Sources of Business Angel Capital
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• Among the major sources of Business Angel capital are the TECs and LECs, sometimes linked with local Chambers of Commerce, and now operating in most counties. For example. Bedfordshire TEC on (01234) 483100 and Business Link Gloucestershire on (01452) 509553 restrict support to businesses in their own areas and concentrate on small to medium firms requiring funds for expansion (but also startups) from as little as £5.000 up to £250.000.
• Milestone Services in Newbury. Berkshire, on (01635) 522086, consists of 50 investors, with total funding of E20m, interested in deals from £10,000 upwards. The investors are partners for business creation and development. Similarly the Oxfordshire investment Opportunity Network on (01865) 790910 is a network of 70 private investors and entrepreneurs in Oxfordshire interested in innovative companies with growth potential. It has also made investment deals from £10,000 upwards.
,tc Talisman Ventures on 0171-251 9111 is largely interested in businesses in Southern England seeking expansion, provided they have a successful track record. This is a Elm fund made up of 300 investors which has made single deals from £60,000 upwards.
Halo, based in Poole, Dorset on 0(1202) 448832 is an example of a regional Business Angel investment fund, formed last year by a wide range of sponsors—accountants, solicitors, banks and TECs—with a total of 34 investors and a fund of £5.25m. In just over a year 31 investment opportunities have been identified. Funding of £10,000 to £300,000 is available to viable propositions in return for equity or good earnings. A full business plan is required and the proposition must he explained in a summary of not none than four pages.
Capital Access in Manchester on 0161-337 8648 is focused on Greater Manchester and the North West and has 30 investors with funds totalling £5.7m. Applicants for funds must he willing to release equity and to allow participation by investors, to whom the business must appeal. The only other provision is limited interest in property development and R&D spending.
The Capital Network of Milton Keynes on (01908) 660044 is interested in propositions from businesses in Milton Keynes and North Buckinghamshire. Sponsoring organisations include MK & If Bucks Chamber of Commerce, Training & Enterprise, and Beds TEC. Seine 57 investors contribute to a total fund of £4m. Single deals range from £25,000 upwards; there are no specific preferences.