Mayor of London, Sadiq Khan, has said the London Co-investment Fund, which invests in early-stage tech, science and digital startups across the capital alongside private firms, has been a massive boost for UK business.
Since the vote to leave the European Union, the Mayor has invested £2.5m into London's up and coming star startups in a bid to demonstrate that the capital is "open for business".
Speaking at the unveiling of his new line up of advisers who will assist City Hall to navigate the needs of business and push London's economy forward, Mr 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 startup 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.”
“London business is still coming to terms with the recent vote to leave the European Union and I am looking forward to working with the business advisory board to strengthen London’s shield against the expected blows from Brexit and to seize the opportunities to show how London is open to jobs, growth and investment.”
According to data firm Pitchbook, the London Co-Investment Fund is the sixth most active venture capital investor in Europe since the start of 2015 in terms of the number of deals. Total funding since the scheme started two years ago has reached more than £11m for 67 businesses, with private sector investment alongside it bringing the total to £70m, and creating 450 jobs.
Beavis Morgan – advisers to UK entrepreneurs
At Beavis Morgan, we specialise in working with startups and entrepreneurial people across a wide range of sectors, providing guidance and strategic advice to help in formulating plans for your business in order to strengthen its prospects of success, achieve growth and maximise wealth.
We also know first hand how important the R&D tax credit scheme is in encouraging innovation and increased spending on research and development activities by companies operating in the UK. Our specialist R&D team have helped many businesses across a variety of sectors make significant ‘money back for research and development’ claims when some were previously unaware they could, and we are on hand to maximise the value of any potential claim and manage the often complex process on your behalf.
If you would like to find out more about how we can assist you with your entrepreneurial ideas and your startup business, or to discuss how the various tax incentives could benefit your business, contact Steve Govey or your usual Beavis Morgan Partner .