Tech City UK has announced 12 new companies that will join its Future Fifty programme in order to access government-backed guidance and support to drive their growth.
A panel of 17 independent advisers selected the companies for the Future Fifty programme, all of which are deemed to be in the growth stage of their business.
Six of the companies joining the scheme are in the financial technology sector, indicating how Britain is becoming a global leader in the sector, Tech City UK said.
These companies include platform for charitable donations, JustGiving, job advert search engine firm Adzuna, and TransferWise, an international money transfer platform.
Unlike incubator and accelerator schemes, the Future Fifty programme does not provide any funding but instead provides expert guidance on how to obtain financial support and recruit staff.
Philipp Stoeckl, director of the Future Fifty programme, said he is looking forward to helping the 12 new companies grow: “The new companies selected for the Future Fifty programme represent some of the nation’s most exciting and innovative digital businesses.”
Over the past year, the Future Fifty programme has helped members to tackle more than 250 challenges, by bringing them into contact with private sector stakeholders and government influencers and partners.
Tech City UK said that since its launch by Chancellor George Osborne in 2013, the programme has helped generate £2.1bn in net revenue and its inaugural companies now employ more than 15,000 people.
The other companies that are being inducted into the Future Fifty programme are: Algomi, Busuu, Go Cardless, LMAX Exchange, Performance Horizon, Qubit, Ratesetter, Rockabox, and WorldRemit.
Graduates of growth
Tech City UK also announced that 12 companies will graduate to become Future Fifty alumni, which it said entitles them to a level of support from the programme that reflects their more advance stages of growth.
The graduating companies are: ao.com, Box, Horizon Discovery, Just-Eat, Masternaut, matchesfashion.com, Mimecast, Neomobile, OrderDynamics, Photobox, Skyscanner, and Zoopla.
It could be argued that some of these companies, particularly Mimecast, Box and Zoopla, are now so well established that they should not receive government-funded support. For instance, Box has recently reported a healthy growth in revenue and has plans to float on the New York Stock Exchange.
V3 approached Tech City UK for comment but has yet to receive a reply.
UK start-ups looking for support have an alternative to the Future Fifty programme in the form of the Digital Catapult, a centre that offers a collaborative working space and guidance on developing services and products.