New partners announced for Mayor’s tech startup co-investment fund

The London Co-investment Fund (LCIF) – the Mayor of London’s early stage business fund – has selected five new co-investment partners to join its existing tech fund. Three are UKBAA members: Mustard Seed, Startup Funding Club and VentureFounders.

The new partners announced are: Albion Capital, Concentric Team LLP, Mustard Seed Impact Ltd, Startup Funding Club Ltd, Venture Founders. All five will join the existing LCIF partnership, bringing the total number of co-investment partners to 14.

They will co-invest with existing partners in cutting-edge tech start-ups – specialising in areas such as fintech, AI and big data – who are based in London and ready to accelerate their growth. Companies who have recently received investment include Pivigo, VChain and Powervault and all three companies won top honours at the recent UKBAA Awards.

Rajesh Agrawal, Deputy Mayor for Business, said: “This is great news in the development of the fund and further evidence that London in open for investment.

“I am pleased that these new partners are on board and look forward to seeing them play a key role in the growth of London’s tech scene in the years to come.”

Maggie Rodriguez-Piza, Chief Executive of Funding London, said: “We are delighted to welcome our new co-investment partners, and look forward to working together to support the dynamic London tech ecosystem.”

Since LCIF was launched in 2015, it has invested £14 million into 88 tech companies, which have attracted more than £98 million in external funding from its co-investment partners. LCIF has created more than 600 new jobs and safeguarded a further 250.

Will Fraser-Allen, Deputy Managing Partner of Albion Capital, said “The opportunity to partner with LCIF further builds Albion’s position as a leading investor in growing and innovative London businesses. Digital health, automation, cyber and data analytics are important investment themes for Albion and London, with its thriving Tech community, is a great source of businesses for us to support.”

Mark McDonald, Finance and Ops Partner of Concentric, said: “Collaboration is at the centre of Concentric’s thinking and investment philosophy, and we appreciate and value the work London Co-investment Fund is carrying out. We are delighted to join the LCIF partner network to further enhance and grow the London ecosystem and to fund world-class technology companies”

Henry Wigan, Co-Founder and Director of Investment at Mustard Seed, said: “Mustard Seed is delighted to become an LCIF partner. We share a common purpose in our commitment to ensuring London’s brightest and boldest innovators are supported in solving societal and environmental challenges, be it providing addresses for 4bn people who don’t have one, or reducing trillions of pounds of food waste annually. This partnership brings us closer to our own objective of making business better by investing in high impact growth.”

Joseph Zipfel, Investment Manager at the Startup Funding Club, said: “Startup Funding Club is delighted to be selected as a new partner of the London Co-Investment Fund which has become a leading provider of seed funding for early stage companies in the UK. We look forward to collaborating with the LCIF and its other partners through the funds that we manage as well as our angel syndicate.”

James Codling, Co-Founder and Managing Director of VentureFounders, said: “We are delighted to have been selected as a partner by LCIF. London-based companies raising through VentureFounders will not have the opportunity to apply for additional capital through LCIF, providing additional security, the opportunity to prove their business models faster, and putting them in a better position to go for their next funding round. London is a key hub for disruptive tech businesses with the potential to become global players, so it is vital they are supported financially by initiatives like LCIF.”

By UKBAA 26 Jul 2017