ANGEL COFUND

The Angel CoFund makes equity investments of between £100,000 and £1 million in smaller businesses in the UK. It invests alongside strong syndicates of business angels to support businesses with strong growth potential. Through these equity investments the Angel CoFund also acts as a catalyst to better practice and increased long-term capital in the UK angel market, and as a stepping stone to wider and later-stage venture capital (supported by our Enterprise Capital Funds and VC Catalyst Fund programmes). Investment is subject to an upper limit of 49% of an investment round and 30% of the equity in a business, although investments are usually less than this. Angel CoFund enables smaller businesses to secure c.£280m in investment (as at end December 2018). The fund has invested and committed £41.5m, alongside a further £238m from business angels and other investors, providing support for 82 businesses (as at end December 2018). Every £1 invested by the Angel CoFund has leveraged around £5 from business angel syndicates. The portfolio companies now employ around 1,500 people in sectors such as life-sciences, clean technology, advanced materials and digital technologies.