London’s Mayor has launched a London Co-Investment Fund (LCIF) with an amount of USD 133 million for city’s start-ups, together with six co-investment partners. The partners include Wellington Partners (a European VC), Playfair Capital (a Micro-VC), three business Angel syndicates (London Business Angels, Angel Lab and Firestartr), and the Crowdcube/ Braveheart Consortium (a consortium between an equity crowd funding platform and a fund manager).
Originally, 38 venture capital funds, business angel Syndicates and investment platforms applied to be partners but, LCIF six co-investment partners have been selected based on their track records of investing and supporting early stage tech businesses in London.
Applications for funding is launching on 4th December 2014 and start-ups can register here. LCIF will invest in more than 150 companies over the next three years in the areas of science, technology and “digital” in seed rounds starting USD 393,000.
As per Techcrunch report, London’s tech sector has over 34,400 digital technology businesses and 155,600 digital technology employees in the capital and 32 accelerators and incubators.