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An incubator of technology start-ups co-founded by Sir Keir Starmer’s former artificial intelligence adviser is closing in on a £1bn valuation after securing new investor backing.
Sky News has learnt that Entrepreneurs First (EF) is in the process of raising about $120m from a syndicate of new and existing funders.
EF was jointly founded by Matt Clifford, who this year spent six months helping shape Downing Street’s approach to AI, authoring its AI Opportunities Action Plan.
Mr Clifford, who stepped down from that role for personal reasons, is also chair of the government’s advanced research agency, ARIA.
Sources said that EF had notified investors in recent weeks that it had secured a $75m commitment from Transpose Platform, one of its existing investors, as part of the broader funding round.
New backers, according to people briefed on the plans, include Japan Post Bank and the California Public Employees Retirement System, one of the world’s most powerful pension fund investors.
The Series D funding round will cement EF’s status as a lynchpin of Britain’s start-up economy.
EF has backed hundreds of companies, including the fintech unicorn Cleo and insurance claims processor Tractable.
The firm is run by chief executive Alice Bentinck, who co-founded it with Mr Clifford in 2011.
In response to an enquiry from Sky News, EF declined to comment.
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