Angels back businesses to tune of £2.8m
THE Business Growth Hub, part of Manchester Growth Company has helped to secure more than £2.8m of angel investment for 19 North West-based businesses over the last 12 months through its North West Business Angels programme.
The programme provides businesses seeking funding with an opportunity to pitch to the NWBA, which is a network of over 300 high net worth individuals who provide finance and support to a broad range of SMEs within the North West.
Over the past 12 months the hub has supported 74 businesses through the process, with 19 successfully securing investment.
The network provides firms with funding between £10,000 and £500,000, and is one of the UK’s longest and well-established angel networks.
Since it was set up 12 years ago it has invested over £27m into businesses across the North West.
One business that has received this form of funding includes property developer 10ACIA.
10ACIA, a property developer which operates across Lancashire, Cheshire and Greater Manchester, received £500,000 from an angel investor allowing the business to deliver new projects across the region.
The company is now aiming to secure further angel funding in order to sign on new contracts.
10ACIA founder David Price said: “The NWBA and Business Growth Hub have played a pivotal role in pushing my business forward. They laid out a very simple path in front of us, allowing us to fund a number of projects simultaneously. It’s probably the most cost-effective form of finance available and has already set the business up for a period of sustainable growth.”
Philip Hargreaves, access to finance manager at Business Growth Hub, said: “The success of the North West Business Angel network highlights the appetite for a variety of finance options from firms here in Greater Manchester and the wider north west. Our programme gives aspiring entrepreneurs the opportunity to pitch to investors, in addition to providing them with detailed business planning and financial modelling to prepare them for investment.”
Kieran Quinn, GMCA lead for investment strategy and finance, added: “North West Business Angels is a vital service for bringing together entrepreneurs and investors and as such, supporting the economic development plan for Greater Manchester.
“It’s great to see the growth of small to medium enterprises as a result of working alongside the business angels and I look forward to seeing many more success stories in the future.”
