INDUSTRY NEWS

Wayra provides funding and London offices for 16 start-ups

A start-up funding firm set up by Telefónica, Wayra has revealed that it has chosen 16 start-ups which will each receive funding and free accommodation for six months – in the form of London offices, according to an article published by The Register.

Chosen in a Dragon’s Den-style event, a total of 30 start-ups each received a total of ten minutes to make their pitch, with the final sixteen announced by Wayra this week.

Blue Butterfly were one of the start-ups to be picked and will receive an average investment of around €50,000. In exchange for the funding, Wayra will receive a ten per cent stake in each of the chosen companies; while the office space provided by Wayra is located on Tottenham Court Road.

Commenting on the opportunity Wayra offers, its European director, Simon Devonshire, stated: “I often hear intense debate about continued and escalating recession. I think, sadly, we are experiencing a crisis of growth.

“The old economy, that is familiar to many of us, is disintegrating. In this period of transition and uncertainty there is a huge opportunity to modernise and embrace the potential of the new digital economy.

“What makes Wayra, and this judging process, so fascinating is that it gives a tangible glimpse into what that new digital economy might look like, and the nature of businesses that will drive it forward,” he added.

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