09 May 2019
We are delighted to have been awarded £1million from a new pilot funding programme to encourage Business Angels to bring investment and expertise to pioneering innovative small and medium companies.
The funding from Innovate UK will be focused on spin outs from North East universities, to help them secure angel investment and grant funding to accelerate their growth potential at an earlier stage.
Alex Buchan, Investment Director, said: “As one of the leading early stage investors into UK businesses, we have been supporting cutting edge businesses in the North East since 2004. Working with angels has always been core to our offering, and we are looking forward to opening up more opportunities to those interested in investing in businesses with R&D projects.”
The aim of this pilot funding programme from Innovate UK, as part of UK Research and Innovation, is to increase the pool of regional angel investors prepared to consider investing in earlier stage, ambitious, innovative businesses in the regions.
The funding will be used to identify suitable investment opportunities and investors, as well as provide grants to businesses to deliver innovation projects with a view to longer term business angel involvement and future commercial success.
Successful businesses will receive a grant of up to 50% of the costs of a specific innovation project, which lasts up to 12-months and have total project costs between £40K and £300K.
A total of £3m of Innovate UK funding has been shared across three angel investor partners (AIPs). In the North a consortium led by Sunderland-based North East Business and Innovation Centre (BIC), has also received £1m to support the growth of local angel networks across the North East, Yorkshire and North West.