Vamosa Gets GBP1 Million From UK Government Scheme To Help Smaller Cos
August 14 2009 - 5:46AM
Dow Jones News
Scottish software company Vamosa Friday received GBP1 million
from the U.K. government's Capital for Enterprise Fund, through
which it is investing GBP75 million in small companies requiring
long-term capital.
The investment in Vamosa is being managed by Maven Capital
Partners, which is presiding over GBP30 million of the fund, and is
one of the first investments to be made.
He said due diligence is underway on several other funding
opportunities, with more investments expected to be completed in
the coming months.
The Capital for Enterprise Fund will provide equity of between
GBP200,000 and GBP2 million to small- and medium-sized U.K.
companies with viable business models and growth potential that
require long-term capital.
The total comprises GBP50 million from the government and GBP25
million from retail banks Barclays PLC (BARC.LN), HSBC Holdings PLC
(HSBA.LN), Lloyds Banking Group PLC (LLOY.LN) and Royal Bank of
Scotland Group PLC (RBS.LN).
Octopus Investments is managing another GBP30 million of the
fund, while the remaining GBP15 million will be invested directly
by fund managers at asset management company Capital for Enterprise
on a co-investment basis.
-By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298;
hannah.benjamin@dowjones.com