A group of experienced investors has launched a competition that will see a lucky start up receive £150,000 each month over the course of a year. Worth Capital is the fund behind the scheme, which will see a monthly competition to pick the best SME to get the £150k each month. In total, Worth has committed £1.8m to the competition.
Matthew Cushen, co-founder of Worth Capital said. “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.
According to Cushen, the fund will focus on investments that meet the criteria for SEIS. In short, that means:
- 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 £200,000 in gross assets
- The business must employ no more than 25 staff
‘Hone their strategy’
“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,” Cushen says. “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.”
To apply, contenders must provide some basic details and a two-minute video OR two-page document. Two weeks after applying, 24 ‘qualifiers’ will be selected by Worth Capital.
More details here.