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LONDON
The cosmopolitan capital of the world and dubbed the “Silicon Roundabout,” London is home to 300 different languages as well as the highest concentration of higher education in Europe—meaning its sophisticated accent isn’t just for show. London is much like New York in terms of high real estate prices, lack of developers, large amounts of beautiful people who could be models instead of entrepreneurs, government incentives, and exposure to industries outside the tech bubble. However, London does supersede New York in terms of global relevance, being home to over 100 of Europe’s 500 largest companies. While growth-hindered and culturally still risk-averse, London-based Unicorns who were once a dream are now a reality, with Shazam’s $1 billion valuation. As they say in London, “Mum, I made it.”
VENTURE ACTIVITY Q4’15 - Q3’16
VC FUNDING: $4.0B
DEALS: 694
EXITS: 256
5 YEAR YoY FUNDING GROWTH: 9.7%
5 YEAR YoY DEAL GROWTH: 38.1%
Source: CB Insights
LONDON AT A GLANCE
Power Breakfast
Cecconi’s
Regency Café
Sacred
The Breakfast Club
The Wolseley
Coffee Shops to Start Up In
Curators Coffee Studio
Ozone
Shoreditch Grind
The Attendant
The Proud Archivist
Timberyard
Local Brewery
Brewdog
Sam Smith’s
Offline Tinders
Egg London
Electric Brixton
Fabric
KOKO
Ministry of Sound
Shoreditch House
Studio 338
The Book Club
“Must Be At” Local Events
BBC Proms
Bonfire Night
End of Summer Bash
London Fashion Week
London Film Festival
Startup District
Shoreditch
THE TOP
ANGELS
Barry Smith
Benjamin Ling
Christine Tsai
Jonnie Goodwin
Neil Hutchinson
VCs
Accel
Atomico
Balderton
Index
Lepe
Octopus
Piton
VC LAWYER
Tina Baker
ACCELERATORS
Bethnal Green Ventures
Emerge
EntrepreneurFirst
Firestartr
Level 39
Seedcamp
Techstars
ENTREPRENEURSHIP EVENTS
Business Networking London
Entrepreneurs in London
Founders Forum
London Business Starters
Open Coffee
Silicon Drinkabout
Women in Business Conference
ENTREPENEURIAL HEROES
James Dyson
Richard Branson
Q4’15 - Q3’16 TOP FUNDING ROUNDS
Ion Investment Group—$400M
Deliver—$275M
Wireless Infrastructure Group—$106.8M
Ebury—$83M
Sirin Labs—$72M
PUB LIFE
The Silicon Roundabout can quickly become the Silicon Drinkabout. Here are some tips to London pub life.
Not a bar “Pub” is short for “public house,” which means pubs aren’t just dark, sweaty places where twenty-somethings touch each other. Pubs can range from relaxed old-timers in the country to sixteen-year-olds with fakes yelling about who Chelsea’s best player is.
Pub grub While meals are not the norm, pubs do offer a list of heart attack–inducing snacks, including meaty sandwiches, crisps (chips), and “pork scratchings,” which may or not be made with itchy pigs and backscratchers.
Drinks It is perfectly fine to ask for a coffee or Coke at an English pub, but fancy cocktails are a no-no, even for the fruitiest of drinkers. Don’t ask for a beer either—ask for some bitter (brownish-red ale that’s warmer than American beer), lager (clear, light, and generally cold), or a host of other varieties. The go-to size is a pint, while a standard drink is a half-pint, so specify size if you’re looking to drink less.
Service If you sit down at a pub expecting someone to serve you, you might as well have justified the 170-year-old oppression of the American spirit up until 1776. Order at the bar, and don’t worry too much about tipping. If the bartender helps clean your belligerent uncle’s mess, show him your gratitude with a simple “one for yourself,” which gives the bartender an excuse to drink more.
DRAGON’S DEN
London’s version of Shark Tank (the concept of both shows originated in Japan in 2001) called Dragon’s Den, has the same cast of predatory multimillionaires acting like billionaires… except they are no longer aquatic.
WHEN TO PITCH
A person should think about pitching to Dragon’s Den when all venture capitalists have told that person, “kthxbai,” when he does not have confidence in his ability to run a business, or when said person already has venture backing but would love some extra press (at the expense of listening to these dragons talk).
WHAT TO EXPECT
During your pitch, the entire room will suddenly freeze for 5–10 seconds, as the camera zooms in on British Mark Cuban’s gaping mouth when you tell him you don’t want ten thousand dollars for 70% equity. In the background, dramatic music will play. Also, expect cameos from guest dragons like Lord of the Rings’ Smaug and Mulan’s Mushu.
WHOM TO TRUST
At times, many of these dragons will jump in on a deal: offering varying amounts of equity, money, and pointed remarks directed toward you and each other. Remember that whatever the deal, it will always come with less guidance than advertised.
GOVERNMENT & BUSINESS
It takes a village to raise a child, and a lot more than that to raise a startup. Governments are increasingly becoming more involved with the startup scene, putting time and money into building a startup infrastructure.
The London Co-Investment Fund Uses £25 million from the Mayor of London’s Growing Places Fund to coinvest in seed rounds, helping alleviate the lack of VC money in London
Start Up Loans UK Funded by the UK government, it aims to provide mentorship and loans for UK-based startups.
Tech City UK Created in 2010 by UK Prime Minister David Cameron, Tech City UK has a host of programs supporting entrepreneurship and technology, like their Digital Business Academy. Tech City also serves as a connection between entrepreneurs and the government.
TOP 15 PRIVATE COMPANIES BY VALUATION, 2016
For a full list of the Unicorns, see here.