Oxford Capital appoints Tom Bradley as Managing Director of growth capital

Oxford Capital has appointed industry heavyweight Tom Bradley as Managing Director of its growth capital investment business.

 Tom has invested in a series of successful businesses in the technology and media sectors including LOVEFiLM.com (sold to Amazon), NetEconomy (sold to Fiserv) and worked with the team which backed the US$1bn music app provider, Shazam.  This is the second senior appointment to Oxford Capital’s growth team in 2015 after investment exit specialist, Robin Lincoln, joined from Lloyds Bank earlier in the year.

Tom Bradley joins from DN Capital where he was a Partner specialising in the software and internet sectors. His investments included Performance Horizon Group (PHG), Airsense Wireless, VouchedFor.co.uk, Lovespace, Brisk.io  and Mister Spex.  Tom was previously a Founder Partner at DFJ Esprit in London investing in a variety of technology and communications businesses.  Tom is a graduate of Oxford University with an MA in Modern History from Brasenose College.

David Mott, Managing Partner, Oxford Capital, said:

“Tom joins Oxford Capital with an outstanding track record in originating successful technology deals and delivering high multiple returns to investors.  He has held senior leadership roles with two of the UK’s leading technology VC investors and brings over 15 years of experience of investing in all market conditions.

“Tom will be responsible for leading our growth capital team at an exciting stage in our development and expansion.  His appointment follows our successful investment in mobile games specialist Kobojo, where we led the company’s latest US$7m funding round.  As well as originating new deals, Tom will work closely with the team to maximise the potential of our portfolio companies and aim to deliver profitable exits for our investors.

“I am very pleased that Tom has joined Oxford Capital.  His appointment means we now have distinct, senior leadership for both of our investment strategies, with Tom leading our growth capital team and Oliver Hughes our infrastructure investment team.”

Tom Bradley, Managing Director Growth Capital, Oxford Capital, said:

“Oxford Capital has built an excellent reputation for identifying and investing in a series of exciting high growth businesses.  The firm has ambitious growth targets and a top quality team who work effectively together in a highly collaborative culture.  I am looking forward to working with the team to take Oxford Capital’s growth capital business forward into its next stage of development.”

Oxford Capital works in partnership with exceptional entrepreneurs and management teams to provide the capital, expertise and support they need to turn outstanding innovation into highly-successful businesses.  It has invested in more than 40 growth companies, operating in industries ranging from digital media to sustainable agriculture and medical technology.

 

 

OVER £1M FUNDING AWARDS PUTS FIRMS ON THE FAST TRACK TO GROWTH

Thirty six Scottish entrepreneurs are celebrating this weekend after landing over £1million in funding and prizes at the Scottish EDGE awards.

The overall winners scooped £900,000 after a gruelling Dragons’ Den style finals day to select the most promising start-up businesses that will bring the maximum return for the Scottish economy in terms of growth and jobs.  A further £75,000 was awarded to 11 Young EDGE (founders under 30 years old) winners and £100,000 to 11 Wild Card EDGE (early stage businesses) winners who also collected their trophies at the gala event in the evening.

Scottish EDGE chairman David Shearer, who headed a panel of top business figures judging the entries, said: “We heard from many excellent businesses over the course of this funding round and those which have been selected to receive funding are the cream of the crop.

“Young businesses in the growth phase are the engine of the economy and we are delighted to be able to support the most promising of these firms with the funding they need to thrive. Many have ambitious plans that our funding injection will set in motion immediately.

“The quality of the enterprises we saw on Friday bodes very well for the future of the Scottish economy, and I'm sure that many of our finalists are destined to become well known as they grow and generate wealth and jobs. “

The funding competition, aimed at identifying and supporting  Scotland’s top early stage and high growth potential entrepreneurs,  received more than 250 hopeful applicants, which where whittled down over a number of rounds to leave 26 in Friday's final.

