15 digital entrepreneurs battle it out in first event from Angels in the City
City of London Corp aiming to recruit 125 angel investors
Fifteen of Tech City’s brightest digital entrepreneurs have competed head to head in the first pitching event from Angels in the City, a new initiative delivered by London Business Angels for the City of London Corporation.
At the Innovation Warehouse in the heart of the City, the entrepreneurs pitched to an audience of angel investors – each of whom has been recruited as part of the Angels in the City scheme.
The pitches included a social media platform for aspiring authors, an online portal for non-techies to build mobile apps, and a website for affordable artwork. The final 15 were pruned from dozens of applicants, and each pitched for between £100,000 and £500,000 of investment.
The successful pitches have yet to be revealed; the Angels in the City team has told Growing Business that a full announcement will be made later this month. Several finalists have already spoken about the benefit they would receive from the investment.
Raoul Tawadey, CEO of novelists’ social network start-up Circalit, said: “We are aiming to build our mobile presence and expand into the smartphone and iPad app space. The funding will help us achieve that and allow us to fulfil our mission of becoming the “YouTube for writers”. The team here can’t wait to find out the results from the pitches”.
Building on its inaugural pitch event, Angels in the City is pushing ahead with its aim of recruiting 125 Angel investors from across London’s Square Mile, and injecting £10m into new and emerging businesses every year.
Stuart Fraser, elected chairman of policy and resources at the City of London Corporation, said: “Facilitating finance and mentoring from City Angels to tech start-ups with high growth potential makes total sense for the City Corporation.
“Tech City’s thriving cluster of businesses, right on the City’s doorstep, is already the digital capital of Europe. It started out with just 20 companies back in 2007 and now has over 700 businesses.
“With the UK government actively supporting the area and now City Angel investment flowing in, this is truly excellent for business and the reputation of London as a world leader for finance, combined with innovation.”