Indian angel network to invest in British startup
Posted on Feb 27 2014 | IANS
New Delhi, Feb 27 : The Indian angel network (IAN) will make its first investment in a Britain-based start-up, Swiftshift, the British High Commission here said Thursday.
According to the high commission, the London-based company has devised a software solution that allows companies to quickly fill short notice shifts using their own staff through short messaging service (SMS), email, and mobile technology.
The investment was facilitated by UK Trade and Investment (UKTI) as part of its strategy to target investment from high-growth markets such as India and China, the high commission said in a statement.
Indian firms are now the fifth largest investors in Britain with more than 50 percent of Indian investment into Europe going there.
"The UK is home to some of the best innovation and research and development (R and D) in the world. We are delighted to have decided on our first UK investment and we believe that SwiftShift's product will be sold around the world," said Saurabh Srivastava, co-founder, IAN.
The statement said the investment announcement was followed by a reception for the IAN investor group at the British prime minister's residence this week.
Currently, IAN which is Asia's largest angel network of over 250 investors spread across 10 countries has already invested in start-ups in countries including the US, Canada, France, Hong Kong, Singapore, Sri Lanka and India.
IAN has a portfolio of 100-plus companies across multiple sectors like IT, mobile, healthcare and education, gaming, hospitality, semiconductor, and social media.