Old Street’s Silicon Roundabout has a colourful new beacon in Tech City's largest skyscraper to show the world how well London's tech start-ups are doing.
TechHub, one of the first co-working spaces to open in East London, opened a new 10,000 square feet co-working space yesterday, taking up an entire floor of the 15-storey 207 Old Street building.
“The northwest corner of the world’s most innovative roundabout is much brighter today," claimed TechHub’s James Knight in a blog post announcing the new move.
The expansion, while obviously significant for TechHub, also signifies just how much Tech City has evolved over the last few years.
The new space, a “next-generation” co-working facility on the opposite side of the roundabout to TechHub’s original premises, has been designed to accommodate more mature start-ups with teams of between six and 30 as opposed to smaller firms with just a handful of staff.
Most co-working spaces are open plan to encourage collaboration between residents but the new TechHub facility has been built to offer start-ups slightly more privacy so they can create their own team culture.
“After a focus on national and international expansion including Manchester, Swansea, Riga, Bucharest and Berlin, we're redoubling our efforts on our community in London," said Knight.
“In true start-up style, we needed to expand, and fast," he added. "Moving from our original London site on City Rd launched in July 2010, we had just 90 days to contract, design, build and move into a new space, with our member companies growing continuously through the process.”
The space was developed with the help of international design firm Gensler and partners TPS Contractors.
In contrast to other co-working spaces in London which tend to charge companies between £200 and £350 per month per member, TechHub will charge start-ups £7 per square foot in its new facility.
To-date, TechHub companies have raised over $200 million (£122 million) in funding and one TechHub resident, a telecom API firm called Nexmo, recently raised $18 million (£11 million) giving it a $100 million (£61 million) valuation.
Other firms based out of TechHub include the likes of Code Club, which announced today that it has received £120,000 from Google to help train primary school teachers how to code.
It's worth noting that TechHub isn't the only Old Street co-working space provider expanding its presence. Last week TechSpace London revealed that it was expanding one of its two spaces across two new floors.