The 16 winning businesses were:

·       £45k - Beer52.com – the UK’s no. 1 craft beer club which links small craft breweries with craft beer fans across the UK

·       £100k - Carbon Black System Ltd – a company which provides customers with high-tech custom built stylish carbon fibre wheelchairs

·       £50k - CLDB – a company which provides off-site manufactured, cost effective , low energy building using natural materials

·       £100k - Freedom One Life Ltd – a company which designs and manufactures a new generation of power wheelchairs

·       £30k - Geek Retreat - a comic book store and gaming café aimed at "Geeks"

·       £75k - Helson and Jackets LLP - 3D 360 degree video display, that creates full moving video objects that appear to float in space

·       £40k - Hidden Armada – a start-up which is currently developing a PC game called Mutiny, where your phone becomes your controller

·       £50k - Ibisvision Limited - developed "RingOfSight" -  a revolutionary software based system for  diagnosis  of glaucoma

·       £50k - Katy Rodger's Artisan Dairy – a company which produces a range of dairy products including Ice cream and yogurt from their family farm

·       £65k - Medicen Devise Limited – a company which developed a new medical sterilised catheter device called "Steriderm"

·       £40k - Nutrifiz Ltd- the world's first effervescent wheatgrass tablet

·       £30k - Orwell and Goode – a lifestyle brand creating innovative textile based products including cushions and wallpaper

·       £65k - RiCo Developments t/a Recipop- an app which allows brands to add promotional products to their customer's online supermarket basket

·       £50k - Shot Scope Technologies Ltd - wearable technology that automatically collects scoring and statistical data for golfers

·       £50k - The Wee Tea Plantation Limited - Scotland’s only tea plantation which counts Kensington Palace and Balmoral Hotel as customers

·       £65k - VH Innovation Ltd - designed the "Recoil Kneepad" - new more comfortable and protective kneepad design

The awards were presented by Sir Tom Hunter at a glittering ceremony celebrating innovation and entrepreneurship at the RBS Conference Centre, Gogarburn, Edinburgh.

The judging panel consisted of Scottish EDGE chairman David Shearer; Highlands and Islands Enterprise's director of regional development Carroll Buxton; Carol Graham of Graham’s Family Dairy; Royal Bank of Scotland HR chief Elaine Arden; and David Sneddon of Scottish Equity Partnership.

The entrepreneurs and attendees on the day also heard from BrewDog co-founder James Watt, who told of how the hugely successful Scottish craft beer company grew from a simple idea in 2007 to the expanding international business it is today.

Deputy First Minister John Swinney said: “Congratulations to the Round 6 winners of the Scottish EDGE. They demonstrate the strength of entrepreneurial talent emerging in Scotland. Talent that is helped by competitions such as this and by the range of high quality support across public, private and third sectors.  I applaud the CAN DO spirit of all the entrants to this year’s competition. Their positive attitude reinforces Scotland’s position as a world-leading entrepreneurial and innovative nation.”

Gordon Merrylees, Head of Entrepreneurship, Royal Bank of Scotland & NatWest, said: "Entrepreneurs are the lifeblood of the Scottish economy and make a significant contribution in terms of employment and wealth creation. The Royal Bank of Scotland is delighted to continue to support the Scottish EDGE as it plays an important role in promoting and supporting entrepreneurialism in Scotland.

"Starting your own business is becoming increasingly popular and The Royal Bank of Scotland is determined to play a major role in supporting and helping entrepreneurs fulfil their dreams.

"Growing the economy by helping start-up businesses is crucial and that is why The Royal Bank of Scotland is working with organisations such as Scottish EDGE, Entrepreneurial Spark, The Hunter Foundation, Scottish Enterprise, HIE, Princes Trust Youth Business Scotland and Business Gateway as well as Scottish Government to ensure that people are given the best possible chance of success.

"Once again, the quality of the finalists has been superb and the judging panel had to work hard to decide on the eventual winners. Each winner is a proud reflection of the entrepreneurial talent that exists within the Scottish business community and ecosystem."

