High-growth innovative technology companies have been offered a new source of funding after a high street bank introduced a £2m investment programme.

The Bank of Scotland has launched the programme in conjunction with the Oxford Investment Opportunity Network (OION), to introduce businesses to its network of business angels and corporate investors to raise equity funding.

Alongside the members of OION, investor members of the Thames Valley Investment Network and Oxford Early Investments will take part in the scheme.

During 2008, the bank will make £2m available, with deals of between £25,000 and £250,000, with all investments being made on the same terms as OION’s investor members.

The bank said the arrangement will provide them with an ‘outstanding opportunity’ to establish relationships with high net worth investors.

Malcolm Kpedekpo, associate director of Bank of Scotland growth equity, said the deal will open new doors for the company.

“We now have access to entirely new networks of investors, as well as being able to fund high growth companies.

“In a country which is built on entrepreneurship, we’re determined to play our part in helping the entrepreneurs of today and tomorrow realise their ambitions,” he said.

Don McLaverty, director of OION, added that the deal will allow the network to act as a ‘super angel investor’ alongside its angels.

“It can only be good news for the companies who raise funds through OION,” he said.

© Crimson Business Ltd. 2008