London accelerator programme raises £1.3 million for startups

London-based accelerator programme Bethnal Green Ventures has secured a £1.3 million investment to enable it to expand and provide more funding for early-stage businesses.

The accelerator focuses on the development of technology companies that solve social problems, and the latest round of funding will enable the programme to provide more support to fast-growing startups that are in need of capital.

Funding

The accelerator, which has been running for five years, has secured its latest round of funding from innovation foundation Nesta, social tech funder Nominet Trust and social investment institution Big Society Capital, with the investment being the first time that Big Society Capital has supported an accelerator.

In addition to helping to provide funding for fast-growing startups, the accelerator will also be using the funding to help bring more startups onto the programme and to provide graduates with follow-up capital.

Amongst the startups that have graduated from Bethnal Green Ventures are smartphone manufacturer Fairphone, which now has a turnover of over £3 million, and Dr Doctor, an appointment system for the NHS that has helped to save over £1 million each year.

Endorsement

Commenting on the latest round of funding, Bethnal Green Ventures Partner, Paul Miller, said: “It’s a ringing endorsement of our model and tech for good.”

He added that the accelerator needs to grow to meet the demand of increasing numbers of applications, as well as more and more start-up businesses that are growing so quickly that they need further capital.

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