Dow Schofield Watts Angels, a new business angel network which aims to boost the England North’s technology sector, has been officially launched.
Launched by independent advisory firm Dow Schofield Watts, and operated by the firm’s private equity arm, PHD Equity Partners, Dow Schofield Watts Angels has been suported by many high-profile Northern entrepreneurs including Bill Ainscough of Wainhomes, Richard Law of GB Group, Peter Mansfield of Call Credit, and Anthony Molloy of Daisy Group.
Led by David Smith, who heads the firm’s technology team and who formerly managed the North West Fund for Digital & Creative, the network aims to address the funding gap for early stage technology investments across the Northern Powerhouse region. It will focus on promising early-stage technology businesses, particularly those with early revenues but which fall short of the size criteria of most tech venture capital investors.
Membership is open to new and existing angel investors, and requires no commitment or fees. A committee of members will help to select investment opportunities which are circulated among the network, with most of them likely to qualify for EIS tax relief.
Initially, the network will invest up to £500k in each business and will also look to co-invest with other funders where appropriate.
It is based in Leeds.