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- Population 8.6 million
- Size 1572km2
- Global cities index ranking 1
The capital has been on a hot streak, at least until the Brexit vote. London's startups raised $2.9 billion in 2015, according to government-funded non-profit London & Partners. From fintech to AI, London's strength lies in its diversity - which may now be threatened by visa issues.
"There's nowhere else in the world with the same density of diverse networks, and nowhere else better for cross-fertilisation of ideas," says Paul Miller, partner at accelerator Bethnal Green Ventures. "What began as a random, organic process has increasingly become more structured and efficient: VC investment is now combined with targeted government support," says Property Partner founder Daniel Gandesha. "Startup incubators and accelerators are popping up all over London, organising the chaos, driving the ambition and focusing the energy."
propertypartner.co1 Fore St, EC2Y 5EJ
Property Partner lets anyone get on the housing ladder - sort of. The crowdfunding platform enables its customers to purchase shares in buy-to-let property for as little as £50, then claim a share of rent and any increase in the property's value.
"We're developing a brand-new form of shared ownership, whereby someone owns a portion of the property, and they pay rent on the remainder," says founder and CEO Daniel Gandesha.
Founded in 2014, the company has raised $32 million in funding, and its users have to date invested more than £24 million across 166 properties. Gandesha's big vision: "Creating a global stock market for property."
Deliveroo
deliveroo.com22-24 Torrington Place, WC1E 7HJ
Local-food delivery service Deliveroohas exploded since its debut appearance on this list in 2015. Launched by Will Shu and Greg Orlowski in 2012, it is now available in 68 cities in 12 countries. In November 2015, it secured $100 million in additional funding to expand even further - with more than 30 additional UK towns and cities to launch by the end of 2016. In May, it launched a service for delivering alcohol within 20 minutes.
winnowsolutions.com10 Finsbury Square, EC2A 1AF
In the UK, restaurants waste £2.5bn worth of food every year. Winnow's solution: a smart waste system which measures the food thrown away and then helps businesses to adjust their buying and waste habits accordingly. Claiming that it can reduce waste by up to 50 per cent, the system is currently being used in more than 200 kitchens, cutting costs and helping the environment.
magicpony.technology38 Gratton Road, W14 0JX
In a real-life take on Silicon Valley's Pied Piper, Magic Pony says that its compression technology can reduce video file size by more than 50 per cent. Using neural networks, its software can also enhance low-quality video streams and generate complex textures. A perfect fit for Twitter, then, who acquired the company in June for $150 million. Founded in 2014 by Rob Bishop and Zehan Wang, Magic Pony - a product of the Entrepreneur First accelerator - says it has more than ten patents pending.
osper.com10 Finsbury Square, EC2A 1AF
Osper wants to get kids into banking. The branchless bank offers debit cards for eight- to 18-year-olds. Children can manage spending with an accompanying smartphone app, and parents can use the app to monitor spending and transfer (or withhold) pocket money. Founded by Alick Varma in 2012, the company is backed by Horizons Ventures and an array of entrepreneurs, including Samir Desai of Funding Circle.
improbable.io20 Farringdon Road, EC1M 3HE
Improbable wants to build vast, persistent online worlds. Founded by Cambridge graduates Herman Narula and Rob Whitehead in 2012 and backed by Andreessen Horowitz, the startup uses the distributed systems of high-frequency trading and applies them to produce complex simulations. It released its first product, SpatialOS, in November 2015 and is now working with the UK government on simulating an entire city.
carwow.co.uk283-288 High Holborn, WC1V 7HP Carwow turns the car-buying experience upside down: rather than visit a dealership, buyers can select their preferred model, features and their target price, then the site allows dealerships to compete to match it or place their best offer. Founded in 2011, the firm has raised $27.5 million in funding and is growing - reportedly to the annoyance of traditional car manufacturers.
grabble.com110 Clifton Street, EC2A 4HT
Founded in 2013 by Daniel Murray and Joel Freeman, Grabble is often described as "Tinder for fashion". The e-commerce app lets users swipe through personalised fashion suggestions curated by human stylists and buy with two taps. Its system integrates easily with existing online stores - including ASOS, Topshop and Zara. The company has raised £1.2 million as seed investment.
babylonhealth.com60 Sloane Avenue, SW3 3XB
Babylon wants to put an AI doctor in your pocket. For £4.99 a month, its app lets you check your symptoms using an AI system, and if needed have a live video consultation with a real-world GP. "In an academic study, Babylon's [symptom checker] outperforms a doctor or a nurse when it comes to triage," claims CEO and founder Ali Parsa, 51. "It's about creating a better way to be diagnosed." The app can also act as a health monitor, perform simple lab tests, arrange for prescription delivery and book a bricks-and-mortar appointment. In January 2016, the company raised $25 million, led by Investment AB Kinnevik, to further develop its platform. Backers include Demis Hassabis and Mustafa Suleyman, the co-founders of AI startup DeepMind.
student.com7 St Martin's Place, WC2N 4HA
Accommodation marketplace student.com lets students - particularly those from overseas - find private accommodation online. Founded by Luke Nolan and JP Jones as Overseas Student Living in 2011 (Shakil Khan, co-CEO and also labelled a co-founder, joined in 2014), the startup is growing rapidly: it claims to have taken more than $110 million in 2015 from students from over 100 countries. In February 2016, it announced $60 million in new funding to expand further - with backers including Horizons Ventures, Spotifyco-founders Martin Lorentzon and Daniel Ek, and Xaomi's Hugo Barra.
*WIRED editor David Rowan has a personal investment in Improbable and was not involved in the commissioning or editing of this entry
This article was originally published by WIRED UK
