City Hall funds 20 investment events for London startups

The initiative will be funded by the Greater London Authority and UKBAA

London

London mayor Sadiq Khan has announced two initiatives designed to foster innovation in the capital city's tech sector.

City Hall will fund 20 investment days over the next fours years, offering tech firms in London the opportunity to promote themselves and attract funding from investors.

Each of the 20 events will focus on a specific tech niche - such as AI, IoT, machine learning - with innovators in the space providing mentoring and tie-ups with relevant investors that understand the industries they're working in.

The events will be run by the UK Business Angels Association (UKBAA). The GLA will provide 280,000 in funding and this will be matched by the UKBAA. However, the scheme has been built to be completely self-funding by the end of the initial four-year period.

"London's tech sector is already the envy of cities the across the globe and I'm determined to ensure we become the world's leading tech hub," Khan said. "Since I became Mayor, the capital has attracted significant investment from the biggest players in this sector Google, Facebook and Apple, to name just three.

"This is a clear sign London is open for business but beyond these huge names, London remains a fantastic breeding ground for innovative young tech firms looking to break new ground across a range of industries," Khan added.

The second announcement revealed Bloomberg Associates will work with City Hall to develop the capital's Smart London Plan alongside the Smart London Board. The plans will detail Khan's mission to leverage technologies being developed in London to transform the city into one of the world's leading smart cities.

"With the two initiatives I'm announcing today, we will enable these start-ups to grow and develop, as well as harness the expertise and innovation across our tech sector to help make life better for all Londoners," Khan finished.

Khan made the announcements at the Wired Live event at Tobacco Dock.

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