Hugh Lightbody, Chief Officer Business Gateway National Unit, said: “Our congratulations go to all of the award winners and finalists and we wish them well as their businesses grow and develop.  Business Gateway supports thousands of SMEs across Scotland every year and we are delighted to see so many of our clients securing important funding from the Scottish Edge Awards that will help them on the road to fulfilling their aspirations.”

Eleanor Mitchell, Director of High Growth Ventures, Scottish Enterprise, said: "The Scottish EDGE encourages and supports Scotland's expanding base of entrepreneurial activity. Past winners have used the award to recruit new team members, fund their marketing activities, translate their ideas into products and expand their sales and they’re demonstrating strong growth.

 

"Providing companies with access to new sources of early stage growth finance is vital and the Scottish EDGE helps to fill this gap, complementing existing grants and investment products that support Scotland's entrepreneurs to realise their ambitions and to build sustainable businesses.”

 

 

The International Valuation Standards Council and The Appraisal Foundation Collaborate to Bring Greater Consistency to Appraisal Standards

Together, Both Organizations are Taking Action to Harmonize Differences Between Respective Standards

The International Valuation Standards Council (IVSC), the global standard setter for valuation practice and the valuation profession, and The Appraisal Foundation (TAF), the United States’ foremost authority on the valuation profession, are strengthening their collaboration.

The two organizations are working to harmonize any remaining differences between the IVSC’s International Valuation Standards (IVSs) and the Foundation’s Uniform Standards of Professional Appraisal Practice (USPAP).

Representatives from the IVSC’s Standards Board and the Foundation’s Appraisal Standards Board recently met to establish joint objectives and a long-term plan to collaborate and execute upon the Memorandum of Understanding (MoU) signed in October 2014, which stated that they would harmonize any remaining differences between USPAP and the IVSs. In their three year plan, the IVSC and TAF have agreed to give priority to this harmonization.

This will be accomplished, in part, through a document that will act to bridge the two sets of standards. Appraisers using this “bridge document” will be able to develop appraisals that are compliant with both the IVSs and USPAP. The core principles of both the IVSs and USPAP, however, will remain intact.

Sir David Tweedie, Chairman of the IVSC Board of Trustees said:

“The MoU has reinvigorated our long-term relationship between the IVSC and TAF. We are now determined to capitalise on the wealth of expertise we have at our disposal in our common goal of establishing a globally accepted set of valuation standards. Bringing USPAP and the IVSs together is an extremely important step towards achieving this goal.”

Currently, no single set of global standards for estimating the value of assets has been comprehensively adopted across the world, meaning it can be potentially more difficult to accurately compare asset values when making investment decisions across borders.

Although many parts of the world have established successful valuation principles and standards, other regions are less developed in this respect, which can present issues of inconsistency to multi-national companies or investors.

Variations in global valuations can also result in many international businesses – such as banks and pension funds – finding it harder to fully understand the true value of their assets or underlying collateral across different countries and regions.

David S. Bunton, President of The Appraisal Foundation added, “We are delighted to move forward with the IVSC in an effort to converge our standards. Uniform valuation standards will have a transformative impact, providing the global business community with a firm understanding of the value of their assets, regardless of what country they are operating in.”

 

Talent at MPS recognised by top French university 

MINES-ParisTech University has requested that Jean-Baptiste Le Dreff, a specialist in computer modelling and design, to present his work and achievements in the institution's quarterly newsletter. Only one or two projects are selected to be featured in this way.

The project was completed with MPS during an internship, which he completed as part of his studies for the European Master's in Renewable Energies at the prestigious European Renewable Energy Research Centres (EUREC), Belgium.

Jean-Baptiste's project focused on optimising the layout of the WaveSub wave energy converter - MPS's primary technology - to guarantee the safe and efficient installation and recovery of the device at sea.

The six month project involved significant numerical modelling and prototype testing, all of which demonstrated that the WaveSub's patented innovations allow for a low cost and reliable installation and recovery of the device.

Le Dreff approached MPS after developing a strong interest in the potential of wave energy while studying. He has relocated from France to work with the firm. He has been working with Marine Power Systems full time since completing his Master's program - currently on the design and modelling of the quarter scale prototype for deployment later this year.

