LinkedIn's co-founder is investing in a UK startup hub

Reid Hoffman leads a $12.4 million funding round for Entrepreneur First

London

LinkedIn co-founder Reid Hoffman has invested in UK startup hub, Entrepreneur First, through his venture capital firm Greylock Partners.

It led a $12.4 million funding round for the hub, and was joined by Lakestar Capital and the founders of Deepmind, as reported by Bloomberg.

Hoffman explained why he invested in the hub, saying: "When it comes to producing startups, few organizations in Europe are more capable than EF. Their approach to company building is unique, offering an alternative entrepreneurial career path for the best and brightest technical talent.

"Unlike a traditional accelerator and incubator, EF focuses on recruiting individuals at any stage of their career, from recent graduates and postdoc researchers to engineers and business executives working [in] tech firms, to help them found a company.

He added: "In my own personal career, I love to work with products and institutions with network effects. Naturally, this has ranged from Linkedin to Facebook to Airbnb to Convoy. At Entrepreneur First, I also think that they are building a very interesting network effect - a network of founders, companies, advisors, and financiers. This network effect will very much help the new founders and new companies, as well as helping the existing ecosystem."

Advertisement
Advertisement - Article continues below
Advertisement - Article continues below

Hoffman will join Entrepreneur First's board of directors.

Founded in 2011 by Alice Bentick and Matt Clifford, Entrepreneur First aims to help individuals find co-founders, develop an idea and access investment. Bentinck said: "We've built 100+ startups, had two >$100m exits and have seen 60% of our seed funded companies reach Series A."

It is currently based in London and Singapore, and boasts of successes such as Magic Pony, an AI startup acquired by Twitter in 2016. The acquisition happened 18 months after the founders met on the Entrepreneur First programme.

Featured Resources

Digitally perfecting the supply chain

How new technologies are being leveraged to transform the manufacturing supply chain

Download now

Three keys to maximise application migration and modernisation success

Harness the benefits that modernised applications can offer

Download now

Your enterprise cloud solutions guide

Infrastructure designed to meet your company's IT needs for next-generation cloud applications

Download now

The 3 approaches of Breach and Attack Simulation technologies

A guide to the nuances of BAS, helping you stay one step ahead of cyber criminals

Download now
Advertisement

Most Popular

Visit/business-strategy/public-sector/354608/uk-gov-launches-ps300000-sen-edtech-initiative
public sector

UK gov launches £300,000 SEN EdTech initiative

22 Jan 2020
Visit/operating-systems/25802/17-windows-10-problems-and-how-to-fix-them
operating systems

17 Windows 10 problems - and how to fix them

13 Jan 2020
Visit/business-strategy/mergers-and-acquisitions/354602/xerox-to-nominate-directors-to-hps-board-reports
mergers and acquisitions

Xerox to nominate directors to HP's board – reports

22 Jan 2020
Visit/network-internet/web-browser/354614/microsoft-developer-declares-its-time-to-ditch-ie-for-edge
web browser

Microsoft developer declares it's time to ditch IE for Edge

23 Jan 2020