A new tech innovation hub has opened in London to provide support and infrastructure for companies navigating the challenges between seed and Series A funding.
Scale-up accelerator OneEleven has opened its first campus outside Canada in the heart of London’s fast-growth ecosystem, close to Silicon Roundabout in Shoreditch.
The new hub will emulate the OneEleven model that has helped 70 member companies in Toronto raise more than $500 million at a collective valuation of more than $2 billion since 2013.
Dean Hopkins, CEO of OneEleven, said: “London offers incredible support for early stage businesses as they start out, and once they reach Series A funding – but there simply isn’t enough of an infrastructure out there at the moment to help companies at that crucial in-between stage.
“Many companies will go through accelerator or incubator programmes that provide them a valuable kickstart, but when the fixed term is up they are too often left to fend for themselves with little support in maintaining that momentum.
“These companies have nurtured an idea into a viable product, and are grappling with the challenge of turning that into an entire business.
“That’s where OneEleven steps in, offering ‘scale as a service’ and easing the transition from a highly structured environment to the ‘real world’ and making sure promising companies don’t fall through the cracks by providing the resources and community they need to push themselves towards maturity.”
Founded in Toronto, and with a location in Ottawa, OneEleven supports its members with services from HR to finance, from brand and marketing to technology, and sales tools.
These services allow founders and their teams to free up their time focus on the three most important parts of their business: the success of their existing customers, acquiring new customers and continuing to develop their product.
OneEleven also works with their members once they transition out of the community, supporting them as they grow into their own office space.
OneEleven London is being led by UK managing director Rob McPherson, who said: “I’m honoured to be leading the charge as OneEleven brings its unique – and emphatically proven – proposition to London.
“What the team has achieved in Toronto – becoming a key player in the growth of one of the world’s most exciting new scaleup ecosystems, is inspiring.
“We want to create a truly bespoke version of the OneEleven experience that is best suited to the London ecosystem and the businesses driving it forward. “I look forward to working with Dean and the rest of the team – and, of course, our members and the wider community – to make that vision a reality.”
Hopkins added: “Having established a blueprint for the success of our model in Toronto, London was a natural next step when we looked to continue our own growth journey outside of Canada. “I couldn’t ask for a more capable pair of hands to take the reins than we have in Rob. We’ve already opened our doors to our first of members, and we’re looking forward to growing the community.”