A new angel network for Lancashire, fhunded angels, has been officially launched by Lancashire County Council (LCC). Part of LCC’s highly successful fhunded early-stage finance programme, fhunded angels is thought to be the UK’s first angel network to be led and managed by a local authority at such a scale.
Overseen by the Lancashire Early Stage Investment Board (ESIB) – a cohort of private and public sector financial experts with extensive experience working across the early-stage finance landscape – the fhunded angels initiative will bring ambitious Lancashire startups to the attention of private investors looking for exciting ground-floor investment opportunities.
Such investors – often referred to as ‘angels’ – are typically a mix of successful entrepreneurs, exited founders, and sector specialists, with personal money to invest. They are also all certified as either a high net worth individual, or a certified sophisticated investor, as defined by the UK Financial Promotion Order (FPO).
LCC has already welcomed several investors to its fhunded angels network. Most have a strong connection with Lancashire, and share an interest in wanting to help boost the County’s innovation economy.
In addition to complementing the work of the current fhunded programme, LCC sees angel investment as a way for Lancashire to address the chronic lack of early-stage finance available to startups more generally in the UK, especially outside of London.
Rob Binns, CEO of Preston’s Cotton Court Group and chair of the Lancashire ESIB, said: “The fhunded angels programme has been launched to support ambitious Lancashire entrepreneurs looking to get their foot on the investment ladder. However, angels often bring far more than just finance to the table, and many go on to become passionate champions for the companies they invest in.
“For many angels, it’s being part of the company’s growth journey which really motivates them, as well as the chance to make a return on their investment. Facilitating more angel investment in Lancashire will therefore be a win-win for both the individual investor and the entrepreneur seeking finance, with the County’s wider economy set to benefit massively as a result.”
Any Lancashire entrepreneurs seeking angel investment – and any investors meeting the FPO’s criteria who are interested in joining the fhunded angels community – can contact the fhunded team via the fhunded website – www.fhunded.co.uk
To find out more about the fhunded angels programme, go here
