Looking For Funding? VC Community Launches; UK Government Confirms £1 Billion Fund

Grow VC

In a time when it’s hard to get your hands on a decent mortgage, it’s no wonder many companies are struggling to raise the millions they need from venture capitalists to really grow. Finnish entrepreneurs Jouko Ahvenainen and Valto Loikkanen think they’ve found part of the solution with their Grow VC social networks, which is designed to connect start-ups with investors and business experts across the world, as Arcticstartup.com reports. The founders want to create a transparent platform for early-stage funding — information about all companies is shared among the community — and to connect entrepreneurs with businesses outside their native cities and countries. The in-beta site offers free subscription to start-ups but will start charging a minimum of $150 per year when it fully launches.

But if you’re a UK technology or digital-based company — you may be eligible for a pay-out from the government’s own VC fund. First announced in the chancellor’s Budget this year, the government today re-announces the UK Innovation Investment Fund, albeit with a promise that the fund will reach £1 billion over ten years instead of £750 million. The fund is for “technology-based businesses with high growth potential”. Three government departments — business, health and energy — are contributing £150 million now and it is hoped private investors will match that, though no names have been mentioned. Release

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