US telecoms giant Verizon is launching a coworking space in London

US telecoms giant Verizon has announced plans to open a coworking space for up to 200 startups in London.

The space, based out of an existing Verizon office in Clerkenwell, is being developed in conjunction with workspace provider Work.Life and is set to open in March.

Startups that wish to base themselves out of the new facility will be charged £250 +VAT per person, according to a Verizon spokesperson.

Verizon said the space - set to open after a £1.2 million building refurbishment - is designed to bridge the gap between corporates and startups.

Tony Judd, managing director for Verizon in the UK, said in a statement: "We see this coworking agreement as a great opportunity for spotting innovation and accelerating it to market, for helping individual ideas to grow, and for shaping new threads of collaboration with the residents of the space.

"It is a great way to breathe new life into our existing site, opening its doors to a new audience and transforming it into a centre of innovation and collaboration."

Founded less than two years ago, Work.Life has already set up other spaces in Camden, London Fields, Bermondsey, and Reading. It plans to open four more in 2017.

"There is a commonality between the two businesses that recognises the power of human connection in the new working economy," said Work.Life's founders, David Kosky and Elliot Gold, in a joint statement.

"We already place the personal touch at the heart of what we do, so our 1000+ members can get a genuine buzz out of coming to work and actually look forward to Monday's. By providing access to a global leader in digital thinking, we are now helping to provide the high-level connections, advice and insight each of our members is looking for."