SETsquared links up with local angel group as funding recovers
The SETsquared Business Acceleration Centre in Bristol has teamed up with the SouthWest Angel Investor Network (SWAIN) in a revenue sharing deal,. SWAIN, which brings together individuals to back projects with funding from £25,000 to £750,000, will have an office in the centre and be the ‘funder in residence’.
Early stage companies have struggled to raise money n the last year, says Centre Director Nick Sturge. In 2009 companies in the centre raised £20m, but last year it is fell to just £1.7m. So far this year those early stage ventures have raised £6.9m, and the Centre is closing its doors to new business as it is full until September.
The Centre will share the fees that SWAIN charge to arrange the deals, and will feed the income back into supporting new companies, says Sturge.
“This more formal partnership is the natural progression after so many years of working together,” he said. SWAIN started six years ago and its first three deal were with the Centre. “We have done well with venture capital invesmtent recently but there are many companies for whom angel investment is more appropriate and we are excited about accelerating this,” he said.
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