DigitalCity fund launches to support UK technology start-ups
Middlesbrough-based TwentyThreeMiles pledges to help “fledgling” digital and tech businesses
TwentyThreeMiles, a technology-focused incubator, accelerator and fund, has launched in the heart of Middlesborough’s DigitalCity with a UK-wide goal of driving the growth of tech start-ups.
Founded by Clicksco, a group of global technology companies headquartered in Dubai, the fund is fronted by international business development expert Paul Callaghan and ex-PwC corporate financier Paul Weavers.
Seeking to attract tech talent from across the UK, the fund will back early-stage businesses operating in five key sectors:
- Big data
- Personalisation of the internet
- Social apps for enterprise
- Internet of things
- Social, mobile and e-commerce.
Successful tech start-ups chosen by the fund will receive up to £30,000 and have access to Clicksco’s network of investors, mentors and potential clients in order to help develop their offering and facilitate a successful launch to market.
Businesses accessing the fund will be provided with 12 months of office space in its DigitalCity hub in Teesside.
They will join 200 tech start-ups already operating in the area, which in June this year received a £2.1m European Regional Development Fund boost as part of the £10.4m St Hilda’s Enterprise Zone investment.
Access to London office space will also be provided to fulfil the fund’s aim to “invest, incubate and accelerate”.
Callaghan, who has spent the last five years looking to “nurture” tech talent in the North East of England, will be heading up the fund with the ambition to support technology start-ups nationwide. As he discussed:
“This fund will cultivate the innovative talent the UK has to offer, by providing capital investment, support and advice to help bring creative ideas to fruition.
“We chose Middlesbrough as a base because there is already a passion for collaboration and growth thanks to the legacy of DigitalCity and it provides the eco-system in which tech start-ups can thrive.
“We not only want to support local talent, but also bring more talent to Teesside and build innovative fast-growing companies.”
CEO and chairman of Clicksco, John Rowe, added: “For the UK to continue to flourish as a technology innovator, it is essential that new tech businesses can draw upon the expertise of other entrepreneurs in the sector, while accessing vital start-up funds.”