Tech Nation, the business accelerator which collapsed earlier this year after losing vital government funding, has relaunched with a £10 billion funding pledge.

Since being taken over by Founders Forum Group it has secured backing from HSBC Innovation Banking which was formed following the acquisition of Silicon Valley Bank UK.

The original Tech Nation failed after £12 million of government funding was switched to Barclays Eagle Labs. It supported early stage companies, including Scottish mapping firm Earth Blox.

Tech Nation 2.0 will carry over four of its predecessor’s startup growth programmes, one for ethnic minority founders, a competition for early-stage startups, a climate programme and a programme for late-stage businesses.

Carolyn Dawson, CEO of Founders Forum Group said it was committed to ensuring half of its network is based outside the capital with £10bn of private investment into startups in the next five years.

She added: “We will help startups from Inverness to Eastbourne to develop global reach, finding opportunities, investment and advice across Europe, North America and Asia.”

Tech Nation will continue to be the endorsing body for digital technology applications under the Global Talent visa.

It also plans to launch a community for disabled founders and those building technologies for the disabled community, with backing from Motability Operations.

“The new Tech Nation will champion the startup scene – advocating for its needs, supporting international reach and fuelling the investment that will create the next generation of unicorns,” said Ms Dawson.

“Tech Nation 2.0 will champion all kinds of tech founders, highlighting their needs and fighting for our incredible industry from seed stage to success story.”