Pennies from heaven could help ambitious enterprises.
A new pounds 30m investment fund will provide North-East companies with another potential source of backing to expand their business.
The Seraphim seraphim
six-winged angels of the highest order, distinguished by their zeal and love. [O.T.: Isaiah 6:2; Benét, 915]
See : Angel Fund, backed by "business angels" across the country who have raised pounds 10m and pounds 20m from the Government, is intended to plug the pounds 500,000 to pounds 2m equity gap not currently met by venture capitalists or other investors. North-East enterprise agency Entrust is part of the national Seraphim consortium, which was one of the successful Enterprise Capital Fund bidders announced this week by the Department of Trade and Industry The Department of Trade and Industry was a United Kingdom government department which was disbanded with the announcement of the creation of the Department for Business, Enterprise and Regulatory Reform on 28 June 2007. (DTI Diffusion tensor imaging (DTI)
A refinement of magnetic resonance imaging that allows the doctor to measure the flow of water and track the pathways of white matter in the brain. ).
The Enterprise Capital Fund programme is intended to boost private-equity investment in fast-growing small and medium-sized businesses. The Seraphim Fund will be led by Greater London Enterprise and has partners including Advantage Business Angels in the Midlands, Archangel archangel, in religion
archangel (ärk`ānjəl), chief angel. They are four to seven in number. Sometimes specific functions are ascribed to them. The four best known in Christian tradition are Michael, Gabriel, Raphael, and Uriel. in Scotland and Entrust covering our region.
Entrust will act as Seraphim's "gatekeeper" here, promoting and co-ordinating applications from companies seeking growth funding. Entrust regional financial services manager Bob Marris said: "The launch of the Seraphim Capital Fund is excellent news for North-East businesses.
"The Seraphim Capital Fund will substantially increase the equity funding available to high-growth, early-stage companies in the North and help address the sub-pounds 2m equity gap." Investments will be approved across the UK by an investment board, based solely on proposal merit ( so although no specific pot of money will be allocated to the North-East, there is also no limit to the amount potentially available to the region's companies.
The Seraphim Fund plans to invest over five years starting from this September.