One UK start-up will receive GBP150,000 every month for the next 12 months as part of the Start-Up Series, a new competition offering GBP1.8m in seed funding.
Winners will be made aware just eight weeks from their date of application, with funds received within 12 weeks.
Launched by Worth Capital in partnership with Startups.co.uk, the Start-Up Series is the UK’s biggest ever seed investment competition, giving young businesses a chance to apply for a share of the GBP1.8 million investment pot.
From every month’s competition, one winning business will be selected to be put forward for up to GBP150,000 seed funding, in return for equity. The Start-up Series is open to early-stage consumer businesses developing products, services, or new ways to buy them.
The initial application is quick and simple, requiring just a few details and a two-minute video or two-page document. Two weeks after applying, 24 qualifiers will be selected by Worth Capital.
In addition to the cash, each winner will also receive an experienced investor director on board ready to work with them on the growth of their business.
Entries for each month’s competition will open on the first Monday of the month and close on the second Sunday of the month. The first competition window is Monday 3 October to Sunday 16 October 2016 – and can be entered at startups.co.uk/thestartupseries.
As the fund will be for SEIS investments, interested businesses will need to satisfy the following criteria set by HMRC:
- The business must be UK-registered and the applicant must be a UK resident;
- The business must have been trading for less than 21 months and have less than GBP200,000 in gross assets;
- The business must employ no more than 25 staff
Worth Capital founders Paul Soanes and Matthew Cushen are brand, retail and innovation experts and experienced angel investors with more than 30 seed investments between them, including PayAsUGym and eReceipts.
Cushen says: “My partners and I have been investing in start-ups for many years. We’ve found that as well as some cash, the companies we invest in value our experiences – from growing our own businesses through to having big jobs in large retailers. And we get a huge kick out of seeing start-ups grow.
“With Startups.co.uk we cooked up a way to help many more young businesses to gain funding and a way for investors to build a diversified portfolio of the brightest entrepreneurs with the smartest ideas. We hope that all entrants to the series will use the competition process and our feedback as a way to hone and strengthen their strategy and plans.”
Ian Wallis, editorial director at Startups.co.uk, says: “Our readers have consistently told us that access to finance remains the biggest challenge they face, so we’re incredibly excited to be able to announce such a unique competition format.
“The guys at Worth Capital are so passionate about backing and helping their investee companies grow. They have an excellent track record already and we’re confident this seed funding competition will unearth some of the brightest and most back-able entrepreneurial businesses around.”
