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December 3, 2013

Google Campus startups ‘raise £34m’

One in five entrepreneurs at the hub are now female, survey finds.

By Joe Curtis

Google Campus startups have raised £34m between them in one year, according to a report from the tech giant.

A total of 274 of 598 startups affiliated with Google’s London base raised the overall amount in 2013, while 564 jobs were also created, found its second ever Campus survey.

The average team has grown more than 25% over the last 12 months, according to the data, while £27m of the funding total was raised from angel investors, VCs and other sources like accelerators.

Those sources of cash invested a median £75,000, compared to a median £3,000 from private sources like family and friends.
VC investment was the hardest to secure, with a 23% success rate, while funding from family and friends was the most likely, at 85%.

Eze Vidra, Google Campus head and Google’s head of entrepreneurs in Europe, attributed the success to the collaborative environment, the community, and the opportunities that arise from those.

"I often describe Campus London as an ‘Open Source Building’ where we provide the operating system and work with partners and the community to power the ‘apps’, our users," wrote Vidra in the survey foreword.

"So much of our progress has been made possible thanks to our partners; the community event organisers who provide opportunities to bring the community together and a group of passionate Googlers who power various programmes and initiatives at Campus."

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The October survey of 2,000 of the 22,000-strong Campus community showed that the number of female entrepreneurs stood at 22%, compared to Tech City’s 9%, a proportion put down to the success of the hub’s Campus for Mums programme, a baby-friendly school for startups.

The proportion of entrepreneurs aged over 34 has also risen to 39%, compared to 29% at the start of the year, found the survey.

The nature of startups has diversified, with tech firms accounting for 19% of Campus companies, and communications and education businesses second and third with 10% and 9% respectively, and a further 11 industries represented.

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