Cambridge Discovery Fund raises first £1 million

The University of Cambridge has raised £1 million for its Discovery Fund, which will offer seed finance to high tech spin-outs.


The University of Cambridge has raised £1 million for its Discovery Fund, which will offer seed finance to high tech spin-outs.

The University of Cambridge has raised £1 million for its Discovery Fund, which will offer seed finance to high tech spin-outs.

The target for the fund, managed by the university’s commercialisation office Cambridge Enterprise, is £5 million. It will provide ‘pathfinder’ funding of up to £10,000 for university members with bright ideas to carry out market assessments and develop a business plan, or proof of concept backing of up to £80,000.

Teri Willey, chief executive of Cambridge Enterprise, says, ‘The University of Cambridge Discovery Fund provides that critical first funding which can be so difficult for a new company to find.’

Cambridge Enterprise claims its seed funds have attracted follow-on funding of £45 for every £1 invested, while its funded companies employ more than 1,700 people.

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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