The UK’s Tech Nation is set to close following the loss of its £12.09 million Digital Growth Grant to Barclays Bank. Established by the Cameron coalition government, Tech Nation has spent the last ten years supporting the UK’s startup ecosystem and providing scale-up assistance to fintech companies such as Monzo, Revolut, and Funding Circle.
The organization is now initiating a redundancy program and seeking potential buyers for its brand and assets, with operations scheduled to end on March 31, 2023.
Tech Nation’s CEO, Gerard Grech, stated, “We have exhaustively explored whether Tech Nation could continue without core government grant funding, but have concluded after extensive consultation that this is not an option. We are a non-profit, with an obligation to act in the best interest of the public and the scaleup community we serve. We cannot continue to deliver for scaleups impactfully and impartially without core public funding underpinning everything we do, and commercial funding alone is insufficient.”