Dr Gareth Stockman, Managing Director MPS, said:

"Achieving recognition for this project is testament to Jean-Baptiste's capabilities and demonstrates Marine Power Systems commitment to recruiting the best calibre talent in the marine energy sector.

"We are working with a very exciting technology that has truly global potential. As such, we want to be recruiting the best people from around the world with a passion for this science. Jean-Baptiste definitely falls into that camp and he remains a huge asset to the team here in Swansea."

Jean-Baptiste Le Dreff said:

"I am delighted that my work has been recognised in this way. I studied engineering, and specialised in renewable energies and then in marine energies and offshore devices. I chose MPS because I wanted to work in the field of wave energy. I am very excited about the important work we are doing here and I look forward to sharing my work and findings with readers of this publication."

MPS was co-founded by Swansea University graduates Dr Gareth Stockman and Dr Graham Foster in 2009 with the purpose of developing and commercializing its innovative WaveSub Wave Energy Converter technology.

 

London strengthens position as the world's leader in Fintech, says Global Fintech Community 

A survey conducted with the global fintech community by Startupbootcamp FinTech, the leading accelerator focused on financial innovation and part of the global Startupbootcamp network, finds that London has further increased its position as the world's leading city in fintech. 63% of respondents selected London compared to 51% that chose the city in 2014.

The results also show that 68% of the 200 respondents from a global community of fintech and startup professionals, don't believe that fintech industry is facing a valuation bubble similar to the dot.com bubble of the late 1990s

Nektarios Liolios, co-founder of Startupbootcamp FinTech says: "The survey reaffirms the dominance of London in FinTech. This is reflected by the threefold increase in FinTech investment in the last year. London continues to combine the perfect conditions for FinTech startups to thrive: early-stage investors, 'understanding' regulator and supportive government."

Respondents were also asked which company will be a financial services provider in the next five years:

• A large proportion of 2015 respondents answered Alibaba at 34% (a new option in the 2015 poll)
• However, Amazon was down 32% to just 10% in 2015; and Google was also down to 15% from 2014%
• There was a 5% increase in the number of respondents selecting Apple, growing from 13% to 18%
• Facebook remained similar at 13% in 2015, down from 15% in 2014

As well as looking at the leading fintech cities, the results also highlight that the industry is not agreed on where the next wave of fintech startups are coming from:

• 20% of respondents consider "Financial Inclusion" to be the next area of fintech innovation, however the confidence in this area is less intense than in 2014 (30% of respondents agreed)
• The remaining respondents were split between sectors including: Wealth Management, Back Office Improvements, Payments, Blockchain and Insurance

Over the last year, financial institutions have continued to struggle to innovate. The survey asked why that is:

• The most popular response remained Inertia, as in 2014, however with less strength (24% vs. 37% in 2014). Despite Inertia being the majority response, the significant percentage drop shows that it is becoming less of an issue
• Next most popular response wasMaintaining Legacy Systems at 21%; Regulation remained stable at 17%; and "Not knowing how to do it" dropped from 21% in 2014 to 14% in 2015

There is still time to be a part of the thriving London fintech community, by applying to be part of the Startupbootcamp FinTech London accelerator program. Applications will remain open until 21 June 2015.

Keep up to date with Startupbootcamp FinTech on Twitter @sbcFinTech or visit:

http://www.startupbootcamp.org/accelerator/fintech-london.html

 

Tech London advocates calls for greater diversity in the Capital's Technology Sector

One in four (23 per cent) companies within London's tech community employ no women at board level, according to a survey of Tech London Advocates members, an independent network of over 1,600 tech experts, leaders and investors in the capital (1).

The research, released during London Technology Week, reveals that 59 per cent of Tech London Advocates believe the capital's technology companies simply do not reflect the diversity of the city.

This belief is due to a lack of female representation at senior levels within London's fastest growing sector. 15 per cent of those surveyed revealed that their company employs no women at senior management level. A third (39 per cent) said that women held less than a fifth of senior management roles.

