Insider Media, October 2013
The founder of Ignite100 has declared his aim to make Newcastle one of Europe’s top ten start-up clusters within the next five years after his business incubator secured investment.
The cash, from Northstar Ventures’ Finance for Business North East Proof of Concept Fund, is expected to boost the wider North East digital industry.
Newcastle-headquartered Ignite100 provides training, incubation and consultancy services to early-stage technology companies and has received cash from Northstar Ventures’ Finance for Business North East Proof of Concept Fund.
Teams from across the world relocate to the North East and undergo intensive mentoring and support to ensure their digital businesses can scale globally. The business launched in 2011 and has supported more than 30 new companies so far.
The company has obtained a £100,000 investment which will be used to expand Ignite’s co-working facilities in Newcastle, provide event space for technology meet-ups and launch an education programme to increase the standard of computer coding skills amongst professionals and schoolchildren.
The business is headquartered in Newcastle, but has a substantial presence in both London and New York through events and showcasing alumni businesses.
The management team are regular speakers at SXSW, the US technology festival which attracts the world’s biggest tech names such as Twitter, Google and Facebook.
Paul Smith, co-founder and director of Ignite100, said: “Since our launch we’ve been dedicated to supporting the region’s startup community.
“Our aim is to make Newcastle one of Europe’s top ten start-up clusters within the next five years, and this investment will ensure we can support founders, teams and investors in achieving that.”
Alex Buchan, investment manager at Northstar Ventures, added: “Ignite is currently running its third incubator programme.
“We have supported all the companies that have taken part and been impressed with both the quality, experience and the calibre of the companies that have graduated from the programme.”
In September, Ignite100, which provides seed capital of up to £100,000, agreed a letting at Generator Studios in Newcastle. The deal was brokered by BNP Paribas Real Estate, acting on behalf of Metnor.