Those were the words spoken last night at a Taylor Wessing / Tech City event by Anil Hansjee, who used to do M&A at Google in Europe, and is now setting up a seed stage fund here. He did clarify by saying that yes, there have been some deals but “you can count those on a few hands”. Anil is just confirming what us entrepreneurs already know, but here it is coming from a soon-to-be VC and one that knows the market really well.
Anil backed it up by saying that of the 80 inbound pitches he’s received since an article appeared on TechCrunch about his new fund in June, 75% merited a closer look, confirming that the quality of opportunities in Europe appears high. (And a majority of those were from UK based startups). I imagine that’s just scratching the surface of what startups are out there chasing funding.
When Anil’s fund is ready to start investing you should be aware that if your startup is not located in a cluster with a functioning ecosystem, then he won’t be investing and will give you the advice that you should be relocating to the best ecosystem for your industry. He specifically cited SaaS or cloud infrastructure startups where in most cases the best place to be is the Valley; to stay in London would damage your chances of success and funding. But there is some good news, there are plenty of areas where London is the right choice to be if your focus is on fashion, music, finance, advertising, retail, etc.