Cocoon Networks, working with UCL, sets up London's largest incubator to support Chinese investment in UK technology companies and launches a $720m fund.
Cocoon Networks, a UK-based Chinese technology and investment group, has launched a £500m ($720m) venture capital fund and is setting up London’s largest incubator space with University College London.
The joint Cocoon-University College London incubator space will provide an environment for startups looking to grow in London and raise awareness of the city’s technology sector for Chinese investors.
The incubator will occupy a 70,000 square foot building in East London Tech City, formerly known as Silicon Roundabout.
The £500m fund will invest in UK and European technology startups and will particularly focus on those that have potential for growth in the Chinese market, targeting sectors such as fintech, biotechnology, medical devices and creative technology industries.
Gordon Innes, chief executive of London and Partners, the Mayor of London’s promotional and economic development company, said: “This is a significant vote of confidence in the global nature of London’s tech sector and will deliver significant investment into some of the capital’s brightest and best startups.
“London is experiencing unprecedented growth in its technology sector and there is a wealth of opportunity for entrepreneurs and investors to get a foothold in the UK and the rest of Europe.”
