Accelerated Digital Ventures to bring £150m to supercharge the growth of UK tech clusters
The brand new startup investment initiative Accelerated Digital Ventures (ADV) has just been launched, and it’s set to do great things for the West.
“In the UK, we’re capable of building large scale, global businesses, however, it’s still difficult to find funding and talent”
The aim is to support tech clusters outside of London and to expedite genuine talent to the successes they deserve. ADV has high ambition, explaining its objective as “a mission to tie together the fabric of UK technology”.
Pleasingly, the West of England region is in good hands, with Bristol-based industry expert Andrew Mulvenna operating ADV’s office in the South West. He tells us he’s “looking for the brightest and best of the region’s technology talent”.
Scaling and succeeding
We caught up with Andrew (pictured left) to find out why there is a need for ADV. He tells us, “In the UK, we’re capable of building large scale, global businesses, however, it’s still difficult to find funding and talent.
“At ADV we firmly believe that more UK-wide capital can create a larger funnel of tech businesses which can then scale and succeed”
“Having been a co-founder and executive inside a tech startup which grew from the South West (Brightpearl), I’ve experienced first hand the challenges of fundraising and growing an international business from the UK.”
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Andrew adds, “At ADV we firmly believe that more UK-wide capital can create a larger funnel of tech businesses which can then scale and succeed; and we’re all experienced entrepreneurs who want to give back to the ecosystem. Raising capital and paying our expertise forward is our way of doing this.”
Building on success
The announcement is great news for Bristol and Bath. As Andrew tells us, “The development of the early stage ecosystem in the region (the South West) in the last five years has been huge – with the likes of Engine Shed, SETsquared and Webstart providing support and funding to an increased number of tech startups.”
Despite this positive progress, Andrew says, “there’s still a lack of capital to fund businesses starting up and scaling up outside of London. ADV hopes to attack this structural challenge right across the UK by providing patient, evergreen capital to regions across the country including the South West.”
Lee Strafford, CEO of ADV, mirrors this aspirational tone with his plans for the venture. “We have established ADV to help more of our emerging startups and scaleups to ‘scalebig’,” explains Lee.
ADV will help a wide breadth of tech companies as it can invest in accelerators, incubators and microfunds, as well as supporting startups throughout all stages of growth.
So, if you are building a tech company anywhere in the UK and searching for that all important investment, what are you waiting for?