The GM LEP backed GC Angels, a leading early-stage investor, has appointed Marc Shirman as head of equity investments as it announces that its own £3.4m investments in Greater Manchester have unlocked an additional £12m in private capital since 2018.
GC Angels, part of the wider Growth Company framework, is now looking to bolster its equity investment arm by increasing the availability of funding for early-stage businesses and providing greater access to wraparound services, including unique training, recruitment, and access to finance.
The early-stage investor was formed in 2018 to provide the first round of external capital and magnetise other angel and seed investors. To date, it has funded 37 start-ups across Greater Manchester, and achieved its first exit earlier this year with the sale of Guardian Angel to Octopus Ventures.
GC Angels has also worked to support more underrepresented founders, with 40 per cent of businesses backed founded by women and 29 per cent by ethnic minority founders. These SMEs have gone on to obtain a further £6.9 million of additional follow-on funding.
The need for pre-seed and seed equity was amplified in a recent British Business Bank report, finding only six per cent of equity deals were in the North West, and just three per cent of capital deployed nationally.
New appointment Shirman brings over 20 years’ experience to the team, having previously managed equity funds as Co-Head of Muzinich Private Capital Strategies where he raised their maiden UK fund, and launched the Manchester office of transatlantic venture capital investor Beringea. He also acts as an advisor to Northern Gritstone helping build a more integrated and effective northern start up ecosystem.
Shirman said: “From its inception, GC Angels has worked to reduce the inequality and disparity faced by founders in the North. Now eight years in, the group has ambitions to build on the success of the portfolio and broaden the investment strategy to provide further support to early stage companies in the North.
“As economic uncertainty remains for many businesses, the support of early-stage businesses is crucial in helping to bolster UK innovation. We’re poised to continue our work in the market, and I look forward to building out our portfolio, supporting ambitious entrepreneurs in scaling up their businesses.”
Companies backed by GC Angels to date include Manchester University dental spinout Manchester Imaging Limited, fintech PaidYou and professional footballer tool Football For Football.
