ABP’s Royal Albert Dock scheme to become home for new tech hub
ABP London’s Royal Albert Dock is to become the home of a new tech hub focused on Indian businesses, funded by venture capital fund Pontaq.
Pontaq has agreed to take an initial 7,000 sq ft across two floors on a 10-15 year lease at one of the latest office buildings to be delivered at the £1.7bn scheme in East London.
It plans to host UK and Indian tech firms and aims to increase that space to 20,000 sq ft to house 50 tech companies in the next two years.
ABP London’s Royal Albert Dock is to become the home of a new tech hub focused on Indian businesses, funded by venture capital fund Pontaq.
Pontaq has agreed to take an initial 7,000 sq ft across two floors on a 10-15 year lease at one of the latest office buildings to be delivered at the £1.7bn scheme in East London.
It plans to host UK and Indian tech firms and aims to increase that space to 20,000 sq ft to house 50 tech companies in the next two years.
Pontaq is also offering start-up companies that use its space at Royal Albert Dock the opportunity of investment via its current funds 2 and 3 and any future funds it embarks upon. The firm also plans to base itself in the space.
ABP London chief operating officer John Miu said: “India is a powerhouse for tech talents and we are delighted to welcome some of those tech talents Pontaq will be bringing to RAD. ABP created RAD as London’s new international business district especially for companies from Asia looking to reach new markets and for international businesses looking to expand through connecting with them.”
Pontaq chairman Mohan Kaul said: “British businesses, and those investing in the UK from abroad, have spent the last three years under a cloud of uncertainty surrounding Brexit but, despite the six-month delay, business just has to get on with things.
“With the launch of the UK India Tech Hub, we are determined to show that Britain remains open for Indian business whatever the outcome of the UK’s negotiations with the EU.”
India high commissioner Ruchi Ghanashyam said: “The UK India Tech Hub provides a gateway for cross pollinating technology and innovation in early stage businesses between the two countries. This provides a great platform to create globally scalable companies, more jobs and a positive economic impact in this corridor.”
Graham Stuart, minister for investment at the Department for International Trade, added: “The UK has a consistent track record of producing successful tech companies and has more venture capital investment in tech than anywhere else in Europe. The launch of the UK – India Tech Hub at Royal Albert Dock marks a notable milestone in further promoting technology partnership and investment with India.”
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