Skype's first employee has netted a $6 million (£3.9 million) investment from Valar Ventures, a venture capital firm set up by PayPal co-founder and early Facebook investor Peter Thiel, for his peer-to-peer money transfer business.
Old Street roundabout, which has been dubbed Silicon Roundabout, is set to receive £50 million of investment as the coalition government looks to boost the technology efforts of East London.
More ‘grey hairs' are needed for London’s Tech City to succeed in the long run, according to the British Private Equity and Venture Capital Association (BVCA).
In a bid to encourage more software workers to shun traditional banking or corporate jobs, a Tech City initiative is aiming to attract them to start-ups.
The Technology Strategy Board has doubled the amount to be invested in a Silicon Roundabout funding competition to £2 million after strong initial interest.
