models faster, and putting them in a better position to go for their next funding round. London is a key hub for disruptive tech businesses with the potential to become global players, so it is vital they are supported financially by initiatives like LCIF.”

The Mayor of London Sadiq Khan has launched a #LondonIsOpen campaign to ensure that London’s thriving tech scene remains open to international investment in the wake of Brexit. He recently announced a partnership with the Mayor of Chicago, USA, as part of the programme.