The management team behind Find Invest Grow (FIG), a venture capital firm targeting the student and recent graduate market, has launched the asset management company New Model Venture Capital (NMVC).
NMVC’s first fund, the FIG Concept Seed Fund (the Fund), will provide access to FIG’s current portfolio of start-up investments as well as future deal flow.
NMVC received FSA authorisation in April 2012. It is well-advanced with capital raising for the Fund which, once closed, will provide additional funding to the start-ups supported by FIG.
Both FIG and the Fund invest in businesses founded or managed by UK students or recent graduates and this unique demographic focus provides important diversification through a broad sector investment strategy – from FMCG and manufacturing to fashion retail and neuroscience.
“The launch of NMVC is a key part of FIG’s longer term fundraising initiatives and we are delighted to bring this first fund to market,” says Mark Hanington (pictured), Director of FIG. “We know there are individuals beyond the traditional angel investor, with the appetite to invest in our early-stage businesses. The fund provides the perfect opportunity for these investors and it will complement our network of angel investors by providing promising growth businesses with faster access to capital.”
FIG has spent two successful years raising angel finance for start-up firms. Its model of venture capital combines innovative ways to generate deal flow with the expertise of active investors who, alongside FIG, provide ongoing mentoring, advice and support to early-phase businesses throughout the investment lifecycle. FIG’s unique approach is designed to deliver high-quality, high-volume deal flow resulting in better conversion rates than conventional strategies. Virtually all FIG’s investments qualify for EIS or SEIS tax status.
Adrian Clark, Director of NMVC, said: “FIG’s investment selection strategy is producing a fantastic portfolio. By accessing the high-quality deal flow it generates, as well as investment opportunities within FIG’s current portfolio, we expect to get investors’ money allocated and working very quickly. Investors will also benefit from an incredibly strong team with proven expertise in the investment, management and exit of early-stage companies.”
The Fund’s investment committee includes Chairman Robin McIlvenny (former Banking CEO and successful angel investor), David Marshall (senior specialist private equity advisor), Michael Blakey (Managing Partner of Avonmore Developments) and Mark Minter (former President and CEO of Power Plate International and Holmes Place AG respectively).
The FIG Concept Seed Fund will invest in EIS-eligible businesses and is targeting High Net Worth investors with a minimum investment of GBP100,000.
