Member Article

New £2.1m fund to invest in startups as part of 'biggest ever' UK seed fund competition

Investment firm Worth Capital has launched a new £2.1m fund that will be invested as part of a new Start-up Series competition in conjunction with Startups.co.uk.

The Start-up Series SEIS Fund One will look to raise up to £2.1m to help fund the series of monthly competitions which will invest up to £150k seed capital in promising consumer-focused startups.

Focused on businesses who have the potential to develop real, consumer products and services, the startup competition is pointedly not targeting technology-focused companies, and is instead looking for entrepreneurs with the potential to grow a new brand in areas such as food, drink, hospitality, leisure and other sectors.

The new fund, which will be managed by Amersham Investment Management, has been created specifically to invest in the first 12 monthly winners of the new competition, which will also see firms benefit from advice and guidance from an investor director.

Commenting following the launch of the new fund and competition, Matthew Cushen, co-founder of Worth Capital outlined the benefits for both the startups involved and investors in the fund.

He said: “My partners and I have been investing in start-ups for many years. We’ve found that as well as some cash, the companies we invest in value our experiences.

“So with Startups.co.uk we developed a way to help more new businesses to gain funding and with Amersham Investment Management as the fund manager we’ve created a way for investors to build a diversified portfolio of investments in companies created by bright entrepreneurs with smart ideas.”

Startups.co.uk Editorial Director Ian Wallis explained that the new competition was an attempt to remedy the finance gap that many startup companies face early on, and was complimentary about Worth Capital’s seed funding credentials.

He commented: “The guys at Worth Capital are so passionate about backing and helping their investee companies grow. They have an excellent track record already and we’re confident this seed funding competition will unearth some of the brightest and most back-able entrepreneurial businesses the UK has to offer.”