Telefonica Opens Wayra Incubator In London, Plans More In Europe

Telecoms giant Telefonica has unveiled the latest addition to a network of nine startup incubators it's been busily building in Latin America and Spain. The latest "Wayra Academy" was announced today in London but won't be opening its doors until May. Here's how it's set up: Telefonica takes around a 10% stake in a startup for up to ?50,000 in funding, pocket change to a company like Telefonica. Wayra will put about 20 startups into its shiny new London building for six months, after which it will help them pitch for follow-on funding from other sources of venture capital. No VC partners have been announced yet as "the speed of action is crucial and we wanted to open all Wayra Avademies this year," said Jos? Mar?a ?lvarez-Pallete, Chairman and CEO, Telef?nica Europe at the launch.

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