Tech City incubator IDEALondon marks £3m of deals in six months
Startups 100-listed Snap Fashion leads list of innovation centre success stories
IDEALondon, the Tech City-based digital incubator created by Cisco and partners, today announced it has helped the companies on its programme reach an investment total of £3m across six months of existence.
Officially opened by prime minister David Cameron in December 2013, the Tech City-based ‘innovation centre’ claims to be the first incubator of its kind, designed to provide a cohort of 15 tech and digital businesses with a tailored programme of support, mentoring and funding.
Created from a partnership between network giant Cisco, media organisation DC Thomson and University College London (UCL), the organisation’s overarching goal is to promote the growth of tech, media and digital start-ups in and around London’s Shoreditch area.
As well as helping seven of its businesses raise a total of £3m investment, IDEALondon also recently marked the graduation of its first alumnus after video tagging service Smartzer departed the programme having secured £250,000 investment.
Startups 100-listed ‘visual search engine for fashion’ Snap Fashion has also seen accelerated growth since participating in the IDEALondon programme, reaching 280,000 users and concluding a deal with Stratford-based shopping centre Westfield to power its own visual search solution.
IT consultant SPARKL was also touted by IDEALondon as a “key success” of the past six months. Jacob Thwaites, chief executive of SPARKL, said: “SPARKL came into IDEALondon right at the beginning. The support we’ve had from the three partners as well as fellow startups has been outstanding.
“Our IDEAL sponsorship also helped us close our Series A of £1.25m with New Wave Ventures, which is enabling us to deliver our technology into more places as well as creating really exciting new opportunities in the Internet of Things.”