£2.7m funding for newly formed incubator will support 30 social start-ups
Wayra UnLtd named as one of the first beneficiaries of £10m government-led Social Incubator Fund
The government has announced its support for social tech incubator Wayra UnLtd in the form of a £1.2m investment, with an additional £1.5m investment coming from O2’s parent company Telefónica.
News of the funding comes as Wayra and UnLtd announce their new partnership, which sees Telefónica’s tech incubator joining forces with the social entrepreneur support network to build an incubator specifically focused on tech-based firms with a social purpose.
Wayra, the original technology start-up accelerator was launched in March last year by Telefonica-O2 and last month saw the 19 start-ups that formed the inaugural cohort graduate from the academy.
The Wayra UnLtd incubator is set to support start-ups that use technology to deal with environmental, health and education-based issues. The incubator will support 30 start-ups across two years, providing seed-funding, coaching, mentoring and a space to work in a purpose built academy.
Launched in 2012, the government’s £10m Social Incubator Fund aims to boost social innovation by backing existing social incubators and encouraging new ones into the market.
The Social Incubator Fund’s investment in Wayra UnLtd was announced today in conjunction with a deal signed with Bethnal Green Ventures, which together mark the first two investments from the fund.