But technology investment funds operated by several national and regional governments have largely survived the chop.
Their latest investments were announced on Tuesday…
- PlayJam - the connected-TV games aggregator is taking £538,000 from the UK’s £50 million Angel Co-Fund, which was formed in November with a grant from the UK government’s Regional Growth Fund and invests alongside English angel syndicates.
- Mobile Backstage – The Finnish mobile app service, a platform for helping music artists connect with fans over smartphones and other platforms, is taking $1.3 million led by the Finnish government’s Finnvera along with Miston, company management and angels to open a new office in San Francisco, TechCrunch reports.
- Style-passport.com - the London-based women’s online fashion magazine and e-tail operator is also a beneficiary from the Angel Co-Fund, which has invested £7.2 million in companies since its launch.
The investments show that, as unusual as it may seem to some in Silicon Valley, arm’s-length public bodies, working together with private investors, have an important part to play in kickstarting European businesses.