Minerva lending figure climbs to £1m
A business investment network in Warwickshire has raised more than £1m of funding to support early stage businesses in just over a year.
The University of Warwick Science Park’s Minerva Business Angel Network has completed 12 investments during the last 15 months, raising more than £1m of funding from its angel investors.
Minerva now has more than 100 investors registered around the country.
Businesses in a range of sectors including IT, automotive, telecoms, medical, engineering and health and beauty secured funding.
Tim Powell, who heads the Minerva Business Angel Network, said: "The businesses which have been selected for investment so far have been primarily West Midlands-based so it is great that we attracting significant funding to the region and creating potential long term jobs."
The Minerva team also helped attract a further £2.3m in funding from other private investors and venture capital funds including Midven’s Early Advantage co-investment fund.
"It is currently extremely difficult for early stage businesses to raise finance via traditional sources after banks tightened their purse strings," said Powell.
"But the importance of access to finance for an early stage business cannot be underestimated – and Minerva offers more than just funding to help a business take off."
