Tech City UK has chosen the first batch of 25 companies to join its Future Fifty group of high growth technology businesses with the end goal of being bought out by an Internet behemoth or floated on the stock exchange.
The government-backed group that promotes the scheme chose a variety of different companies to benefit from the investment and year-long backing, with the hope companies will grow into the major firms of the future.
"The fact that we've got such a great cohort of companies moving through this programme is testament to the fact that if you are going to start a business, this is a great place to do it," said Joanna Shields, Tech City chief executive, according to Reuters.
Future Fifty’s first glut of companies sees a wide variation of sectors represented with the likes of property website Zoopla, travel search engine Skyscanner, and cloud content collaboration service Huddle part of the first group.
Some of those to have made the list aren’t originally from the UK including Italian mobile commerce firm Neomobile and US-headquartered cloud computing startup Box, with Shields adding that this isn’t a problem.
“The programme is designed to encourage companies that have a substantial presence here to think of building long term their business in the UK. So a US company could potentially take it all the way in the UK,” Shields told eFinancialNews.
The London Stock Exchange supports the program and over the 12 months the 25 firms will get extensive mentoring from both public and private companies on how to best gear the business for the next stage of growth.
Press and promotional backing come as part of the package as well as specially designed events with both designed to alert international and domestic investors of the presence of the firms.
The remaining 25 companies will be announced next month and the current list of 25 announced so far is as follows:
- Zoopla Property Group
- Mind Candy
- Just Eat
- Green Man Gaming
- Calastone Limited
- Horizon Discovery
- Mimecast Services
- Secret Escapes