Six new deals for London Business Angels as the network uses EIS and SEIS schemes

London Business Angels investors are backing six new companies, taking the network's 2013 deal count to 10.

A sum of £1 million has been injected into six SMEs by the London Business Angels (LBA) alongside other co-investments of around £4.5 million.

The six companies backed by the private angels network includes trunk mains monitoring company Syrinx, which is backed by LBA as part of a £2 million round, and Liverpool-based nasogastric feeding tube business Westco Medical, which has secured a £146,000 Seed Enterprise Investment Scheme (SEIS) commitment.

LBA is part of Angel Capital Group and is also a founding member of the British Business Angels Association. A portion, £200,000, of LBA’s new investments has been made through its in-house Enterprise Investment Scheme (EIS) and SEIS funds.

The LBA EIS Approved RoundTable Syndicate Fund allows investors to take advantage of personal tax relief available through the funding mechanism. The first £300,000 LBA EIS RoundTable Fund 2010 was fully invested in January 2011 and made four investments.

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Alongside Syrinx and Westco Medical, digital imaging marketplace firm Glopho has secured £157,000 from LBA as part of a £300,000 round, LED lighting business Isotera has netted a £350,000 follow-on sum as part of a £1.6 million deal and London-based e-commerce digital platform Style on Screen has walked away with a £150,000 SEIS injection.

A smaller £40,000 investment has also been made in flow reactor company AM Technology.

Anthony Clarke, CEO of London Business Angels, comments, ‘The recent level of investor activity within the LBA community – closing circa £1 million of investment shows our angels appetite for SEIS/EIS eligible investments with the potential for explosive growth.

‘LBA has introduced experienced lead angels into a number of these deals whose skill and expertise will likely help to drive their future growth.’

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.