Barclays has expanded Rise New York, one of its global locations providing a co-working, mentoring and events space in its Rise FinTech ecosystem.
Located in Silicon Alley, Rise New York is currently home to more than 60 startups. Participating companies in the Barclays Accelerator, powered by Techstars program, will now also be eligible for Rise Growth Investments, new investment capital of £10m per program.
The expansion will give the location five full floors spanning over 66,000 sq ft, capable of hosting up to over 200 businesses. It will also feature an events space, an auditorium and a recording studio. Together with Barclays’ new Innovation Technology R&D center, it will be used to host numerous innovation events and learning sessions that will be open to the public.
Barclays also announced Rise Growth Investments, new investment capital that will solely be focused on the companies accepted into the Barclays Accelerator, powered by Techstars program. The Accelerator program launched in 2014 and is currently active across New York, London and Tel Aviv with more than 140 companies in its portfolio.
The funds will allow Barclays to invest up to £10m per Accelerator class. Startups in this year’s New York program, which recently held its Demo Day on December 5 at New World Stages in New York City, will be eligible for the funds.
£10m will be available for each class going forward.
Barclays already has significant commercial agreements with several Accelerator alumni including Sigma Ratings, Crowdz and Simudyne.
Rise is the FinTech ecosystem created by Barclays to enable financial technology startups to connect, create and scale, as well as offer its clients’ access to startups around the world.
It has a global physical presence with approximately 200 companies in residence.
FinSMEs
26/01/2019