Angels in the City meet London’s SEIS-eligible digital entrepreneurs
Forty newly recruited business angels from the Financial Square Mile, looking to take advantage of the Government’ latest 50% tax break under the new SEIS scheme, gathered together last Thursday night to see pitches from ten innovating seed stage digital technology entrepreneurs from the surrounding areas of the City, including Tech City. The event was organised under the Angels in the City initiative, supported by the City of London Corporation and delivered by London Business Angels (LBA), offering individuals the opportunity to use their financial and business experience to make angel investments in small businesses and how to take advantage of the excellent tax breaks available, notably the new Seed Enterprise Investment Scheme. They were also joined at the event by 35 angel investor members from LBA, one of the oldest networks of angel investors in the UK, bringing additional experience and investment to support new deals being structured as a result of this event.
The 10 SEIS-eligible entrepreneurs, who had all received two days of free hands-on training and advice in pitching their business as part of the AiTC programme, attracted considerable interest, with many of the business ideas having potential relevance for these city angel investors including: digital money box solution for kids and families to understand benefits of saving; online resource for individuals and schools to schedule their sporting activities; mobile and social media scrapbooking to record memories and events; tools for organising hospital appointments and social financial analytics; software for consumer energy management; fashion behaviour data analysis for ecommerce; as well as new models for digital advertising and secure mobile payments.
Mark Boleat, Chairman of the Policy and Resources Committee, City of London Corporation, comments:
‘The City of London Corporation has a longstanding commitment to supporting economic growth in its neighbouring areas. By raising awareness among potential investors working in the Square Mile, Angels in the City can play a key role in addressing the recognised dearth of angel investment and will help to underpin the growth of early stage businesses on our doorstep, particularly in the Tech City cluster. We are keen to ensure this initiative maintains momentum, attracting more potential investors to help drive the growth of local businesses and, ultimately, fuel job creation.’
Anthony Clarke, CEO of London Business Angels, comments:
“Whilst it is too early to tell how many deals ultimately get done, it is very clear from the level of interest shown by the investors that several of these start up entrepreneurs are likely to get the funding they need. This Angels in the City event has demonstrated the potential range and quality of start ups in London that are both scaleable and have the potential for explosive growth with the added advantage that they are potentially eligible for investment under the SEIS scheme, offering the opportunity for city professionals to invest up to £100k this tax year to access both a 50% income tax break and a 28% Capital Gains Tax write off, whilst bringing their investment capacity to support the success of London’s tech start-ups”.
Ian Randolph, Co-Founder of Prepict,comments:
"Angels in the City changed the future of our business in one night. We at Prepict are here to put an end to choice overload with a cutting edge approach to personalisation, but we had been slow to gain traction. Over 4 days, I was given pitch training, chances to practice, and finally a chance to share what I love with over 70 angel investors. 10 minutes, 11 business cards, and 3 expressions of interest later, we are now well on our way to closing our £150k funding round under SEIS by Christmas! This was unimaginable last week, and I feel now part of a thriving venture community, where great ideas are tended and given a chance to grow here in London."
Tony Million, Founder of Narrato, comments:
"Angels in the City was a fantastic opportunity for us to meet real investors and unlock the much needed £150k of seed capital for our business. Having raised money in US, often it involves sending a pitch to an investor then waiting & hoping that they'll 'get it. The Angels in the City event was a far more human, personable, event where investors and entrepreneurs meet on a face to face basis, and not just be a name attached to a business plan"
The next Angels in the City investor workshop is being held on the evening of 23rd January 2013 in the City of London followed by the third Angels in the City pitching event at Google Campus in Tech City on the evening 21st February 2013.
Note to Editors:
For further information contact Alexander@lbangels.co.uk
About Angels in the City
Angels in the City is supported by City of London Corporationand is delivered by London Business Angels (http://www.lbangels.co.uk/). This initiative which has been running since Oct 2011, aims to increase the awareness of individuals in the Square Mile to become Investors and to bring their financial capacity and business experience to invest in innovative, entrepreneurs with high growth potential in the City fringes, including the exciting Tech City cluster.
The City of London Corporation www.cityoflondon.gov.uk
The Angels in the City scheme is part of the City of London Corporation’s wider commitment to supporting burgeoning businesses in and around the Square Mile. As the body providing local government services to the Square Mile, the City of London Corporation’s primary role is to support and enhance the business City – a world-leading international financial and related business services centre. The City of London Corporation is also committed to working with its neighbours to support the regeneration of local communities. The City of London or “Square Mile” shares its borders with some of the country’s most deprived boroughs where unemployment remains high.
London Business Angels www.lbangels.co.uk
London Business Angels (LBA) is one of Europe's leading Angel Investment Networks, connecting innovating fast growth technology companies to equity finance with a membership of over 160 high net worth experienced angel investors. Operating since the early 1980s, LBA has the longest track record in the business and also facilitates EIS/SEIS in house funds.
Since 2000 LBA has helped over 200 companies successfully raise over £50 million. Over the last 3 years nearly 40% of the companies selected to pitch to LBA's investors have secured funding. LBA has closed 16 angel investment deals in entrepreneurs so far in 2012, despite an uncertain economic climate and expect to close circa 20 deals by the end of the year.