Venture Founders is the latest crowdfunding platform to become a co-investor of the London Co-investment Fund. The LCIF is an £85m fund that supports the city's SMEs. It is funded by the Mayor of London and the London Enterprise Panel (LEP).
The UK Business Angels Association (UKBAA) has the news:
"The new partners announced are: Albion Capital, Concentric Team LLP, Mustard Seed Impact Ltd, Startup Funding Club Ltd, Venture Founders.. bringing the total number of co-investment partners to 14.
"They will co-invest with existing partners in cutting-edge tech start-ups – specialising in areas such as fintech, AI and big data – who are based in London and ready to accelerate their growth.
Rajesh Agrawal, Deputy Mayor for Business, said: “This is great news in the development of the fund and further evidence that London is open for investment.
“I am pleased that these new partners are on board and look forward to seeing them play a key role in the growth of London’s tech scene in the years to come.”
The LCIF participates in seed rounds between £250,000 – £1,000,000, led by its co-investment partners. To be eligible to receive funding, startups must:
- provide a product or service within science, technology or the digital sectors
- fundraise between £250,000 and £1m
- have a London based office
"The UK has a tech-savvy young population and a consumer base renowned around the world for being willing to test new technology and accept financial innovation.
"There is also a lot of money floating around. Investors both small and large are tapping into tax-friendly schemes, mainly the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS), which give them a tax buffer against losses and the chance to make gains with less to pay to the taxman - and start-ups are taking advantage of this to raise funds."