Tech Nation has explained its planned closure is as a direct result of the government's decision to stop providing the organisation with £12m in grant funding, and award it instead to Barclays Bank.
With this foundation removed, Tech Nation’s remaining activities are "not viable on a standalone basis", the organisation said in a statement.
Founded in 2010, Tech Nation has worked with nearly a third of the UK’s 122 unicorns and supported the rise of companies such as Monzo, Revolut, Ocado, Skyscanner and Deliveroo. The company also run the UK’s global tech talent visa, in collaboration with the UK Home Office.
Although Tech Nation was never a government organisation, it heavily relied on government funding to continue its operations.
In September last year, it was reported that the UK’s Department for Digital, Culture, Media and Sport (DCMS) had decided to give the £12m Digital Growth Grant to Barclays Eagle Labs, the start-up incubator...