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February 14, 2018
2014 was the most successful year for the Finance for Business North East Angel Fund since its inception four years ago.
Due to continued high demand, Rivers Capital Partners hit its first investment target of £7.5m by Dec last year. Looking to 2015, the Fund has been awarded an extension which enables it to invest in the growth of North East businesses for an additional 12 months.
Over the past four years the Fund has empowered 55 of the most innovative North East businesses to achieve their growth ambitions. The Angel Fund’s portfolio has contributed year-on-year to the growth of the economy, creating £17.1m worth of turnover in 2014 alone.
With a strong commitment to stimulating new business and developing the North East’s economy, the Fund’s portfolio has successfully created and safeguarded almost 500 jobs in the region.
With its capacity to act as a co-investment Fund, the Angel Fund has actively forged strong connections with key business Angels enabling the Fund’s portfolio to generate £7.2m of additional co-investment.
Determined to encourage emerging entrepreneurs and share their wealth of experience in raising finance, Rivers Capital held 26 events last year to educate the North East about the sources of finance available in the region.
Opening a new office in Teesside was a fantastic way to bring the prosperous investment year to a close, further improving their service offering to clients in the southern part of the region.
Dr Michael Dickens, Fund Manager at Rivers Capital Partners, added: “The North East Angel Fund is recognised as the flexible fund for growing innovation. It offers a tailored investment solution, whether it be pure equity, pure loan, or anything in-between, to best suit the needs of the business.”
Jonathan Gold, Director and Founder at Rivers Capital Partners, added: “The continued interest in the Angel Fund is evidence of the determination of North East entrepreneurs and investors to make the most of the improving economy.”