£100 million Angel CoFund to support UK startups goes national

angel_fundThe Angel CoFund, launched in November 2011 and doubled in size to £100 million by the Chancellor this year, has been extended across the UK to support high growth startups and businesses.

Announced today at the National Investment Summit in London by Business and Enterprise Minister Michael Fallon, the Angel CoFund works alongside groups of business angels to invest in high growth small- and medium-sized businesses, directly providing funding as well as encouraging the expansion of the business angel market.

Previously the fund was only available to businesses in certain areas of England, but will now be available to businesses and angel groups across the UK. The fund makes initial investments of between £100,000 to £1 million alongside syndicates of business angels.

To date the fund has supported 27 companies, providing £10 million in direct investment alongside £40 million from business angels. These companies include Yplan, PlayJam and Micrima.

“Thanks to their hard-won experience in business, business angels can be savvier than banks at spotting winners. By reinforcing their commitment with government support, the CoFund will support the most promising and entrepreneurial businesses, giving growth and jobs a kick-start,” said Fallon.

Monty (615 Posts)

Monty Munford has more than 15 years' experience in mobile, digital media, web and journalism. He is the founder of Mob76, a company that helps tech companies raise money and exit. He speaks regularly at global media events with a focus on Africa, writes a weekly column for The Telegraph, is a regular contributor to The Economist, Wired, Mashable and speaks regularly on the BBC World Service.