The UK's Tech Nation is shutting up shop after the loss of its £12.09m Digital Growth Grant to Barclays Bank.
Founded by the Cameron coalition government, Tech Nation has spent the past decade championing the UK's startup sector and delivering scale-up support in fintech circles to the likes of Monzo, Revolut and Funding Circle.
The quango has embarked on a redundancy programme and a search for buyers of it brand and assets. It will cease operations on 31st March 2023.
"We have exhaustively explored whether Tech Nation could continue without core government grant funding, but have concluded after extensive consultation that this is not an option," says Tech Nation’s CEO Gerard Grech. "We are a non-profit, with an obligation to act in the best interest of the public and the scaleup community we serve. We cannot continue to deliver for scaleups impactfully and impartially without core public funding underpinning everything we do, and with commercial funding alone..”