London-based investment group Ingenious Ventures has launched a new seed investment programme, which will invest up to £2.25m in 15 businesses from September this year. The startups must be UK-based and working in the media and creative industries.
Each of the 15 startups chosen will receive £150,000 in funding from Ingenious Ventures, the VC arm of investment group Ingenious – which claims to be the largest investor in the media and creative industries in the UK. Startups that progress well have the chance to get follow-on investments of one million pounds from the VC as soon as early next year.
The VC is after businesses in the areas of consumer technology, eCommerce, gaming, fashion, design, publishing and audio-visual content production. The team from the VC will provide the startups with their time and expertise along with the cash to help them develop their business model and establish their company. In exchange, the investors will take a stake in each company.
To find the UK’s most innovative companies, Ingenious Ventures will be touring through 13 UK cities including Glasgow, Edinburgh, Newcastle, Sheffield, Leeds, Manchester, Cambridge, Oxford, Cardiff, Bristol, London, Brighton and Belfast. Entrepreneurs have the chance to meet and pitch the VC from 17 June until 5 July before they apply online on the Ingenious Ventures site.
Patrick Bradley, CEO of Ingenious Ventures, said: “For fifteen years Ingenious has been the engine for the media and creative industries; we have already raised and deployed over £8 billion in the sector. Through the programme we are announcing today, we are continuing to stand behind the top emerging creative talent the UK has to offer.”
As the VC is providing the capital from the Ingenious Ventures SEIS Fund, which runs under the UK government Seed Enterprise Investment Scheme – an initiative to encourage early-stage investments in UK businesses – startups must comply with a number of criteria set out by the scheme in order to receive financing, including:
– Be an unquoted, independent company which is trading, or preparing to trade
– If already trading, not have commenced trading more than two years ago
– Have fewer than 25 employees
– Have gross assets of £200,000 or less
– Not be, or ever have been, under the control of another company (with the exception of certain “off the shelf” companies)
– Not have raised any money under EIS or VCT schemes previously
– Commenced trading fewer than two years ago
Image credit: Flickr users Images_of_Money
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