LBA’s first SEIS fund to support up to five early-stage companies
30 October 2012 16:37
London Business Angels (LBA) has announced that its first £250,000 SEIS fund is now open for business, following investment into the scheme from LBA members.
The new Seed Enterprise Investment Scheme (SEIS) fund aims to increase funding for seed-stage businesses, offering co-investment in around four to five companies alongside LBA investors over the next 18 months.
Co-investing only with angels who provide mentoring and assistance to new companies, LBA hopes that the new fund will provide start-ups with support as well as finance.
LBA members are also set to benefit from the roundtable syndicate fund, which entitles them to tax relief up to 50% in the year the investment is made.
The launch of LBA’s first SEIS fund follows the investment network’s previous three Enterprise Investment Scheme (EIS) funds, which have raised over £1m from its members over the past two years.
Anthony Clarke, CEO of LBA commented: “LBA’s new SEIS Fund offers our members exposure to a small portfolio of riskier, early stage UK companies, making it easier for these companies to become established and to grow.
“The Fund will only co-invest with LBA syndicates particularly where a lead LBA angel investor from the syndicate is mentoring and assisting management so our SEIS model is not just about tax breaks it’s also about providing smart money to start-ups.”