The appeal of East London’s Tech City project has stretched as far as the sub-continent, as Indian investors look to plough millions into the cluster.
The Indian Angel Network will be taking an office in Shoreditch in Q1 2014 and begin to seek out talented and innovative entrepreneurs to invest in. The Tech City area has spawned more than 15,000 start-ups in the last twelve months and a number of high profile success stories have come out of EC2.
The IAN was established in 2006, providing some of India’s most successful business people with the opportunities to invest capital globally. Domestically, the investment group have already financed more than 90 companies, totalling £10 million. It is hoped that the IAN will continue to help young technology visionaries build the next Mind Candy or Facebook.
Since its announcement in 2008, Tech City has positioned itself at the epicentre of the UK’s technology scene: the industry now accounts for around £100bn a year to the British economy. Recognised as an increasingly influential global cluster, EC2 has seen a handful of big-money exits including the Twitter purchase of TweetDeck in 2011 for $40m.
It is the hope of the Indian Angel Network that a number of East London start-ups can be identified, offering ‘rapid scalability’ and high-yield returns. They are not the first organisation to acknowledge the vast potential of the Tech City project, with household tech giants taking more space across the capital. The King’s Cross redevelopment will see the Google £650m ‘groundscrapper’ offering some of London’s most innovative work space. Plans are currently under review on ground that the current designs ‘lack ambition’ – apparently the roof-top running track and natural water swimming pool were not sufficient!
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