Twenty-five UK tech companies have been chosen to receive extra support as the first half of Tech City's Future Fifty scheme. They include booming businesses ranging from enterprise software firms, e-commerce websites and games developers.
A joint venture between the government and the UK's Tech City investment organisation, Future Fifty is intended to further accelerate the growth of Britain's fastest-growing technology companies. In order to be chosen for the list, each firm must have demonstrated 30 percent year-on-year revenue growth as well as having an office in the UK.
Twenty-one of the 25 businesses base their UK operations in London, although several – including cloud storage firm Box, holiday company Housetrip and mobile commerce group Neomobile – are based primarily outside of the UK.
The Future Fifty seeks not only to encourage overseas tech companies to open offices in the UK, but also to discourage British businesses from shutting up shop and leaving for Silicon Valley, where the investment opportunities are greater.
Prime minister David Cameron said it was crucial for the government to support businesses of the future. "I am determined that we do everything we can to make Britain the best place to start, grow and do business," he said.
"As well as backing the businesses of today, this Government is also backing the innovative, high-growth businesses of the future. The Future Fifty programme is action that will help these businesses to grow and achieve their potential, and help us to compete and thrive in the global race."
As part of the cohort, businesses will receive extra help to allow them to grow, including help in the search of funding, mentorship, accountancy and legal advice as well as advice on how to eventually float on the stock market.
Other businesses announced as part of the Future Fifty include takeaway firm Just Eat, cloud insurance software firm Acturis and Shoreditch-based taxi app developers Hailo. Huddle, the UK-based enterprise content-collaboration company also found itself on the list, alongside cloud email service Mimecast.
Tech City chief executive Joanna Shields said: "As digital innovation transforms business and society on an unprecedented scale, entrepreneurs around the UK are creating new businesses and new jobs in record numbers. The Future Fifty program will help the most promising companies make London their home, solidifying the city as the world's digital capital and the most attractive destination for entrepreneurs, startups and their investors."
The application process for businesses looking to form part of the second 25-strong cohort opens today. The full list of Future Fifty companies can be found at futurefifty.com.
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