EY has partnered with all of London’s 33 local authorities and a start-up tech firm to provide crowdfunding for local regeneration projects.
The Big Four firm has joined with London Councils, which represents 32 borough councils and the City of London, to raise funds though web platform Spacehive which allows users to crowdfund ideas.
The joint venture is part of London Ventures, a move by EY to boost innovation in the public sector by scaling up ideas through its network of corporates and in-house experts.
Under the venture, Spacehive and EY will set up multi-million pound match-funding partnerships with corporate sponsors and grant bodies, boosting funds raised for London-based projects on the platform.
Darra Singh, government and public sector partner at EY, said: “From Welsh ex-mining towns, to Scottish suburbs and inner-city London we have seen communities successfully crowdfund all manner of great ideas into existence. It is an exciting and powerful tool that can support councils in a risk-free manner, raising both finance and community buy-in. Scaling this up across London’s 33 councils provides a powerful tool for change and we are very much looking forward to helping make that happen.”