In significant news for UK-based tech startups, Animoca Brands, Coinbase, Fabric Ventures, and Founders Factory have launched a joint multi-million pound accelerator, aimed at bolstering blockchain and AI businesses in the UK.
The fund is focusing on unlocking product market fit and drive growth through investment into tech startups, calling these a “key engine of the UK economy”.
Founders can apply for an investment of up to £250,000 in cash alongside 16 weeks of business and growth training, with hands-on support across business strategy, product development and fundraising from Founders Factory.
In addition, they will gain access to global web3 companies including Animoca Brands, Coinbase and Fabric Ventures, who will offer support on tokenomics, community strategies, and best practices for scaling blockchain and AI businesses.
The initiative will conclude in a demo day, which will feature a selection of VCs, to give founders a chance to raise seed or series A funding.
Coinbase UK CEO Keith Grose commented, “With deep reservoirs of talent, capital, sophisticated regulators and leading academic institutions, the UK is well positioned to benefit from these opportunities. However, ensuring that these products and services are born out of the UK is vital.”
As one of the UK’s fastest growing sectors, technologies such as AI and blockchain are said to be part of the current Labour Government’s growth vision. This new joint initiative is a step towards making that a reality.
Fabric Ventures co-founder and managing partner Richard Muirhead commented, “This Government’s AI Action Plan has been met with widespread optimism. However, this is only one piece of the puzzle.”
Specifying the purpose of the accelerator further, he added, “The convergence of AI, blockchain and web3 plays to the UKs strengths in these disciplines – and fostering collaboration amongst our strong industries like financial services, advertising and pharmaceuticals is essential for the UK to maintain its leadership in the global digital race. This accelerator will play a key role in driving that progress.”
Animoca Brands CEO Robby Yung said, “It is critical that the UK takes advantage of the opportunity of the fast-growing web3 industry. The UK must be a creator, not just a consumer, of this innovation.”
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