LBA (London Business Angels) is now a syndicate partner of the £50m Angel Co Fund following completion of Cofund’s first investment into Phase Vision being £211k to complete a £1.5m funding round
LBA has become a syndicate partner of the £50m Angel Co Fund (CoFund) following completion of the CoFund’s first investment being £211k invested into Loughborough-based Phase Vision. This investment completed a £1.5m funding round, which was cornerstoned by a £643k investment by an LBA syndicate. The LBA syndicate was led by LBA investor Nathan Hill of Qi3 Accelerator and included a £100k investment by the LBA EIS 2011 Roundtable Syndicate Fund. Consequently all qualifying investment opportunities which are being backed by LBA’s EIS Roundtable Syndicate funds can automatically be considered for investment by the CoFund on the same investment terms, giving SMEs which build angel syndicates an opportunity to significantly increase the level of investment achieved through the LBA network. The next LBA EIS Roundtable Syndicate Fund 2012 is now open for business in FY 2012/2013 with £455k to invest into circa 5-6 LBA syndicates in FY 2012/2013.
The £50m Business Angel Co Fund ( CoFund) was launched in November 2011, www.angelcofund.co.uk, and has been created with a grant from the Regional Growth Fund and invests alongside business angel syndicates. The Fund makes initial equity investments of between £100k and £1m into SMEs alongside syndicates of business angels subject to certain geographical restrictions and an upper limit of 49% of any investment round.
Anthony Clarke, Managing Director of London Business Angels, comments, “LBA is delighted to become a syndicate partner of the CoFund and to successfully participate in its first deal. This mutually beneficial relationship will give the LBA EIS Roundtable Syndicate Funds a potential investment partner for future investment opportunities and gives the CoFund access to a consistent stream of quality deal flow. We look forward to working with the CoFund in the next few years to fuel the growth of innovative early stage UK SMEs and we welcome all enquiries from interested parties seeking to take advantage of this additional funding potential”