Bay Business Angels, which was set up in 2017 to provide startups and new businesses with ‘Angel’ investment, has seen businesses in south Cumbria and North Lancaster raise £850k of investment. In a reflection of the high quality of businesses that have pitched to the Business Angels, 33% of applicants secured an average of £170k investment. One pitching event was so successful, 60% of businesses received investment offers.
Bay Business Angels seeks to connect young and growing companies looking for investment with investors actively looking to invest in companies in the North West. Individual investors typically invest between £10k to £100k, with entrepreneurs often receiving offers from more than one investor.
John Wilson from Bay Business Angels, said: “At these sort of events it is not usual to see 10% of businesses secure investment. So to have 33% of businesses generate serious financial interest from some of the North’s leading investors demonstrates the high quality of the start-up scene in the Bay area. Ensuring our most innovative and vibrant young companies have access to alternative forms of funding, providing another avenue to help them to grow and realise their potential is extremely important in helping boost the local economy and supporting the creation of new jobs.
The high number of investments secured show we can rival the traditional major centres for business start-ups.”