The areas around Old Street tube station, Shoreditch and Hoxton, just North of London’s Square Mile and on the border of East London, have come to be known, lightheartedly, as Silicon Roundabout, given that there is now a recognisable cluster of startups there. I’ve been tracking the trend since 2008. But what’s missing is the VCs. While, in Silicon Valley the VCs on Sand Hill Road are but a short drive from Palo Alto and Menlo Park, the VCs in London have preferred to stay in Mayfair, often close to the offices of the Limited Partners who back their funds. It’s not far away from Old Street – 3.2 miles – but it’s different in culture and scene. But to stay close to what’s happening in tech today it makes a lot of sense for investors to co-locate with the startups.
Leading the advance guard almost a year ago was White Bear Yard, a large space backed by three prominent Angel investors. But soon the area will be welcoming well-known startup accelerator programme Seedcamp, dubbed the Y Combinator of Europe by some. And today news reaches us that leading tech VC Index Ventures is to take some desks in the area, co-locating in Scrutton Street.