Innovate UK announces “investment accelerator” pilot.
Looking for a grant, but can’t find the matched funding? Want to attract the attention of leading investors?
Innovate UK has announced a new format for R&D support combining grants with venture capital investment.
Here’s the proposal:
Up to 70% of the project funds are awarded as grant in the normal way, but the matching funds are provided by nominated equity investors.
- Awards to single SME’s only
- Projects last up to 12 months
- Total costs capped at £150,000 (so up to £105,000 grant and £45,000 equity investment or convertible loans).
The pilot covers a broad scope within two of Innovate UK’s core sectors: “Infrastructure Systems” and “Health and Life Sciences”.
Proposals will need to pass the Innovate UK threshold, and successful applicants will then negotiate the financing deal with the nominated investment partner.
More details here.