Funding news - 08/05/2012
Business Angel Co Investment Fund (Angel CoFund) Invests £7.2 Million
The Business Angel Co Investment Fund (Angel CoFund) has announced the completion of its first five investments, with a total of £7.2 million committed to SMEs.
Business and Enterprise Minister Mark Prisk joined some of the first businesses to receive funding, following the end of a strong first quarter for the Angel CoFund.
The Government backed Fund invests alongside syndicates of business angels into high potential SMEs from across England. The fund boosts the quality and quantity of business angel investing in England to support long-term, high quality jobs in growing companies. It is a private sector fund supported by a grant from the Government’s Regional Growth Fund.
The investments in each business range from £360,000 to £3.6 million and reflect the wide range of businesses that the Angel CoFund can support across stage, sector and location, with £1.4 million of funding from the Government helping to secure a further £5.8 million from other investors. The first five investments are:
- Phase Vision, a Loughborough based company producing high accuracy industrial inspection equipment for the aerospace, nuclear and automotive industries.
- style-passport.com, a London based women’s online magazine and e-store.
- Future Drinks, a Bristol based company that has developed an innovative range of healthy soft drinks.
- PlayJam, a London based company which is the leading worldwide aggregator of games for internet enabled TVs.
- Enval, a Luton based company, using technology originally developed at Cambridge University.
Business and Enterprise Minister Mark Prisk said:
"Business angels play a crucial role in supporting new and growing businesses, and the Angel CoFund is helping small firms get the vital funding they need.
"The variety of businesses that are receiving this funding reveals the range of skills and exciting opportunities that are being created today. It is absolutely critical that ambitious small firms can access the finance that they need to expand and grow.
"I am delighted to confirm today that five investments, totalling £7.2 million, have been made. The Angel CoFund demonstrates the support that the Government can play in partnership with the UK's leading business angels, to enable business growth and job creation."
Source: BIS, 08/05/2012