Business angel recruitment scheme launches in Tech City
New initiative hopes to raise £10m per year for London’s tech start-ups
The City of London Corporation (CLC) has launched a brand-new investment scheme to generate up to £10m a year for the capital’s burgeoning tech sector.
Those behind the Angels in the City initiative hope to recruit up to 125 new business angels, drawn from within London’s Square Mile and united by a passion for tech investment.
It is thought that that the scheme, which is backed by London Business Angels, will benefit more than 40 start-ups in and around Silicon Roundabout – the area which has become the heart of London’s tech space.
The scheme will initially run until March 2013, and its proponents hope that the level of investment will increase exponentially as more and more angels join up.
Stuart Fraser, chairman of CLC’s Policy and Resources Committee, said:
“Through supporting the growth of Tech City, and the development of similar technology companies, the Angels in the City scheme will help to maintain the City’s positioning as an international business centre, in turn encouraging economic prosperity across the UK.
“The City needs to be insulated by innovative businesses who can supply the Square Mile with the tools and resources it needs.”
Participants will have the opportunity to attend a programme of workshops and roundtable events over the next 18 months, offering insight on areas such as how to get a good return on investment and tax incentives, before being invited to a series of pitching events organised by London Business Angels.