Social trading and investment network eToro was named amid the successful graduates of Tech City UK’s Future Fifty program, which supports the UK’s top 50 high potential businesses.
eToro was in the second wave of companies that joined the program, which offers access to expertise within government and the private sector, establishes links to the UK’s institutional investor base, and provides tailored support to help companies grow rapidly and establish the foundation for IPO readiness, M&A and global expansion.
eToro has marked some significant achievements in the course of the two years it was a participant in the program. According to the Future Fifty’s description of eToro, the social investment expert has raised $72.9 million to date. We can mention the $27 million raised from China’s Ping An and Russia’s Sberbank, as well as the additional $12 million raised from Commerzbank.
Since the program was established in 2013, the Future Fifty companies combined have raised a total of £791 million and operate in 170 countries worldwide. The initiative has assisted some of the most successful digital businesses in the UK, including Funding Circle, UNRULY and Zopa.
Eileen Burbidge, Chair, Tech City UK, comments,
“The UK is developing a global reputation for world-class digital innovation in sectors such as Fintech and E-commerce. In turn, this is attracting increasing investment activity, talent and expertise into the country.”
Gerard Grech, CEO, Tech City UK, comments,
“Britain’s digital industry continues to defy expectation. From Fintech to online shopping, cyber security to gaming, the Future Fifty companies reflect the diversity of our fastest growing sector. In a rich and varied marketplace, these entrepreneurs are united by global ambition and enormous potential. The digital businesses joining the Future Fifty programme are a window into the future of the digital economy.”
For the full announcement from Tech City UK, click here.