Tech Nation to close down as Barclays capitalises with after securing £12m funding #

The Government-backed startup network is to close down for good on March 31, after being present on the market for over a decade.

Tech Nation has announced its plans to permanently close after its government’s Digital Growth Grand being seized in favour of Barclays Eagle Labs.

After serving the startup ecosystem for over a decade, the company that stands behind helping Monzo Bank, Revoult, Just Eat Ocado, and others has announced that it is not an option for them to function without the core government grant funding.

Paul Scully, Minister for Tech and the Digital Economy, believes that Barclays Eagle Labs will help flood the ecosystem with startups of a new generation, the Tech Nation will be able to continue operating until their funding from the Department for Digital, Culture, Media and Sport (DCMS) dries out in March 2023.

Many have expressed dissatisfaction connected to the choice. According to Tech Nation, around 80% of startups fail in the first 2 to 5 years, however 90% of those on their acceleration program end up scaling.

Barclays Eagle Labs, in turn, is aimed to support and scale small tech businesses throughout the UK. In an effort to ease concerns, the government says that Eagle Labs are operationally independent of Barclays’ banking services.