17/04/2012 - Government Opens £40 Million Notion Capital Fund (UK)
The Government has launched a new equity investment scheme under the Enterprise Capital Fund portfolio.
The Notion Capital Fund has been set up to invest in high-growth potential SMEs in the UK. It is designed to help a significant number of firms to grow and create jobs; thereby boosting the country's economy.
The programme will invest a minimum of £40 million. Investments range from £250,000 at the seed stage up to £5 million for later stage opportunities. The funds are to be used to enable investee businesses to undertake capital projects in order for them to expand and grow their operations.
Emerging high-growth internet-based cloud computing and Software-as-a-Service (SaaS) companies, as well as other business models which use the internet in their service offering, are being targeted for investment.
Business and Enterprise Minister Mark Prisk said:
"It is absolutely vital that ambitious small firms can access the finance they need to expand and grow, and this new Enterprise Capital Fund will provide at least £40 million of funding to viable UK high-tech businesses.
"Notion Capital is the largest Enterprise Capital Fund to date and will help a significant number of firms to grow and create jobs, boosting our economy."
Rory Earley, CEO of Capital for Enterprise Limited said:
"We have been very impressed by the ability of the Notion Capital team to bring to bear their extensive entrepreneurial and operational experience to enhance the businesses in which they invest.
"We are delighted that the team has reached first close with £62.9 million in investor commitments. This result demonstrates the strength of the Enterprise Capital Fund programme and in particular the attractiveness of the Notion Capital fund."
Applications may be submitted at any time.
Click here for further information (opens in new window).
Source: Department for Business, Innovation & Skills, 17/04/2012
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