An incubator of expertise start-ups co-founded by Sir Keir Starmer’s former synthetic intelligence adviser is closing in on a £1bn valuation after securing new investor backing.
Sky Information has learnt that Entrepreneurs First (EF) is within the strategy of elevating about $120m from a syndicate of recent and present funders.
EF was collectively based by Matt Clifford, who this 12 months spent six months serving to form Downing Avenue’s method to AI, authoring its AI Alternatives Motion Plan.
Mr Clifford, who stepped down from that function for private causes, can also be chair of the federal government’s superior analysis company, ARIA.
Sources mentioned that EF had notified buyers in latest weeks that it had secured a $75m dedication from Transpose Platform, one in every of its present buyers, as a part of the broader funding spherical.
New backers, in accordance with individuals briefed on the plans, embody Japan Put up Financial institution and the California Public Workers Retirement System, one of many world’s strongest pension fund buyers.
The Sequence D funding spherical will cement EF’s standing as a lynchpin of Britain’s start-up economic system.
EF has backed a whole lot of corporations, together with the fintech unicorn Cleo and insurance coverage claims processor Tractable.
The agency is run by chief government Alice Bentinck, who co-founded it with Mr Clifford in 2011.
In response to an enquiry from Sky Information, EF declined to remark.
