New Anglia Capital has been granted an additional £1million from New Anglia LEP on top of their existing £2million funding. The New Anglia Capital is a co-investment programme between New Anglia LEP and Anglia Capital Group which aims to encourage entrepreneurship across the Norfolk and Suffolk areas.
The finance allocated is used to invest in local start-ups which is what makes this additional £1million so valuable. This funding gives new businesses and products the opportunity to kick-start, grow and thrive. It also supports existing companies in order to help them continue producing sales.
Launching in 2014, this programme has so far invested £2million in 13 businesses including a number of tech firms. Companies that have benefited from this funding include Newmarket-based Spark EV, who received a £50,000 seed investment, Norwich Al firm Rainbird who received £28,000, and medical device company Ablatus Therapeutics who received £200,000 towards their cancer treatment tech.
Business Manager at Anglia Capital Group, Hannah Smith, believes that:
“Start-ups and early-stage businesses are the impetus behind the UK economy, and angel investment is the largest source of early-stage capital in the UK. We are delighted that New Anglia LEP understands the importance of this form of finance and shares our vision to support a thriving start-up, innovation and investment ecosystem in Norfolk and Suffolk, with a clear impact on the economic health of the region.”
New Anglia Capital’s Growing Business Fund offers grants up to £500,000 for new businesses in Norfolk and Suffolk that aim to develop and establish new jobs.
If you have a new business and think you could benefit from this funding, contact New Anglia Growth Hub on 0300 333 6536 or firstname.lastname@example.org for advice on the grant application process. Should you be ineligible, New Anglia Growth Hub can suggest possible alternative business support programmes.