Archive for February, 2009

WAYN in the Financial Times as most promising startups

Thursday, February 12th, 2009

Hi everyone – So this morning started off well after having received an email from a friend who picked up the FT and mentioned there was a great article giving WAYN a very good coverage – so I ran downstairs early doors to buy a copy and was pleasantly surprised to see WAYN featured as one of the top 10 most promising startups in the UK


The article goes on about how cash is running dry in the VC world – something we clearly have been made aware of for some time, especially since that infamous presentation from Sequoia Capital – the Be Real or Go Home statement is still very much in entrepreneurs’ mind. 

Martin Arnold, from the FT, introduced how Mr Doug Richard (from Dragon’s Den) was experiencing the turmoil himself having to cut his company (Trutap, a mobile company) right back to the core and quoting “and will probably sell it to a foreign group”

Here are some interesting parts of the article from Martin Arnold: 

  • “The environment is worse now than it was even after the September 11 [2001] terrorist attacks in the US,” 
  • “As the credit crisis has struck, investors have pulled back from investing in venture capital funds. A survey of 80 VC firms by Populus, seen by the FT, found that two-thirds thought the fundraising climate was the toughest for 10 years and about one-in-seven said they had not tried to raise a fund because the environment was too challenging”
  • “Several promising technology companies have struggled to raise financing – forcing some to consider other options. Artimi, a Cambridge-based wireless semiconductor company, was quietly merged with a US rival last year by its VC backers”
  • “The situation is more extreme in the UK than elsewhere. Even before the crisis, Mr Anton says that VC investment in the UK was 0.08 per cent of gross domestic product in 2007, below the US at 0.22 per cent”
  • “Four-fifths of the 1,100 VC-backed firms in the UK are still lossmaking and a quarter have no revenues, so they need cash to survive.”
The list of the 10 most promising companies is as follows:
A bit congrats to our mates Andy and Alastair from Huddle for making it in the list! Fantastic news!