New fund targets tech ventures
Article Date: Feb 04 2008Bank of Scotland Corporate, in partnership with business angel network Oxford Investment Opportunity Network (OION), has launched a co-investment programme to fund early-stage technology businesses. The bank has set aside £2 million which it will use to match investments made by members of OION and its sister networks.
The programme will be able to make investments as small as £50,000 (with £25,000 provided by Bank of Scotland). Typically, the total amount invested will be between £200,000 and £500,000.
OION and its sister networks, Thames Valley Investment Network and Oxford Early Investments, will be responsible for sourcing deals. While OION and the Thames Valley Investment Network both focus on technology businesses seeking six-figure investments, Oxford Early Investments helps very early-stage ventures raise proof of concept funding from a minimum of £20,000.
Malcolm Kpedekpo, associate director of Bank of Scotland’s growth equity team, says the deal ‘opens doors’ for the bank. He adds: ‘We now have access to entirely new networks of investors, as well as being able to fund high-growth companies.’
Don McLaverty, director of OION, comments: ‘We have an extremely solid network of over 100 active angels who have a superb track record of investment.’
Established in 1994, OION secures investment rounds from £150,0000 to £2 million for between ten and 15 companies a year. Past successes have included Oxford Asymmetry, a pharmaceutical spin-out from Oxford University, and nanotechnology business Oxonica.