Image from www.immerseuk.org
The UK Research and Innovation, through the Industrial Strategy Challenge Fund, is launching the Audience of the Future Challange (AofT) Investor Accelerator co-investment fund on 4 March.
This next phase of AoFT co-investment fund is aimed at supporting the commercial development of significant innovation in the UK immersive tech sector through simultaneous grant funding and venture capital investment in UK creative businesses.
How it works
- The Investor Accelerator provides simultaneous grant funding and venture capital investment for early stage projects:
- Innovate UK funds the R&D being carried out by company
- Investors invest in the company itself
- It consists of two competition stages: stage 1 for investors (opens 4 March 2019), stage 2 for companies (opens 20 May 2019)
- Up to £2m of funding is available for industrial R&D; projects’ total costs can be between £150,000 and £300,000
- The Investor Accelerator will fund up to 70% of eligible project costs in grant funding for micro or small businesses (under 50 employees) and up to 60% for medium-sized businesses (50 – 250 employees)
- Investors commit to exploring co-investment in the portfolio of companies selected in Stage 2 at 30% for SME / Micro and 40% for middle size companies
- The competition is open to single SMEs who are looking for grant funding and who want to establish an equity relationship with a UK venture capital firm. The funding on offer should help businesses move closer towards a proposition that is commercially viable.
How to apply – and key dates
- For Investors
Applications open | 4 March 2019 | Deadline for applications | Midday, 3 April 2019
Investors can make an application and register their interest by completing an IA Investor application form, which can be found on the Immerse UK website on Monday 4 March. Applicants must be a UK investor or an international investor with a UK office.
Don’t forget the launch date! You can contact Mairi Dillon at the KTN on mairi.dillon@ktn-uk.org who will be able to send you a reminder when the fund goes live in March.
- For Creative and Tech Business
Applications open | 20 May 2019
Application forms for UK Businesses will be available on Immerse UK from 20 May. A series of briefing events will be held around the UK in May, more information will be made available from April 2019 on Immerse UK.
For more information about this funding opportunity, please visit this link.
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