Women in Tech: Success & the Future…

We recently learned that Pivigo is one of 15 of the UK’s fastest growing tech companies founded by women selected to visit Silicon Valley.

The trip is part of an initiative to build ties with the US tech scene. The other firms heading to Silicon Valley include:

All are showing an annual growth rate of at least 118%.

Pivigo is a data science marketplace founded by the remarkable Dr Kim Nilsson. Their mission is to connect “…data scientists and businesses across the world…to revolutionise the way we work, live and stay healthy.”

Dr Kim left her role as an astronomer on the Hubble Space Telescope to complete an MBA and pursue a career in business. The move was a good one.

Since she founded Pivigo in 2013 the company has:

  • Raised nearly £1m in funding (£300k through our investors on Angel Investment Network!)
  • Become the world’s largest community of data scientists.
  • Completed over 80 data science projects to date. (Clients include KPMG, Barclays, British Gas, M&S and Royal Mail.)
  • Started Europe’s largest data science training programme S2DS (Science to Data Science). The programme supports career transitions of PhDs and MScs into data science roles.

pivigo data science women

Kim’s transition from academia to top founder is part of what makes her story so impressive and why, no doubt, she was a good choice to meet with executives from Apple, Google, Instagram and LinkedIn. Sherry Coutu CBE, the founder of Silicon Valley Comes to the UK, and the London Mayor’s office made the selection.

This link building through the UK’s most talented female founders comes at a time of high interest in the role of women in the growth of the European and UK tech sectors. Figures reported by LinkedIn and Founders4Schools show that:

  • Female-led companies have helped add £3bn to the economy over the past year.
  • The number of female-led companies with turnover of £250m+ grew by 14% in the same period.

But what about women business angels?

Despite the flourishing community of female founders and executives, only a small number are using their business acumen to invest in small businesses.

As a result, the UKBAA in partnership with Angel Academe, a network of female business angels, is conducting new research. They want to understand the barriers perceived by women about angel investing. The survey is being hosted and analysed by the the CASS Business School in London.

This research is also part of a their new Europe-wide project called “Women Business Angels for Europe’s Entrepreneurs”. The project will enable them to review the situation in Europe as well as the UK.

UKBAA logo women
The results will give important insight into how, as a community, we can engage more women in angel investing. Off the back of the research, the UKBAA plans to develop a programme with the goal of doubling the number of female angel investors in the UK over the next two years.

If you’re female and involved in startups, please do your bit for this iniative and fill out the 10 minute survey here.

Thanks!

What’s the outlook for mobile app startups and investors in 2017?

“There’s an app for that”, or some variant of the phrase, is now one of the most common responses to anyone raising a complaint or bemoaning a problem, however small.

Rise and fall of man

The extreme sense of entitlement coupled with the profound idleness that characterises our age has created a market for apps which manage or assist with our dry-cleaning, our sex life, our tampon subscription, our polyphasic sleep-mapping, our pets’ bowel movements…I wouldn’t be surprised if somewhere in the murky depths of the App Store there’s an app for communing with the dead – or perhaps I’ve just been watching too much Black Mirror.

The last decade has seen the rapid and unstoppable emergence of the mobile application. And it’s not just quick-on-the-uptake millennials who are enamoured with this new way of being, by now nearly everyone is a smartphone-toting app addict.

But is this set to last? And what’s the outlook for mobile app entrepreneurs and investors?

The general consensus from anecdotal reports is that mobile app companies are finding it more difficult to raise finance. This requires some unpacking. Thanks to a report from our friends at Beauhurst, who track the funds raised by thousands of seed, venture and growth-stage companies, we can see that the amount invested in mobile apps in the UK reached its highest ever level of just over £560m in 2016 (that’s up from £67m in 2011 and circa £275m in 2015).

Mobile app deal numbers and amount invested 2011-2016
Mobile app deal numbers and amount invested 2011-2016

So what’s the problem? Clearly, there are enormous (and increasing) amounts of capital still being ploughed into the app industry by investors. But hold on, there’s a nuance to this.

The crucial change which gives credence to the consensus is that the stage of the app companies raising money has changed. In 2013, 70% of app companies who raised money were seed stage, but by 2016 that number had dropped to 62% with more investors opting for the more proven venture and growth-stage companies.

So from this, we can see that for early stage app companies the prospect of raising finance has indeed become marginally harder. However, the amounts being invested into the sector are still growing at an impressive rate so for apps good enough to compete, there’s still a world of opportunity.

With thanks to Beauhurst for permission to use their data. You can read their article here

Latest Success Story: what3words Gets £2.5 million Series A Funding Led by Intel Capital

Over the course of the last year we raised £600k in seed funding for one of the UK’s most promising tech startups, what3words. If you haven’t heard of them yet, you’ll want to watch their video (below) to get in the know about the extraordinary developments they’ve made in geo-location technology, mapping the entire planet into 57 trillion 3m by 3m squares, each with its own three word label.

On the back of the successful seed round, what3words has gained significant traction including contracts with leading geographic information system providers. Their success piqued the interest of Intel Capital who alongside existing Angel Investors have filled a Series A round in the region of £2.5 million.

Here’s the TechCrunch article with more of the details: TechCrunch: what3words Series A