LinkedIn Co-Founder Hoffman Will Invest in U.K. Startup Hub

LinkedIn Co-Founder Hoffman Will Invest in U.K. Startup Hub

Foto: Fotolia

The venture capital firm led by LinkedIn co-founder Reid Hoffman has invested in Entrepreneur First, a London-based hub for startups, alongside Mosaic Ventures and Founders Fund, according to Bloomberg.

Greylock Partners led the $12.4 million funding, which also included Lakestar Capital, and Demis Hassabis and Mustafa Suleyman, the founders of DeepMind, according to a statement from Entrepreneur First. Hoffman will also join the board of Entrepreneur First.

The backing of Hoffman is a significant boost to Entrepreneur First, which finds technical and business talent and then brings them together in order to create startup companies. Hoffman is a partner at Greylock Partners, and in March joined the board of Microsoft, three months after the world’s largest software maker acquired LinkedIn. Hoffman is also on the board of room-rental startup Airbnb.

Founded in 2011 by Alice Bentinck and Matt Clifford, Entrepreneur First follows a similar model to YCombinator, the California-based financier that has backed Airbnb, Dropbox and Reddit. At the U.K. company, accepted candidates receive a monthly stipend, followed by a small seed investment in return for an 8% stake.

Magic Pony, a London-based artificial intelligence startup, is arguably Entrepreneur First’s most significant success story. Twitter paid about $150 million for Magic Pony in 2016, earning Entrepreneur First around $6.5 million from a $16,000 investment.

More from category

Microsoft Announces Quarterly Dividend and Changes to Board of Directors

Microsoft Announces Quarterly Dividend and Changes to Board of Directors

20 Sep 2017 comment

Microsoft announced that its board of directors declared a quarterly dividend of $0.42 per share, reflecting a 3 cent or 7.6 percent increase over the previous quarter’s dividend. It is payable Dec. 14 to shareholders of record on Nov. 16.

Bain-Led Group to Buy Toshiba Chip Unit in $18 Billion Deal

Bain-Led Group to Buy Toshiba Chip Unit in $18 Billion Deal

20 Sep 2017 comment

Toshiba’s board agreed to sell its flash memory chip unit to a group led by Bain Capital for 2 trillion yen ($18 billion), taking an important step toward ending a contentious bidding process that has stretched over eight months, according to Bloomberg.

Twitter Suspends 300,000 Accounts Tied to Terrorism in 2017

Twitter Suspends 300,000 Accounts Tied to Terrorism in 2017

20 Sep 2017 comment

Twitter, under pressure to combat online extremism, said that improving automation tools is helping them block accounts that promote terrorism and violence, according to Bloomberg.