Tech Nation To Shut Down After Authorities Pulls Grant

UK tech start-up backer Tech Nation is to close down after greater than a decade, with the withdrawal of a vital £12 million authorities grant.

The physique, arrange by David Cameron in 2010 underneath the identify Tech Metropolis, within the wake of the 2008 monetary disaster, promoted the nation’s digital start-ups, notably those who emerged within the “Silicon Roundabout” space of East London.

It led development programmes for start-ups in addition to processing visa functions for tech corporations’ abroad workers.

On Tuesday the physique stated as a “direct consequence” of the withdrawal of the grant from the Division of Tradition, Media and Sport (DMCS) it had decided its “remaining actions will not be viable on a standalone foundation”.

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Eagle Labs

The DMCS’ £12m Digital Development Grant was as an alternative awarded to Barclays Financial institution’s Eagle Labs, which affords development programmes, enterprise mentoring and occasions.

The federal government stated the grant was awarded following an open tender and a rigorous evaluation course of.

It stated Barclays’ bid “represented one of the best worth for taxpayers’ cash as the complete grant shall be allotted to supporting the UK tech ecosystem, with Eagle Labs absorbing all operational and other people prices related to delivering the programme of exercise”.

Tech Nation stated it had begun a redundancy session course of and had begun talks with Barclays about taking over employees whose main function is authorities supply work.

Begin-up help

Tech Nation claims to have helped develop well-known UK tech corporations similar to Monzo, Revolut, Deliveroo, Simply Eat, Darktrace and Ocado.

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A couple of-third of all UK tech unicorns have been concerned in a Tech Nation programme, it stated, including that its graduates have raised greater than £28bn in funding so far.

It stated 95 % of the start-ups in its accelerator programmes have gone on to additional levels of funding.