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East Midlands Early Growth Fund announces - Open Pitch Days
12/07/2011
A regional venture capital fund for East Midlands businesses has announced that it will be holding two “Open Pitch Days” in Nottingham on 19th August and 2nd September.
We’re looking for exciting companies in which we can invest says Nick Wright, Fund Manager for East Midlands Early Growth Fund (EMEGF). Companies across the East Midlands with sound business propositions are invited to submit their business plans in confidence and those that look most interesting will be invited to pitch to the Fund’s investment panel.
Business plans must be submitted at least one week before the pitch date and all companies must take part in a telephone interview before being given a slot to pitch.
The East Midlands Early Growth Fund (EMEGF) is a ten year fund set up in September 2006 by East Midlands Development Agency (emda) to invest in start-up and early-stage businesses based in the region. The venture capital fund is managed by London and Nottingham-based E-Synergy Ltd, one of the most experienced and successful investment teams specialising in early stage businesses in the UK. The Fund remains open to new investments until 8 September 2011.
Despite the economic gloom, several of the Fund’s portfolio companies have excelled, across a range of sectors and regions. Northampton-based Blackstar Amps is a company backed by EMEGF. Blackstar has gone on to gain a global presence with its acclaimed guitar amplifiers, which have proved to be instant hits and are being used by many well-known bands and recognised musicians around the world. The company recently won a Queen’s Award for Export and two portfolio awards by the British Venture Capital Association. Meanwhile Rutland-based Babybond Ltd, another portfolio company, has more than doubled the number of its scanning centres to 45 and is the largest employer of sonographers outside of the NHS. It has recently launched Ultrasound Direct to expand its ultrasound scanning beyond antenatal services to include general health scanning for both men and women. Other portfolio companies doing extremely well include Nottingham-based Critical Pharmaceuticals, which was the Fund’s first investment in late 2006, Leicester-based dating site Lovestruck.com and Mansfield-based medical gas safety designer BPR Medical, which now supplies hospitals around the globe.
Mike Carr, emda’s Executive Director of Business Services, said: “Many of the companies that have received investment from EMEGF to date are becoming significant businesses in their sectors. They have also been able to use the funding to leverage additional investment.
“However, the Fund is now coming to the end of its first five years. At this point, it cannot make investments into new companies. It is therefore vitally important that companies, who are presently considering raising investment, act now. There is currently no replacement for this Fund on the horizon.”
About the Open Pitch Days
- Open to small and medium sized companies based in, or relocating to, the East Midlands region.
- Companies must be seeking between £40,000 and £1m in equity investment, of which half can come from the East Midlands Early Growth Fund.
- Companies must submit their business plans, via email address: pitchday@earlygrowthfund.com at least one week before the date they wish to pitch (19th August or 2nd September), and include their full contact details.
- Companies will only be invited to pitch after a telephone interview by an investment executive, which will cover key aspects of the business plan.
For further information, please email: pitchday@earlygrowthfund.com
Submitted by Nick Wright