London start-ups raise £2.5m from mayor’s fund following Brexit

London’s start-ups have received over £2.5m since Brexit – from an investment fund backed by mayor Sadiq Khan.

The London Co-investment Fund, which invests in early-stage tech, science and digital start-ups, was launched by then-mayor Boris Johnson in December 2014 and has backed 20 businesses since the EU referendum.

Among the start-ups to receive investment include Startups 100-listed Live Better With (£309,999), Hubble (£258,655) and e-commerce platform Truly Experiences (£125,000) – bringing total funding to £11m for 67 businesses, with private sector investment bringing the total to £70m.

Khan has today also announced a business advisory board which aims to help City Hall strengthen the capital’s economy in the face of the uncertainty caused by the UK’s decision to leave the EU.

Debbie Wosskow of Love Home Swap, Sarah Wood of Unruly, Nicola Mendelsohn of Facebook and Omid Ashtari of City Mapper are among the 16 appointees who hope to highlight the importance of London’s tech sector to the capital’s economy performance.

They will meet with Khan and deputy mayor for business Rajesh Agrawal at least four times a year.

Khan said: “I have promised to be the most pro-business mayor that London has ever had – and now I’m delivering on that promise.

“And our great city is fertile ground for promising start-up business from a whole range of sectors. The level of investment being made and the performance powering forward shows very clearly how London is open to new talent and innovative ideas.

“My high-quality Business Advisory Board will bring great insight, innovation and creativity to bear on developing ideas that increase our competitiveness and prosperity, and spread the opportunity that brings to all Londoners.”