Google says start-ups in its London incubator have collectively raised over £30 million over the last 12 months.
The figure, revealed yesterday in the East London start-up hub's second member’s survey, highlights the growth and progress of the UK tech community and suggests that Google's Campus idea is paying dividend.
Google said that 274 of the 598 start-ups at Campus raised funding of around £34 million over the course of the last year, with £27 million coming from formal start-up funding sources, such as venture capitalists, angel investors or government grants.
Eze Vidra, head of Google Campus, said: “Through building a vibrant community, offering mentoring, educational programming, and, crucially, a place for serendipity, we’re already seeing rapid growth, job-creation and significant investment. We’re proud of the role Campus is playing in building this ecosystem, and eager to continue to grow London as one of the worlds most exciting technology centres."
Campus, launched in April 2012, now has more than 22,500 members from more than 60 countries - up nearly 300 percent on the 8,000 members it had at the start of the year.
The survey suggests that the average start-up raised £75,000 but this number could be skewed slightly because Google Campus is home to a number of exclusive accelerators that are typically only open to the best start-ups. The accelerators include TechHub, Central Working, Seedcamp, and most recently, Tech Stars London.
The facility, located just a short walk from Old Street's "Silicon Roundabout", hosted more than 1,100 events and 1,000 mentoring sessions in the past 12 months, for more than 70,000 visitors. However, the large number of members can be partly attributed to the fact that anyone can join, online or at the front door, providing they are 'in tech'.
Eighty-four percent of survey respondents said they had a "positive outlook" on the future of Google Campus but it's worth noting that 78 percent of them have been operating at Campus for less than six months.
Google also claimed that Campus is increasing the number of women in the tech start-up industry and helping reduce gender imbalance, through programmes such as; ‘Campus for Mums’ and ‘Women at Campus’. Currently, 20 percent of Campus members are women, 11 percent higher than the industry average.
Charlie Coombes, founder of SingleParentHouseShare.com, said: “At Campus for Mums I was hoping to get support with insights into starting a company, marketing ideas, helpful information about funding. I received all of this as well as background in website design and coding”.
With additional reporting from Dipti Fantania
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