£1.8 Million ‘Start-Up Series’ Equity Fund Opens New Investment Round
Each month, one business will be chosen to receive up to £150,000 of seed funding. Supported start-ups will be required to give away equity in exchange for investment. In addition, Worth Capital will receive a 7% share option in the funded business.
The additional benefits of applying for this competition are as follows:
• Quick decisions: Results are usually known in fewer than eight weeks.
• Support: Each winner will have support from Worth Capital via an experienced director.
• Media coverage: Winning a high profile competition and the exposure that generates is beneficial when talking to customers, potential employees and future investors.
The Start-Up Series is open to early-stage consumer businesses in the UK that are creating new products or services, or new ways to buy them.
Business owners must be in a position where they are looking to receive funding from investors in exchange for equity in their business. Because the fund will be for SEIS investments, the business needs to satisfy the following criteria set by HMRC:
• The business must be UK-based and the applicant must be a UK resident over 18 years old at the time of entry.
• The business must have been trading for less than 21 months and have less than £200,000 in gross assets (so as to qualify for SEIS-funding).
• The business must employ fewer than 25 staff.
Entries for the competition will be accepted on a monthly basis, opening on the first Monday of the month and closing on the second Friday of the month. The deadline for the current application window is Friday 14 July 2017.