Technology Start-up Incubator Nears £1bn Valuation

Introduction to Entrepreneurs First

A technology start-up incubator is closing in on a £1bn valuation after securing backing from new investors. The incubator, Entrepreneurs First (EF), is in the process of raising around $120 million from a consortium of new and existing backers.

Founding and Leadership

EF was co-founded by Matt Clifford, who spent six months helping to shape Downing Street’s AI approach and creating the AI Opportunities Action Plan. Clifford, who stepped down from the role for personal reasons, is also chairman of a government research agency.

Funding Round

Sources said EF had informed investors in recent weeks that it had secured a $75 million commitment from one of its existing investors as part of the broader funding round. New backers include a Japanese bank and a California-based pension fund, one of the world’s most powerful pension fund investors.

Impact on the UK Start-up Economy

The Series D funding round will cement EF’s status as a linchpin of the UK start-up economy. EF has backed hundreds of companies, including a fintech unicorn and an insurance claims processor.

Leadership and History

The company is led by its managing director, who co-founded it with Clifford in 2011. EF declined to comment when contacted. The funding round is a significant milestone for the company, which has been a major player in the UK start-up scene for over a decade.