30 UK-based venture capital firms have teamed up to provide support to tech startups during the COVID-19 crisis.
Breega and Connect Ventures have formed a consortium with 28 other venture capital firms to provide free advice to fledgling businesses facing challenges as a result of the coronavirus outbreak.
The VC Hours scheme offers consultations as well as confidential support and founders advice on adapting business models, raising and pitching during the crisis, controlling cash flow and HR issues.
Ben Marrel, founding partner of Breega, explained: “In these difficult times, it is vital, more now than ever, that the different actors of our ecosystem come together to support each other, so as to limit, as much as possible, the devastating impact of the economic crisis.
“Startups are fragile because they’re young and yet they’re also indispensable as they are the ones shaping our future world and economy.”
Rory Stirling, partner at Connect Ventures, added: “This is no doubt a lonely and difficult time for many startup founders.
“Whilst some founders have been able to turn to their existing investors for support, those that are yet to raise, find themselves with few places to turn for advice.
“That is one of the reasons we chose to get behind this initiative and our objective is to ensure that all the startups that need help during the Covid-19 crisis can find it.”
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