Tech City reveals first cohort of businesses joining ‘Future Fifty’
Mind Candy and Zoopla among initial inductees selected to join government-backed fast-track programme
The first 25 businesses joining the ‘Future Fifty’, a fast-track scheme intended to encourage high growth companies to make their public offerings in the UK, has been announced today by Tech City UK.
Launched in April by chancellor George Osbourne and Tech City UK CEO Joanna Shields, the year-long programme will look to connect its members with public and private sector support in order to help them scale and lay the basis for flotation on the London Stock Exchange.
Selected by a panel of industry experts, investors, advisors and entrepreneurs, the first cohort consists of “innovative” technology businesses chosen for their contribution to various industries ranging from food to financial services and includes 2008 Startups 100 firm Zoopla Property Group, 2010 Young Gun business MADE.com and Michael Acton Smith’s Mind Candy, who earlier this year talked to Startups about rumours of an IPO.
The first group of high-growth companies to join the Future Fifty programme are:
- Zoopla Property Group
- Mind Candy
- Just Eat
- Green Man Gaming
- Calastone Limited
- Horizon Discovery
- Mimecast Services
- Secret Escapes
Shields, a champion of London Initial Public Offerings (IPOs,) commented on the announcement:
“The Future Fifty programme will help the most promising companies make the UK their home and solidify London as the world’s digital capital – the most attractive destination for entrepreneurs, start-ups and their investors.”
Prime minister David Cameron expressed his support for the scheme: “The [programme] is action that will help these businesses to grow and achieve their potential, and help us to compete and thrive in the global race.”
Applications are still open for the second cohort, applicants have to demonstrate a net revenue of at least £10m for the last 12 months with a minimum annual net increase of 30% year on year.