London Business Angels invest a further £1m in high growth tech firms

Venture capital group marks 10th angel deal in first quarter of 2013

Venture capital group London Business Angels invested £1m into six small tech firms in the first week of April, as part of a wider round of investment worth around £5m.

The group identified six tech firms with high potential for growth as suitable for investment, bringing the total number of deals concluded to 10 in 2013.

The £1m invested included £200,000 of internal funding for the group’s Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) funds.

Amongst the deals were a £178,000 investment into Norfolk-based pipeline monitoring service Syrinix, £157,000 of further investment into London-based news image sharer Glopho and a £350,000 investment into Hertfordshire LED specialist Isotera, as part of a wider £1.6m round of funding.

The group has announced that it has funds available in both its EIS and SEIS schemes in the coming year and urged other technology firms to seek investment.

Anthony Clarke, chief executive of London Business Angels, said: “The recent level of investor activity within the London Business Angels community – closing circa £1m of investment in the last week of the tax year – shows our angels’ appetite for SEIS and EIS eligible investments with the potential for explosive growth.

“We now look forward to hearing from other potentially high growth technology companies seeking angel capital, as we have funds available in both our SEIS and EIS funds in the next 12 months.”

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