By Oliver Smith on Tuesday 31 January 2023
End of an era: After a decade of supporting the UK’s startup sector, Tech Nation says its operations are “not viable” without government support.
Following the recent loss of its government grant funding, the UK’s tech growth platform Tech Nation today announced it will cease operations on 31 March.
Tech Nation said much of its work was “not viable” without the core £12.09m Digital Growth Grant which has instead been awarded to Barclays bank.
“With this foundation removed, Tech Nation’s remaining activities are not viable on a standalone basis and the unique Tech Nation model that we have built upon this foundation can no longer be supported.”
The organisation also indicated its structure as a non-profit and public-interest company was also unsustainable with commercial funding alone.
“Many of Britain’s most successful tech companies, from Monzo to Deliveroo, and from Skyscanner to Darktrace, have passed through one or more of Tech Nation’s growth programs,” said Tech Nation’s CEO Gerard Grech, announcing the news.
“We have helped champion and support innovators in everything from AI to FinTech to Climate tech and more. In doing so, we have helped spread digital growth and jobs nationwide.”
“I want to express my sincere thanks and gratitude to the Tech Nation team, to our ecosystem partners and all the inspirational innovators and entrepreneurs we have worked with along the way.
“I am grateful to the government’s support over nine years, and feel proud of all we achieved. It has been an incredible journey. Together we have made the UK tech economy a global powerhouse for tech talent and now third in the world for tech investment, after the US and China.”
Tech Nation will immediately begin a redundancy consultation with its employees and is in discussions with Barclays Bank regarding those whose primary role is delivering work covered by the government grant.
Grech said the organisation is also welcoming expressions of interest for Tech Nations assets and brand over the next fortnight, with conversations already underway.
Tech Nation, was formed by the merger of Tech City UK and Tech North and has existed in different shapes and forms since 2011, relying predominantly on government funding to run growth programmes and champion the UK’s tech sector.
The organisation is well-regarded by the fintech community, having supported some of the UK’s most successful fintechs over the years, including Revolut, Monzo, PrimaryBid, Funding Circle, and Credit Kudos.
