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Peer2Peer Finance News | November 24, 2017

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London Mayor appoints new investment partners to fund fintech

London Mayor appoints new investment partners to fund fintech
Marc Shoffman

THE MAYOR of London’s early-stage business fund backing fintech, artificial intelligence and big data firms has named five new partners to help support the capital’s start-ups.

Albion Capital, Concentric Team LLP, Mustard Seed Impact Ltd, Startup Funding Club Ltd, Venture Founders will join the London Co-investment Fund (LCIF.)

They will invest in London start-ups through the LCIF’s Tech Fund.

Read more: UK fintech investment up 37 per cent

Launched in 2015, the LCIF, managed by Funding London, has invested £14m into 88 tech companies, which have attracted more than £98m in external funding from its co-investment partners.

The fund supports firms looking to raise between £250,000 to £1.5m.

“This is great news in the development of the fund and further evidence that London in open for investment,” Rajesh Agrawal, deputy mayor for business, said.

“I am pleased that these new partners are on board and look forward to seeing them play a key role in the growth of London’s tech scene in the years to come.”

The five new partners will co-invest with nine others.

Read more: UK fintech is at critical juncture and needs support, says Innovate Finance

Will Fraser-Allen, deputy managing partner at Albion Capital, said the fund helped the investor identify key themes.

“The opportunity to partner with LCIF further builds Albion’s position as a leading investor in growing and innovative London businesses,” he said.

“Digital health, automation, cyber and data analytics are important investment themes for Albion and London, with its thriving tech community, is a great source of businesses for us to support.”

Read more: SME access to finance “worse outside London”