Tech Nation has announced that 30 companies have joined its growth programme ‘Libra’, designed to equip black and multiracial entrepreneurs with knowledge, tools, and networks to help scale their businesses.

Black and multiracial founders often face barriers to accessing venture capital investment, which can be directly linked to racial bias.

Last year Tech Nation published a report that found between 2009 and 2019, 76 per cent of VC investment went to all-white founding teams, whilst only 23.36 per cent went to multiracial founding teams, and 0.24 per cent went to all-Black founding teams.

“It’s great to see Tech Nation’s new Libra programme supporting founders from a range of backgrounds and tapping into the rich depth of tech talent we have across the country,” said digital secretary Nadine Dorries. “We are doing all we can to make sure people have the skills they need to work in this exciting and challenging industry."

Abi Mohamed, Libra Lead, Tech Nation, added: "The 30 scaleups joining the Libra programme represent some of the most exciting, innovative, and resilient tech companies in the UK today, and are tackling some of our biggest challenges. Spread right across the UK, companies are working in global health, providing access to electric vehicles, and helping businesses move towards circular business models. By helping to support our future Libra alumni to reach unicorn status and beyond, we hope to play our part in strengthening the UK’s position as one of the best places in the world to start and grow a business - for everyone.”

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