Crowdcube, a UK-based equity crowdfunding platform, has been awarded £5m as one of six competitively selected partners by the London Co-Investment Fund (LCIF).
Established by Funding London and Capital Enterprise, the LCIF is a new Government-backed fund designed to address the funding gap in London faced by tech startups, and will see £25m invested in 156 seed stage companies within the Technology, Digital and Science sectors over the next three years. The £25m is being contributed by the Mayor of London through the London Enterprise Panel’s “Growing Places Fund”.
Crowdcube will source the companies for co-investment and consortium partner Braveheart, an AIM-listed investment management group which also runs the independent Crowdcube Venture Fund, will make the investment decisions and carry out the fund management role.
LCIF’s investments can be made in high growth companies transitioning from startup to the growth phase looking to raise between £250k and £1m. The fund will also be used to attract private sector investment with a target of £2.90 of private investment for every £1 invested by the LCIF.