Forbes has acquired UK tech publication The Memo

Lynsey Barber
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The size of the deal has not been disclosed (Source: City A.M.)

London-based media startup The Memo has been snapped up by Forbes to fuel European expansion.

The three-year-old tech publication will form the basis for a new Forbes team based in London as part of the deal, the value of which has not been disclosed.

Founder Alex Wood will become European Editor and the editorial team will also join Forbes.

The Memo was backed by the former digital chief of the Daily Mail, Paul Field, and former Goldman Sachs vice president Andrew Dixon in a £280,000 funding round in late 2016, when it also turned its first profit.

“This is a strategic acquisition and part of a multiplatform initiative to grow and better serve our European readers and marketers alike," said Forbes chief executive Mike Federle.

"The formation of an official editorial team in London is an important element of this strategy. We welcome Alex and his talented team to Forbes.”

Wood said: "We will cover all corners of the continent and I look forward to sharing the stories of entrepreneurs and business success in Europe with Forbes"

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