Suffolk/ Norfolk: New Anglia Capital fund to match entrepreneurs with ‘angel’ investors
- Credit: Archant
A new investment fund aiming to stimulate entrepreneurship across Suffolk and Norfolk has been launched with £1million of funding from the New Anglia Local Enterprise Partnership (LEP).
New Anglia Capital is a co-investment fund which will bring businesses and “angel investors” together to kick-start new products and new businesses, as well as to support existing high-growth companies.
Angel investors will be expected to invest 50% of the risk capital in the ventures accepted, with New Anglia Capital providing the remaining 50%.
The aim is to encourage job creation in early-stage businesses with high-potential in key sectors where there is strength in the region such as engineering, life sciences, agri-tech, health, energy, communications and digital.
“The ethos is to bring like-minded investors and budding entrepreneurs together to provide the capital to launch an inspiring idea or grow an innovative start-up,” said Chris Dashper, head of programmes at New Anglia LEP.
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“Whether it’s a new or niche product or just a young company with a credible investment opportunity, New Anglia Capital could provide the working capital to help launch them into future success.”
Anglia Capital Group, a private investment network based on the Norwich Research Park, has been selected by New Anglia LEP to help deliver the scheme, including the organisation of regular events to bring businesses and potential angel investors together.
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The managing director of Anglia Capital Group, SCC McDougall, said: ”We are delighted to be working closely with the New Anglia LEP to deliver this co-investment opportunity for the two counties.
“It’s great for young companies needing growth capital and very positive for private investors, knowing that their investment can be matched pound for pound by the fund.
“We held our inaugural event in September and are now planning three or four investment presentation events across the region over the next 12 months. We already have a group of 12 founder members and our membership is growing fast”
The funding is part of New Anglia LEP’s Growing Places Fund, which is aimed at kick-starting stalled and delayed infrastructure projects. It is hoped the funding will do the same for fledgling, yet viable, businesses which have yet to see their plans come to fruition due to a lack of available finance.
Entrepreneurs in Norfolk and Suffolk seeking start-up and early growth stage investment capital for their businesses should apply via the Anglia Capital Group website at www.angliacapitalgroup.co.uk .