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| Linkedin co-founder Reid Hoffman invests in London startup hub Entrepreneur First | Linkedin co-founder Reid Hoffman invests in London startup hub Entrepreneur First |
| (1 day later) | |
| The venture capital firm led by LinkedIn co-founder Reid Hoffman has invested in Entrepreneur First, a London-based hub for startups, alongside Mosaic Ventures and Founders Fund. | The venture capital firm led by LinkedIn co-founder Reid Hoffman has invested in Entrepreneur First, a London-based hub for startups, alongside Mosaic Ventures and Founders Fund. |
| Greylock Partners led the £9.5m funding, which also included Lakestar Capital, and Demis Hassabis and Mustafa Suleyman, the founders of DeepMind, according to a statement from Entrepreneur First. Mr Hoffman’s involvement was first reported by Bloomberg. | Greylock Partners led the £9.5m funding, which also included Lakestar Capital, and Demis Hassabis and Mustafa Suleyman, the founders of DeepMind, according to a statement from Entrepreneur First. Mr Hoffman’s involvement was first reported by Bloomberg. |
| Mr Hoffman will also join the board of Entrepreneur First. The backing of Hoffman is a significant boost to Entrepreneur First, which finds technical and business talent — from computer scientists to banking analysts — and then brings them together in order to create startup companies. | Mr Hoffman will also join the board of Entrepreneur First. The backing of Hoffman is a significant boost to Entrepreneur First, which finds technical and business talent — from computer scientists to banking analysts — and then brings them together in order to create startup companies. |
| Mr Hoffman is a partner at Greylock Partners, and in March joined the board of Microsoft, three months after the world’s largest software maker acquired LinkedIn. Hoffman is also on the board of room-rental startup Airbnb Inc. | Mr Hoffman is a partner at Greylock Partners, and in March joined the board of Microsoft, three months after the world’s largest software maker acquired LinkedIn. Hoffman is also on the board of room-rental startup Airbnb Inc. |
| Founded in 2011 by Alice Bentinck and Matt Clifford, Entrepreneur First follows a similar model to YCombinator, the California-based financier that has backed Airbnb, Dropbox and Reddit. At the UK company, accepted candidates receive a monthly stipend, followed by a small seed investment in return for an 8 per cent stake. | Founded in 2011 by Alice Bentinck and Matt Clifford, Entrepreneur First follows a similar model to YCombinator, the California-based financier that has backed Airbnb, Dropbox and Reddit. At the UK company, accepted candidates receive a monthly stipend, followed by a small seed investment in return for an 8 per cent stake. |
| Magic Pony, a London-based artificial intelligence startup, is arguably Entrepreneur First’s most significant success story. Twitter paid about $150m for Magic Pony in 2016, earning Entrepreneur First around $6.5m from a $16,000 investment. | Magic Pony, a London-based artificial intelligence startup, is arguably Entrepreneur First’s most significant success story. Twitter paid about $150m for Magic Pony in 2016, earning Entrepreneur First around $6.5m from a $16,000 investment. |
| Bloomberg | Bloomberg |