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A joint funding initiative, UKI2S Innovate Accelerator, has been providing funding for start-ups throughout the United Kingdom for 12 months.
A joint funding initiative, UKI2S [United Kingdom Innovation & Science Seed Fund] Innovate Accelerator, has been providing funding for start-ups throughout the United Kingdom for 12 months, it was revealed in an Oct. 21, 2019 press release.
Over the course of a year, the funding initiative has allocated 60% of its available funds to 18 companies. Equity funding that has been leveraged by the start-ups has already reached £21 million (US $27 million), with eight companies still in the process of closing equity funding rounds. This level of funds raised equates to more than six times the level of investment.
Andrew Muir, investment director at UKI2S, said in the press release, “We have received applications from across the UK spanning a wide range of sectors, demonstrating the wealth of talent and entrepreneurship present in the UK. Capturing commercial potential from the UK science base is going from strength-to-strength, and we are delighted to be able to support this growth.”
The UKI2S Innovate Accelerator, which combines the skillset of Innovate UK (technology assessment and grant funding capabilities) with the investment expertise of UKI2S, is open to companies within the UKI2S portfolio.