THE MAYOR of London’s early-stage tech investment fund has announced the addition of several mentors to help fast-growing tech businesses in the capital.
The London Co-Investment Fund (LCIF), which has invested in 103 tech start-ups to date, aims to help bridge the funding gap in the London tech ecosystem. It said on Tuesday that successful entrepreneurs Steve Garnett and Sukhendu Pal will offer support and guidance to fast-growing tech firms at its first round of business clinics, starting in March.
“As our portfolio grows, our start-ups not only need follow-on investment but guidance from entrepreneurs, who have ‘been there and done it’ several times,” said the LCIF. “By addressing challenges and opportunities quickly, our companies can grow and become the unicorns of the future.”
Garnett has been on the executive management team of three software start-ups that have developed into some of the most successful software companies in history.
Pal is the chief executive and managing partner of global management consulting firm Sirius & Company, working with the board members of Fortune 500 companies and start-up founders to grow their businesses.
“We want to help entrepreneurs in Funding London’s portfolio companies, who are just starting out to create companies that grow and add economic value to the capital and to this country,” said Pal.
LCIF is part of Funding London, which was established in 2004 by the then-Mayor of London to boost business funding. It appoints fund managers to channel European funding to London businesses.
In 2014, it received a government grant of £25m which was used to set up LCIF.
“The ultimate objective of LCIF is to empower London’s start-ups to grow into the tech giants of the future,” said Maggie Rodriguez-Piza, chief executive of Funding London and co-founder of LCIF.
“We are excited to be working with Steve Garnett, Sukhendu Pal and others, to offer support to our 100+ companies.”