Cambridge invests £8.5 million in startups, according to the latest report by investment research company Cambridge Invest.
The investment is a significant boost to the city’s tech sector and could see it leapfrog its closest rival, London’s Tech City, to become the world’s tech capital by 2025, according Cambridge Invest’s chief executive, Matthew McPhee.
It comes at a time when Cambridge is set to host the world-famous TEDx conference, which is expected to generate £100 million for Cambridge over the next two years.
The university has already invested in tech companies such as Airbnb, Instagram and Pinterest, and has announced plans to invest £3 million in the UK’s biggest start-up accelerator, CambridgeStart.
Cambridge Invest also reported an increase in the number of companies that are working in the technology sector and its first-ever venture capital funding round.
Its chief executive said the investment was a significant increase on last year’s £3.2 million, but that the increase in funding could be offset by the fall in venture capital investment.
He said: “We expect to see growth in the tech sector this year as the tech industry is on the rise.”
Cambridge has been a leader in the startup ecosystem, providing investment funding for a range of tech companies.
This year’s investment in the start-ups is just the second of the year, following the £7 million raised in January.
“This is a great investment in Cambridge, the city and the startup community,” said Ms McPee, who has worked at the university for nearly 20 years.
“It’s an investment in our future as a startup hub and we’re pleased to be a part of this growing industry.”
I think it’s a great sign for the future and we look forward to the next round of funding.
“Ms McPae said the Cambridge startup scene is attracting the attention of other tech companies and attracting investors.”
We’ve got a great set of local talent and a great city, so we’ve seen an influx of investment, both from outside the city, but also from within Cambridge,” she said.”
The number of people coming to Cambridge for the first time in years is really encouraging.
“CambridgeStart is a network of tech entrepreneurs and investors.
It was founded by two former executives of Microsoft, with support from the US government.”
If you go to any other city, there are not a lot of start-to-finish companies that have a local community and support system,” said Mr McPoey.”
But this is a very diverse group of people and a lot have a lot to contribute to the UK economy.
“In a statement, Cambridge Invest said:”Cambridge started as a start-Up accelerator in 2010 and has grown into a world-leading tech hub with over 40 Start-Up Start-ups and over £100m in investment.
“Through our network of local start- ups and partners, Cambridge has emerged as the world leader in this space and is now the first UK city to be named a Tech City.”
As Cambridge continues to grow and innovate, we are excited about our opportunity to play a leading role in the future.