New tech startup launches every half an hour during pandemic March 11, 2021 The tech sector has been one of the few winners from the pandemic with many entrepreneurs using the time to launch new companies. Between January and December 2020, 19,465 businesses were registered in the information and communication sector according to data from Tech Nation. It is equivalent to a new tech firm launching every half [...]
Branson backs New York-listed SPAC aiming to raise $500m March 10, 2021 No stranger to the Spac phenomenon taking equity markets by storm, Richard Branson is backing another New York-listed blank-cheque vehicle. Virgin Group Acquisition Corp III is looking to raise as much as $500m through a public listing, according to a regulatory filing published on Tuesday. Founded by Branson the company will be led by Josh [...]
Zego becomes first UK insurtech to secure unicorn status March 10, 2021 Motor insurance startup Zego has secured unicorn status with a valuation of more than $1bn after its latest funding round. The London-based company provides insurance to gig economy workers and claims to be the UK’s first insurtech unicorn. It follows a $150m round led by DST Global with backing from General Catalyst, whose founder and [...]
First Deliveroo backers now have stake worth 431 times original investment March 10, 2021 The investors who piled into Deliveroo at its earliest stages will be rubbing their hands as the takeaway giant prepares for its bumper London listing. The investors who bought into the takeaway back in 2013 will now have a stake worth £646, around 431 times their original investment according to data from MarktoMarket. In September [...]
Quilter reports dip in profits and warns Lighthouse redress bill could hit £36m March 10, 2021 Shares in Quilter are up more than seven per cent this morning even after the wealth manager reported a fall in 2020 profit. Profit before tax for the year ended 31 December 2020 came in at £168m, down from £182m the year before. Quilter Investors saw net inflows drop 40 per cent from £500m to [...]
Monzo backer Passion Capital opens doors to retail investors March 10, 2021 One of the earliest backers of fintech favourite Monzo is opening its doors to crowd investors with the launch of its third fund. Passion Capital’s £45m fund will be open to any investors who self-certify as “high net worth” or “sophisticated” and are registered and qualified by the crowdfunding platform Seedrs. It will give retail [...]
British Business Bank boss calls for more ‘risk-sharing’ in recovery loan scheme March 10, 2021 The head of Britain’s state-owned business bank has called for more risk-sharing in SME lending as she looks at combatting fraud in a new loan scheme. Catherine Lewis La Torre, who took over as chief executive of the British Business Bank (BBB) in September, told City A.M. there is a need for the market to [...]
M&G shares surge after increasing full-year dividend March 9, 2021 M&G was one of the biggest gainers on the FTSE on Tuesday after boosting its final dividend by 2.6 per cent. The asset manager closed nearly five per cent higher despite reporting a 31 per cent in its operating profit to £788m. Operating income fell 3.9 per cent to £1.9bn with declines across its insurance [...]
Piers Morgan quits Good Morning Britain after Meghan Markle comments March 9, 2021 Piers Morgan has quit ITV’s breakfast show Good Morning Britain shortly after Ofcom launched an investigation into his comments about Meghan Markle. A spokesperson for ITV said: “Following discussions with ITV, Piers Morgan has decided now is the time to leave Good Morning Britain. ITV has accepted this decision and has nothing further to add.” [...]
OECD: Success of vaccine rollout boosts UK GDP forecast March 9, 2021 The Organisation for Economic Cooperation and Development (OECD) has upgraded its forecasts for the UK economy pointing to the success of its vaccine rollout. UK GDP is now forecast to grow 5.1 per cent this year and 4.7 per cent in 2022. It is a marked improvement on the OECD’s December projections which predicted 4.2 [...]
