UK venture capital funding continued to drop in the third quarter of 2023 but there were signs of stabilisation following a challenging investment year. VC firms invested $5.2bn (£4.3bn) in UK companies between July and September, a $400m decrease on the prior quarter, according to data published by professional services firm KPMG. That marks a ... Read more ›
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Multiverse, the education tech firm founded by Euan Blair, has cut dozens of jobs in a strategy pivot away from its mission of securing apprenticeships for secondary school leavers. Founded in 2016 by Blair, son of former Labour prime minister Tony Blair, Multiverse has cut more than 40 jobs over the last 12 months, first ... Read more ›
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A startup accelerator focusing on sustainable innovation has opened its doors in Manchester and welcomed its first cohort of companies working in areas including AI, quantum computing and decarbonisation. Zebox launched in Manchester on Wednesday, its sixth location globally, to support UK and Northern Europe startups. The hub, based in Portland Street, was launched by ... Read more ›
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Fundraising is a must-have aspect of building and scaling a tech business. Once you’ve accepted that as a founder, it’s straightforward. But fundraising in the UK is a competitive game. Research from Tech Climbers found that 77% of tech businesses in Liverpool and Manchester are actively looking for funding in 2023. Meanwhile, London-based companies raised ... Read more ›
3
A University of Hertfordshire spinout that has created a 3D model of a human lung to test drugs has secured £2m in capital from Mercia Ventures’ MEIF Proof of Concept & Early Stage Fund. The human lung replica was developed by Dr Abigail Martin at the university during her PhD studies and with her supervisor ... Read more ›
1
Blackpool-based challenger bank Tandem has opened an office in London in a show of faith in the City’s finance and fintech prowess. Located in Bloomsbury Way, the new office for Tandem Bank will be the base of operations for the company’s marketing, treasury, risk and strategy teams. “This move marks another milestone for Tandem. After ... Read more ›
1
Sheffield Hallam University’s Advanced Wellbeing Research Centre is launching a new early-stage medtech and digital health R&D accelerator programme. Startups accepted onto the six-month programme will gain access to the centre’s resources to develop their products as well as non-dilutive R&D capital of up to £25,000. “The centre has seen fantastic outcomes from previous Wellbeing ... Read more ›
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The UK Space Agency has signed an agreement with US space tech startup Axiom that could see British astronauts participate in commercially sponsored missions. The UK Space Agency, sponsored by the Department for Science Innovation and Technology(DSIT), said that in a proposed mission with the Texan space company, British astronauts would launch into space for ... Read more ›
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Brexit left its mark on EU–UK trade. In the first half of 2021, UK exports to the EU fell by almost 16%. But according to Denise McQuaid, co-founder of AwakenAngels, tech companies in Northern Ireland are now benefitting from closer access to the Republic of Ireland, which remains a part of the EU and is ... Read more ›
2
The UK tackling AI risks before other countries will be key to unlocking the technology’s economic and societal benefits, the tech secretary has said. Speaking at an event in Westminster hosted by centre-right think tank Onward, Michelle Donelan, the secretary of state for the Department for Science, Innovation and Technology (DSIT), said that understanding the biggest ... Read more ›
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More than half (60%) of leaders in Europe’s finance sector have allocated spending for generative AI technology in the past 12 months, a survey has found. This is expected to rise by 15 percentage points to 75% in the next year, according to a survey carried out by professional services firm EY. The findings come ... Read more ›
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Shares in CAB Payments plummeted by more than 70% just three months after its IPO after the money transfer firm lowered revenue guidance for the year. The business-to-business payments firm reduced its 2023 revenue forecast by 17% from previously issued guidance. This sent its shares sliding by over 70% on Tuesday, with trading being halted. ... Read more ›
2
Maven Capital Partners is leading a £3m Series A investment drive into London-based vehicle advertising platform Drovo. Drivers can earn money through Drovo by placing a digital sign on their vehicle, or wrapping a screen around it, to display adverts. Ads can be triggered depending on 28 different data points, Drovo said. Its technology is used ... Read more ›
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Belfast, Glasgow and Birmingham are the fastest-growing UK startup ecosystems for venture capital investment, according to new data. VC investment into Belfast has grown by 221% since 2019, reaching $80m (£65.3m), making it the fastest-growing city in the UK for startup investment, according to data from HSBC Innovation Banking and Dealroom. Over the same time ... Read more ›
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LocalGlobe, Amadeus Capital and Balderton Capital are among 20 signatories of the government’s Venture Capital Investment Compact, which aims to channel more pension funds into private startups. It follows plans laid out earlier this year by Chancellor Jeremy Hunt for pension funds to allocate 5% of their capital to unlisted equities before 2030. All of ... Read more ›
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Alternative asset provider Ctrl Alt has secured £2.2m in an investment round led by Forward Partners and Middle Game Ventures. Initially beginning as a B2C business, the startup now operates a B2B model granting fintech platforms access to alternative assets like green energy and property. “A diversified portfolio should play a key role in any ... Read more ›
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In the latest episode of the UKTN Podcast, Bianca Cefalo, co-founder of Space DOTS, discusses how the space tech industry in the UK and beyond is rapidly growing and ready for full commercialisation. During the show, the Space DOTS CEO and UKTN Podcast host Jane Wakefield discuss what it’s like to be a woman in ... Read more ›
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When the UK’s AI Safety Summit was first announced as part of the government’s bid to be a global leader in artificial intelligence regulation, it was said it would bring together “key countries, leading tech companies, and [leading] researchers” in the field. In the following weeks and months, there was little transparency as to who ... Read more ›
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The venture capital arm of oil and gas firm BP intends to invest more than 90% of its spending over the next four years in green tech startups. BP Ventures, which has invested over $1bn to date, plans to deploy the majority of its funds across the company’s “transition growth engines” that include EVs, bioenergy, ... Read more ›
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Eight new regional innovation clusters will receive a share of £75m in government funding in areas such as health science, bio-based manufacturing and food tech. Financing for the regional clusters comes after the conclusion of two pilot programmes for a Net Zero Launchpad in Tees Valley and a manufacturing-focused initiative in the Liverpool City Region. ... Read more ›
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30.11.2024 05:40
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