Member Article

First business to receive equity investment from the North of Tyne Culture and Creative Investment Programme to tune of £100k

Creative UK is delighted to announce the first equity investment from the North of Tyne Culture and Creative Investment Programme in the form of a £100,000 investment in Grid Finder - an early-stage, high-potential, esports start-up based in Newcastle upon Tyne.

The investment is part of a wider equity funding round and has already catalysed additional private match investment of £325,000 for the company plus another £200k-£300k in soft commits towards their £1M+ Seed investment round.

Says Tom Bunten, Founder of Grid Finder: “We are thrilled to have received this investment from The North of Tyne Culture & Creative Investment Programme. The award will enable us to employ two more incredibly talented developers, Chris Honniball (CIO & co-founder) and Kamil Zurek - as well as giving us the funds to bolster our marketing team and strategy.”

“This is our second investment round but significantly larger than the first, with more complex mechanisms involved. Creative UK were patient, transparent and incredibly helpful throughout the whole process and it’s a huge boost to know that they have our best interests at heart and are just as motivated to see the business succeed as we are.”

Rahul Misra, Investment Manager, North of Tyne, Creative UK, said: “We have been very impressed by the Grid Finder team’s passion - for online racing and for creating solutions for online racing communities. They have seen significant early traction for their platform. Through equity investment and strategic support from the North of Tyne Culture and Creative Investment Programme, we look forward to supporting Grid Finder’s growth. .”

“The North of Tyne Culture and Creative Investment Programme has a further £1M to invest through loan and equity financing on behalf of the North of Tyne Combined Authority by June 2023 - so we urge creative businesses in the area to get in touch!”

For further information please contact Rahul Misra, Investment Manager, North of Tyne, Creative UK.

This was posted in Bdaily's Members' News section by Nicky Mckeen .