Tech Nation, the network for UK tech start-ups, has announced it will stop operations after the government’s withdrawal of core grant funding in favour of Barclays Bank.

The organisation, which will close its doors on 31 March 2023 after 10 years, said that without the funding continuing its existing projects are not viable.

Last week, Barclays announced that its member network Barclays Eagle Labs had been awarded the £13 million funding package by the UK government.

Tech Nation explained that the work it does with accelerator programmes, visa processing for the Home Office, and research reports have all been built on funding from the Department for Digital, Culture, Media & Sport (DCMS).

Tech Nation, founded by the coalition government, said that as a non-profit organisation it cannot continue to serve scaleups without core public funding or based on commercial funding alone.

It is actively seeking interested parties to transfer its portfolio of assets to take forward in a new guise.

"By delivering services and insights impartially across Britain, Tech Nation has made a huge and positive impact on the UK’s digital economy," said Gerard Grech, founding chief executive. "The UK now boasts over 20 places with one tech unicorn or more, five times what it was in 2014."

The chief exec said that many of the UK's most successful tech companies, including Monzo, Deliveroo, Skyscanner, and Darktrace have passed through one or more of its growth programmes.

“I want to express my sincere thanks and gratitude to the Tech Nation team, to our ecosystem partners and all the inspirational innovators and entrepreneurs we have worked with along the way," he continued. "I am grateful to the government’s support over nine years, and feel proud of all we achieved."

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