UK Government-Backed Accelerator Will Sponsor Blockchain Startups

Aug 24, 2018 at 02:00 UTC

Blockchain startups seeking to expand to the U.K. might find that now is a good time to do so.

In its most recent update for entrepreneurs wishing to set up businesses in the U.K., the Department for International Trade announced that Entrepreneur First (EF), a pre-seed investment company, is now also funding blockchain startups. EF is one of the government-recognized organizations that can endorse firms for entrepreneur visas.

According to the post, startups with “high growth potential” can apply for an entrepreneur visa to launch its business in the U.K. To be qualified for the visa, the entrepreneur must receive funding of at least £50,000 (approximately $64,000) from an organization that is approved by the U.K. government.

The post added:

“EF is particularly interested in founders who want to solve hard technical problems. Their alumni are having an impact in fields such as artificial intelligence, drones, security, virtual reality and the blockchain and have raised funding from the world’s leading venture investors.”

Approved startups will participate in a six-month program which would provide support for it to develop its team, product and potentially receive further investment, according to the post.

Founded in 2011, Entrepreneur First is a backed by major investors, including Reid Hoffman, Greylock Partners, Mosaic Ventures and Peter Thiel’s Founders Fund. According to its website, it has helped build over 80 companies to date and raised over $100 million in venture investment.

UK flag image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.