British startup innovation hub TrueStart, which was launched by True Capital Partners, has scored $5 million in seed funding for its accelerator program. The company will support the growth of retail and consumer startups in Europe, according to TechCrunch.

Matt Truman, a partner at True Capital and the founder of Truestart, explained: "What we're trying to do with the hub is take the young innovators, the future leaders, and connect them with the big retailers and consumer products businesses who actually are struggling to be innovative because of their size. We're trying to get everybody in the same room, trying to knock down the same doors, so they can all benefit from that expertise but also put a fund around it."

TrueStart allows startups to apply for its program anytime. The firm aims to back 20 startups annually and provide them with legal and recruitment coaching along the way. The company will focus on early-stage startups in the retail data analytics, consumer, social commerce, and technology sectors, the report detailed.

Each accepted startup receives between £25,000 and £50,000 in funding in exchange for an average of 10% equity. As of now, TrueStart is already accelerating three startups in its headquarters in Victoria, TechCrunch reported.