Member Article

The Mayor has invested £2.5m in London’s startups since the referendum

A fund set up by the Mayor of London to invest in the city’s early state businesses has invested around £2.5m since the EU referendum.

The London Co-investment Fund, which mixes public and private venture capital to support startups in science, digital and tech, has invested in 20 startups since June, including bike navigation startup Beeline and office rental marketplace Hubble.

The figures have been seized upon by the Mayor, Sadiq Khan, as evidence of the continued buoyancy of London’s tech and startup scene, despite fears both before and after the referendum that Brexit uncertainty would hit investment levels and company growth.

Khan said: “I have promised to be 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.”

In total, the fund has invested over £11m in 67 businesses since its inception in 2014 and leveraged a further £70m in investment from the private sector.

It comes as the Mayor also announced the makeup of his 16-member Business Advisory Board, which will be tasked with supporting London’s business community in the wake of Brexit and imparting their business expertise to companies across the city.

The board boasts some serious entrepreneurial and financial pedigree, with the likes of Lloyd’s of London’s Chief Executive Officer and Facebook’s vice president of EMEA all on hand to help shape the capital’s economic development.

Board member Debbie Wosskow, who is founder and Chief Executive Officer of Love Home Swap, said: “London is one of the most forward-thinking capitals in the world. It is the home of the sharing economy, has fostered an environment for many entrepreneurs to setup and grow businesses, and with the help of the Mayor, it is now on a mission to be a fairer capital by supporting initiatives that make the UK the best place in the world to be a female entrepreneur.

“In this period of change, it is important to have initiatives and boards like this to advise and guide businesses as well as shape policy to ensure London retains this positive position and continues to be a progressive capital that is fair and full of opportunity for all.”

The full list

• Omid Ashtari, General Manager, Citymapper
• Inga Beale, CEO, Lloyd’s of London
• Constantin Cotzias, Director, Bloomberg Europe
• Kym Denny, CEO hVIVO
• Lloyd Dorfman CBE, Founder and President, Travelex Group
• Jayne-Anne Gadhia, CEO, Virgin Money
• Vivian Hunt, Managing Partner, McKinsey & Company
• Shalini Khemka, Founder, CEO and Board Director, E2E
• Paul May, CEO of Patisserie Holdings
• Nicola Mendelsohn CBE, Vice President EMEA, Facebook
• Kathryn Parsons, Co-Founder & CEO DeCoded
• Nikhil Rathi, CEO, London Stock Exchange Plc
• William Sargent, Co-founder, Framestore
• Laura Tenison MBE, Founder & Managing Director, Jojo Maman Bébé
• Sarah Wood, Co-founder and CEO, Unruly
• Debbie Wosskow OBE , Founder and CEO, Love Home Swap