Europe’s first wearable technology accelerator to launch in London
Wearable World Labs will look to draw on US success which has seen 90% funding rate for its first start-up cohort
Europe’s first ever wearable technology accelerator is set to launch in London later this month with the goal to help drive the growth of wearable innovations.
Run by San Fransciso-based venture company Wearable World Inc., Wearable World Labs is already a successful incubator programme in the US but is now being rolled-out in the UK capital with Proleads’ co-founder Marcus Sandberg (pictured) set to head up the European expansion.
The new London accelerator, its official location still yet to be announced, will look to build on the triumphs of the US Labs programme with claims that it has achieved a 90% funding and 100% crowdfunding rate for its first 35 start-up residents with more than $9m in investor backing, and $5m from crowdfunding.
The accelerator will be officially announced at Wearable World’s first London-based Glazedcon event on October 22.
Commenting on the reasons for bringing Wearable World Labs overseas, Wearable World Inc. co-founder and CEO, Redg Snodgrass, said: “Investors have been holding back companies in this space for years now.
“Over 30% of the companies in our current programme are from outside the US and the reason for this is because of the bad valuations and adversarial investors they have faced at home.”
Kyle Ellicott, co-founder and director of the Wearable World Labs programme, added:
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“Wearable World wants to have a transformative effect on investment in wearables in Europe, inspiring others to follow our lead so we can create a really strong, localised angel class and eco-system for this market.”