Ingenious Ventures has created its first Ingenious Seed Investment Programme to target injections of up to £150,000 in media and creative early-stage businesses.
The £2.25 million fund will be looking to back 15 ventures which qualify for the seed enterprise investment scheme (SEIS).
Patrick Bradley, CEO of Ingenious, says that the firm has already raised and invested £8 billion in the media and creative sectors during the last 15 years.
He adds, ‘Through the programme, we are continuing to stand behind the top emerging creative talent the UK has to offer.’
Ingenious will now begin a three-month search for its 15 investments involving the touring of UK innovation hubs. Entrepreneurs, the firm says, are invited to meet the team, pitch the business in person and receive first-hand guidance.
Bradley explains, ‘Finding 15 great ideas in three months is a challenge. But we’re confident the ideas are out there: this is one of the UK’s most under-tapped sources of fast-growth businesses founded by innately entrepreneurial, ambitious and incentive individuals.’
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According to figures from Ingenious, the media and creative industries account for six per cent of UK GDP and employ more people than the financial and professional services sectors.
Ingenious also says that, following the initial investment of up to £150,000, the firm will provide follow-on backing for those that ‘excel through their partnership’. The return capital, of up to £1 million by January 2014, will be drawn from Ingenious Ventures’ EIS Fund.
Previous investments from Ingenious in the UK media, entertainment and content brands include Digital Theatre, Property Network and Casabu.
The firm also recently signed a partnership with advertising group BBH to identify enterprise investment scheme (EIS) qualifying companies and make capital injections based on a joint equity stake.
GrowthBusiness has secured an exclusive look at what businesses backed by the new Ingenious Seed Investment Programme can expect. To find out more from Patrick Bradley, click here.