According to the latest figures from the GLA, 50 per cent of Londoners are women, yet only 12 per cent of those surveyed worked at companies with boards that reflected this ratio (2).

Despite these findings, nearly half (46 per cent) of Tech London Advocates believe that London technology companies are more accessible to women than other cities around the world.

The research was released at a Tech London Advocates Women in Tech working group meeting at the House of Lords on the evening of the first day of London Technology Week. Hosted by Baroness Lane Fox, the private event for Tech London Advocates members examined the creative potential of diverse workforces within technology companies.

Russ Shaw, founder of Tech London Advocates, comments, "For an sector identified with disruption and change, these figures are very disappointing.  We live in a city with a global reputation for diversity yet our most exciting industry fails to reflect this in its most senior positions."

"London Technology Week is a chance to showcase the scale of our technology sector but we must also use it as an opportunity to attract more people to digital careers."

Baroness Lane Fox, comments, "There is a greater proportion of women in the House of Lords than British tech companies. We must accept the scale of this problem and work together to put women at the heart of the technology sector. Mobilising a currently unused resource will have huge benefits for the digital industry, the economy and UK PLC."

Sarah Luxford, director at executive search firm Nexec Leaders and Women in Tech working group co-lead, comments, "Diversity is not a project; it's your attitudes and beliefs. Tech London Advocates Women in Tech group work with the key influencers of the capital's tech community to help shift the way we think, feel and act towards diversity in our industry. Our London Technology Week event at the House of Lords is an opportunity to celebrate those companies pioneering diverse workforce practices & supportive cultures that reflect today's society."

Nikki Watkins, chief evolution officer at Tyche and Women in Tech working group co-lead, comments, "In my experience, 2015 is already proving to be a year in which gender intelligence is getting higher up the strategic agenda than ever before.  Companies are doing more than paying lip service, they are recognising that they may be sabotaging their future success if they don't do something different. Sarah and I are excited to be leading the Women in Tech initiative for Tech London Advocates to start the ripple from London across the UK." 

Melissa Di Donato, head of the Technology Working Group, 30% Club, comments, "There are huge opportunities for women in technology across all levels and everyone working in the private sector shares a responsibility to encourage the next generation of female professionals. Offer mentoring, engage with independent organisations and engage with your local community."

The Tech London Advocates Women in Tech working group meets regularly to encourage greater diversity within the technology sector. The group is making a series of recommendations to the private sector:

• Start with the why - if it's not personal, it won't matter nor help effect change
• Get clear - start with awareness and ensure you have your data in front of you. Like Google, Twitter et al who ran their audit last year, get a grip on your stats to find the starting point.
• Broaden your personal network - look at your friends, team colleagues etc How diverse is your own personal network? Make an intention to actively broaden your network
• Follow the leader - CEOs, GMs, Founders of businesses are the driver of workforce culture, behaviour and ways of thinking. A clear message of support is needed.
• Seek out help - If you or your business don't know where to start to help create change for a diverse workforce, the good news is there are many professional organisations can help.
• Challenge your suppliers - from recruiters to resellers

Tech London Advocates is a founding partner of London Technology Week. The organisation is running a number of events throughout the Week, including the launches of new Creative Tech, Retail Tech and Cyber Tech working groups.

Russ Shaw, the founder of Tech London Advocates, will be speaking at a number of events, including the Monday launch event, Bloomberg Live: Smarter Cities and the Innovate Finance Diversity Awards.

 

Tech.London launches today

It's a big day for the London tech and startup community! Mayor of London Boris Johnson unveiled the city's new online hub for all things tech, startup and digital. Tech.London is your comprehensive guide to the startup community, events, and jobs in London.

The result of a public/private partnership between Mayor of London Boris Johnson, IBM, and Gust, Tech.London is the place to meet tech and startups, and will bring together detailed information about over 1,000 London-based tech and digital companies.

Find out more about this new online hub of the London startup and technology ecosystemhere, and join in on the excitement this week by following the hashtag #techlondon!