In the city with one of the highest levels of start-ups in the UK, five local tech start-ups are to receive a cash injection from Milton Keynes City Council to help them get to the next level.
50 firms applied for the MK Tech Fund angel funding, which the city council is providing to help tech talent stay within the city, creating new jobs and opportunities as businesses grow. The winners range from the developers of an app that can help people find street food trucks through to a digital platform for viewing houses online.
The MK Tech Fund is being managed by Milton Keynes Investors Group, which launched the competition last year. Following a commercial assessment, five tech start-ups have now been chosen to receive a modest cash injection (up to £7,000 each) to help them get a specific project off the ground or to further establish their firms.
The five businesses that have been selected are:
- Indilocal – An app to help find street food trucks and local pop-up events.
- Ravepool – A digital record pool for independent artists to promote and receive a fair income for their music.
- Clera Healthcare – A doctor-founded app used by healthcare staff to give families the communication they need while a relative is in hospital.
- Tracx – A marketing toolkit to help local businesses understand customer behaviour, drive positive reviews and increase customer loyalty.
- Zeroox – A 21st century approach to helping people find the right home through digital house viewings and searches.
Each of the businesses is relatively new with fewer than ten employees and each is developing technology in alignment with the city council’s Smart City ambitions, where innovation helps people live better lives and gives businesses new opportunities to thrive.
The funding forms part of the city council’s £3.5m Economic Recovery Plan, which it has used to support hundreds of businesses and local employees and entrepreneurs following the pandemic.
The Milton Keynes Investors Group (MKIG) is delivering the tech fund. MKIG is the largest not-for-profit angel network in the UK. MKIG provide a free pitching platform for founders, with no success fees, and are frequently approached by MK-based micro businesses for this kind of funding.
“It’s so encouraging that we received a high number of top-quality applications for the MK Tech Fund. This shows just how many brilliant start-ups we have in Milton Keynes that will be part of our local economy for years to come. Our investment in the MK Tech Fund will give these businesses a pathway to take their ideas to the next level and deliver good quality jobs as well as make important advances in the tech sector.”
“When we heard the Council wanted to put this scheme into place, we immediately knew it would have a massive impact on local startups and their ability to grow into impressive tech businesses. We’ve been advocating Milton Keynes as a place to raise startup funding for years, and we think it’s only going to get more and more popular with founders looking for a supportive community to help them in their entrepreneurial journeys.”
“The support from the MK Tech Fund has come at an exciting time for Indi Local as it coincides with our initial launch to the public. Our mission is to make it easier than ever to find and support local street food businesses, so the MK Tech Fund is the perfect partnership for us as we share the same vision to boost the local economy. We look forward to making an impact in a city that deserves its stamp on the map.”
One of the successful firms will be offered an additional £5,000 which will be decided through a ‘dragon’s den’ style process later this year.