DueDil, a fast-growing London tech startup, is going to focus on growing its business outside the UK following the decision to leave the European Union, according to Bloomberg.
The UK voted for Brexit on June 23, shocking the UK tech community, which relies on EU membership for hiring talent from across the continent and accessing EU funding.
“We’ll be distributing our team, opening up new offices in Europe rather than focusing on the UK,” DueDil CEO Damian Kimmelman told Bloomberg. “This is a miserable outcome for the economy.”
Founded in 2011, DueDil employs around 100 people at an office near Old Street’s Silicon Roundabout. The startup, which is exactly the kind of company that government ministers have been championing for growing the UK economy, provides data-analytics tools to study private companies.
Several other companies have come out this week and said how they expect Brexit to impact their businesses.
Google has no immediate plans to reduce the size of its UK operations as a result of Brexit, according to Eric Schmidt, executive chairman of Google parent company Alphabet, while firms like Vodafone and easyJet are evaluating whether some jobs may have to be relocated.