Barclays (LON:BARC) Bank, in collaboration with x+why, has broadened its Eagle Labs network to 33 locations, with the launch of two new labs in Chiswick, London and Birmingham on Monday. The expansion is aimed at reinforcing the UK's startup ecosystem by providing networking and coworking spaces for entrepreneurs. These labs offer a range of services including banking, business expertise, mentoring from scale-up specialists, and dedicated managers for feedback.
Since its inception in 2015, Barclays Eagle Labs has supported over 12,000 businesses. The program received a significant boost when the Department for Digital, Culture, Media and Sports transferred the £12.09 million Digital Growth Grant from Tech Nation to Barclays. Tech Nation, despite its successful history of supporting startups, announced its closure and was subsequently acquired by Founders Forum Group (FFG), which plans to revive some of Tech Nation's programs this year.
On the same day, Barclays announced its first Bristol-based Eagle Labs in partnership with Engine Shed at the Bristol Technology Festival. This new hub is the 34th addition to the Eagle Labs network and will provide startups and entrepreneurs with a comprehensive suite of services including office spaces, meeting rooms, event venues, and year-round events aimed at fostering innovation.
The partnership allows members to connect with entrepreneurs, local organizations, universities, industry bodies as well as potential clients and investors across the country to accelerate innovation and sustainable regional growth. Working alongside SETsquared Bristol—the University of Bristol's tech incubator at Engine Shed—the Lab aims to expand its support for businesses.
The expansion of the Eagle Labs network aligns with the UK maintaining its position as the third largest tech sector worldwide, valued at £820bn. Despite a decrease in tech investment, the UK continues to be a global hub for startups and venture capital with £10.2 billion raised by UK tech startups so far this year, according to a study by HSBC (LON:HSBA) Innovation Banking and Dealroom.
Barclays, a key player in the banking industry, has been showing a promising financial performance, according to InvestingPro data. With a market cap of $28.246 billion, Barclays has been profitable over the last 12 months. The bank has a P/E ratio of 4.28, indicating it is trading at a low earnings multiple. Furthermore, Barclays has raised its dividend for three consecutive years, making it an attractive investment for dividend-seeking investors. However, the bank's revenue growth has been slowing down recently, with a quarterly revenue growth of -9.14% in FY2023.Q2. For more insightful data and tips, visit InvestingPro.
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