Wednesday 20 April 2016 3:58 pm

EU referendum: Hundreds of tech startups and entrepreneurs have signed this Brexit open letter

Hundreds of entrepreneurs and founders of tech startups in the UK have warned that Brexit risks undermining their businesses and would be “hugely damaging”. 

The founders of many of the Britain’s hottest startups such as Deliveroo, Digital Shadows, Transferwise and Blippar along with well known entrepreneurs including newly appointed Twitter board member Martha Lane Fox and Arnaud Massenet, founder of Net-a-Porter, have put their names to an open letter against Brexit.

Read more: Fintech urged to speak out on Brexit

Signatories also include the founders of tech successes Zoopla and which both went public, as well as Innocent Drinks, which was sold to Coca Cola, alongside top investors Saul and Robin Klein, and Eileen Burbidge.

In an open letter published in the Financial Times, the group said: “Of course the EU isn’t perfect; but rather than cutting ourselves off from the opportunities it offers, it is better to be on the inside helping shape the rules of this market instead of just being subject to them.”

“The economic shock of a vote to leave the EU would also be hugely damaging to our businesses. Leaving could lead to lost investment, missed opportunities and lost jobs.

The UK is currently the best place in Europe to launch and grow a business; leaving the EU will undoubtedly undermine the ability of Britain’s entrepreneurs to start-up, innovate, and grow. It is simply not worth the risk.”

The founder of Azimo, one of London’s up and coming fintech startups, Michael Kent who signed the letter, said: “We’re 100 per cent against Brexit and fully support ‘Entrepreneurs In’ open letter for the ‘Britain Stronger in Europe’ campaign.”

Read more: One wat Brexit could actually be good for fintech

He added: “Leaving the EU will be harmful for UK fintech as it’s creating more borders, at a time when we need less. The fledgling fintech industry is currently booming in the UK. As a sector, we’re just getting started: Brexit would stop that development in its tracks.”

The majority of the tech industry in Britain backs remaining in Europe according to several polls by industry bodies, and which have largely gauged support for “In” at more than 80 per cent.