Digital businesses based in East London’s "Tech City" have pitched for funding from leading venture capitalists, business 'angels' and other investors.
The day long investor workshop, organised by the government-backed Technology Strategy Board, is part of the Tech City Launchpad competition. The competition is giving 40 digital and creative businesses the chance to pitch and network with London’s investment community.
Eighteen of the companies have already been offered up to £100,000 funding for their ideas for new digital products from the Technology Strategy Board, and this will be confirmed once they have secured private sector investment to match it.
The Tech City Launchpad initiative attracted over 200 original ideas submitted through two-minute video presentations. The amount of Technology Strategy Board funding available is £2 million.
David Bott, director of innovation programmes at the Technology Strategy Board, said: “We are happy to contribute by brokering some introductions today, which may help companies secure the private funding they need to grow and develop.”
Those firms already promised up to £100,000 from the Board include Adaptive Lab, Bright Lights Intellectual Property, Clearer Partners, Contego London, Contentment, JobHero, Lambde, Magnolia Box, Makieworld, and OEM Partnership.
Tech City is based around the Old Street and Shoreditch areas of east London.
Last month, nine innovative technology SMEs were chosen by the government to pitch their ideas to buyers across Whitehall. The companies were part of the government's Innovation Launch Pad Product Surgery, which was aimed at helping more small IT suppliers sell products and services into Whitehall. Some 350 SMEs submitted their ideas which were voted on by 2,000 civil servants.