Announced in December by Boris Johnson, the London Co-Investment Fund is committed to investing over £80m, in the next three years, in more than 150 science, technology or digital companies. They have to be based in London and must demonstrably be committed to creating jobs in London.
Yesterday, the fund announced its investment into Dojo, an iOS app which helps you discover the best places to go in London. The team explained the concept: 'Dojo makes finding an independent Venezuelan coffee shop or a quirky pop-up bar as quick and easy as finding your nearest Starbucks or Wetherspoons. It's our understanding of how young Londoners want to spend their days and nights in the city. People our age want unique, different experiences and this is exactly what we specialise in.' They handpick cool spots and even road test them. What do you need to do? Download the app, plug in your details and great tips for going out will stream in. You can even book your Uber through the app.
Dojo raised 800,000K in a round led by Playfair Capital. The investor's mission is to back founders building technology to improve the way people work and live. Playfair Capital have invested in a huge variety of startups including the cleaning service Hassle, Festicket which builds music festival packages and Mobius Motors which designs, manufactures and sells durable, affordable vehicles for Africa’s mass market. Other participants include Saatchinvest who also once took an interest in Citymapper.
The London Co-Investment Fund (LCIF) actually has six co-investment partners which will each lead a round of funding. These are CrowdCube, Wellington Partners, London Business Angels, AngelLab, Firestartr.co and Playfair Capital. They decide whom to invest in, and on what terms. For every £1 the LCIF invest, the partners are obliged to directly invest (or secure from their investors) at least £1 - which on average comes to £2.9 - in the selected businesses seed investment round.
So could you be eligible? Businesses can apply through Capital List and are guaranteed to be assessed, advised, and if they are suitable, get introduced to LCIF’s co-investment partners. Startups have to provide a product or service within science, technology or the digital sectors; be ready to fundraise between £250,000 - £1,000,000 and be based at Club Workspace… only kidding - they just have to be based in London. Apply here.
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