£15m fund launched for Greater Manchester tech start-ups
The Growth Company (GC) is launching a £15m investment fund for early-stage technology and innovation firms in Greater Manchester.
The GM Co Investment Fund is designed to increase the supply of capital to the pipeline of early-stage technology and innovation businesses in the region.
It's been developed as the "next evolution" of the Co Angel Investment Service, which has already invested £15.6m into 19 early stage, high growth companies.
It will back funding rounds of between £200k and £2m with up to £150,000 of its own capital while leveraging cash from angels and approved partners, with the aim to deliver £15m of investment over the next three years.
Business Finance Solutions, the Growth Company’s FCA regulated, in-house Fund Manager, will deliver the fund.
Paul Breen, Director of BFS, said: “We know the issues that early stage innovative businesses face in securing capital to get their ideas off the ground, while also understanding the expectations and needs of private investors when they are looking to evaluate opportunities.”
“The GM Co Investment Fund, coupled with the business support infrastructure that now operates across GM, gives us a unique approach to bring businesses and Angels together – by investing our own equity from the Co Fund; by de-risking the opportunity and giving the investment community the confidence to add their equity to the deal as our partners; and by supporting the businesses with follow-on funding as they grow and develop.”