The 3D hologram, dubbed “The Eternally Changing Statue,” will be on display at the Rise by Barclays workspace in New York until April 4th.
Sipping wine and nibbling burrata, a group of government officials, reporters and founders gathered for the launch, with holograms flashing on displays and top British unicorns like food co-founder Tessa Clarke I watched as images of the founders alternated. Alexander and Oliver Kent-Braham, founders of waste startup Olio and insurance startup Marshmellow.
The exhibition celebrated the UK as the third trillion-dollar high-tech economy after the US and China.
Although Brexit has affected the economy, British authorities want American venture capitalists to see that the country's tech ecosystem is undergoing healthy development in 2020 and beyond. UK startups raised $31 billion in venture capital in 2022 and $41 billion in 2021, according to Dealroom data. Last year, the UK raised $21 billion in venture capital. Although this is a drop considering the shrinking market, it is still a large amount. A combination of those raised by France and Germany. It is also still higher than the $18 billion the UK raised in 2019 and the $12 billion raised in 2018.
Black founders, who have historically struggled to secure funding, also appear to be making progress. Just 38 black UK founders raised venture capital funding between 2009 and 2019, according to a new report from Extend Ventures. The number now stands at 80.
According to the UK, there are more than 160 unicorns and 12 decacorns (companies valued at more than $10 billion) in the UK. Fintechs such as Monzo, Revolut and Wise are a particular standout. With the rise of Deepmind and Benevolent AI, it is also becoming a hub for artificial intelligence. And among those who attended the event, there was quite a bit of quiet pride in knowing that this was also the home of his OnlyFans.
Hologram and British government officials are touting its potential as the UK's biggest attraction, a pitch clearly aimed at boosting a struggling economy.
The hologram featured some of the UK's top founders and CEOs.
While the influx of talent from other European countries may have slowed in the UK, we're still seeing an influx of immigrants from other countries, meaning we're inundated with ideas, jobs and potential once again. . Other cities in the country are also thriving, including Manchester and Cambridge.
Rodney Appiah, co-founder of UK-based venture firm Cornerstone Ventures, spoke to TechCrunch about some of the holes waiting to be filled in the UK. He said there is room for more funding and accelerator programs, along with a desire to attract senior talent who can help companies move from early stage to growth stage.
Paul Taylor, CEO of Thought Machine and one of the people depicted in the hologram, also said that British companies typically need to attract foreign investors to grow. , echoed the need to increase venture funds focused on this region.
“The UK tech ecosystem has made significant progress, but challenges remain to reach the scale and influence of Silicon Valley,” Taylor told TechCrunch.
At the same time, Appiah said the ecosystem is dealing with the rise of more emerging managers and micro funds, and ultimately access to more risk capital. “We are also seeing more VC involvement from people with deep pockets. [corporations] Institutional investors looking to diversify are also eligible. ”
Installing a hologram in New York is clearly an attempt to attract the attention of American startups and investors. US investors were the biggest source of funding for UK start-ups last year, according to the HSBC Innovation Banking (formerly SVB) 2023 report. The Times reported that more American tech entrepreneurs are buying property in London, with NEA, Bessemer and A16Z opening offices in London in recent years.
On the other hand, not all investors have been successful in their attempts to invest from London. Two prominent investors, Omers and Cotu, recently significantly downgraded or shut down their European operations, both based in London.
But perhaps the biggest attraction for Americans is that the British seem willing to work with investors and founders to form a technology ecosystem. In fact, friendly regulation was one of the reasons why a16z opened a crypto office in London, as the US was looking to impose regulations on the industry.
Last year, Chancellor Rishi Sunak, who founded the Unicorn Kingdom initiative, announced plans to invest £370 million (about $468 million) to support the country's technology ambitions. Last summer, the UK government announced an agreement with the country's nine largest pension funds to start investing assets in start-ups, potentially freeing up £50bn of capital if the rest of the pension industry also decides to invest in start-ups. The government predicted that there would be.
No wonder, then, that glowing red, white, and blue holograms were sold as symbols of the future. “Creating a two-way road between the United States and the United Kingdom is in the interests of both countries,” Clark said.
The statue was created by British company HYPERVSN and will be on display until April 4th.