IDEALondon facilitates £3million investment in six months

7th July 2014
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Tech City innovation Centre gains first alumnus and recruits 41 members of staff to foster technical innovation and economic growth in the capital.

IDEALondon, the innovation centre for digital and technology start-ups, has helped seven of its member companies raise over £3 million in funding in the first half of 2014. The announcement comes just six months after UK Prime Minister, David Cameron, officially opened the centre in Tech City in December.

As well as growing its staff to over 40 members and strengthening its portfolio of start-up businesses to 15, IDEALondon, which was created through a partnership between Cisco, DC Thomson and UCL, has seen its member startups achieve significant customer wins and investment deals since its opening.

Snap Fashion, the visual search engine for fashion, founded by CEO Jenny Griffiths has reached 280,000 users and most recently signed a deal with Westfield to power its visual search solution #editme – a move which has seen the company secure a move which has seen the company further establish their position as leading fashion visual search.

Other key successes of the past six months include Smartzer – the video tagging service which adds an interactive overlay to your video content allowing customers to see more information and make purchases more informatively. And SPARKL – the platform helping to make an organisation’s IT network more business savvy. Both companies were founded by graduates from University College London – one of the three founding partners. Smartzer became IDEALondon’s first alumnus when it graduated from the incubator programme after securing a £250,000 investment.

Jacoby Thwaites, CEO, SPARKL said: “SPARKL came into IDEALondon right at the beginning. The support we’ve had from the three partners as well as fellow startups has been outstanding. Our IDEAL sponsorship also helped us close our Series A of £1.25m with New Wave Ventures, which is enabling us to deliver our technology into more places as well as creating really exciting new opportunities in the Internet of Things (IoT). Thanks IDEAL – and keep it coming!”