London Co-investment Fund (1)

Meeting: 
MQT on 2014-09-17
Session date: 
September 17, 2014
Reference: 
2014/3501
Question By: 
Fiona Twycross
Organisation: 
Labour Group
Asked Of: 
The Mayor
Category: 

Question

Further to your announcement of a new £25m fund from the LEP's Growing Places Fund to assist tech start-ups with seed investment, please provide further details of the scheme including how start-ups can apply and what criteria will be used to determine investment?

Answer

Answer for London Co-investment Fund (1)

Answer for London Co-investment Fund (1)

Answered By: 
The Mayor

The new fund will focus on leveraging equity investments into early stage SMEs in the science, technology and digital sectors. It will be delivered via a procured consortium of business angel and venture capitalist co-investors who will source applicable early stage SME investments. SMEs will be able to apply through these channels or directly approach the fund themselves.

Initial investment criteria will include investment amounts, terms and milestones and market and due diligence information. Further evaluation criteria will include high growth potential and resulting job creation, investment size per SME, private sector leverage, and increase in level of funding per SME.