Innovation Investment Capital (‘IIC’ or the ‘fund’), a new fund focused on providing innovative Cardiff Capital Region businesses with long-term capital, has been launched at an event at the Principality Stadium in Cardiff.
Over 150 people attended the event to hear a range of speakers including David TC Davies, Secretary of State for Wales, discuss the importance of innovation to the future growth of the Welsh economy and how this new fund can support businesses in the Cardiff Capital Region.
IIC is designed to increase the availability of long-term capital in Southeast Wales by encouraging economic growth through investments in innovative and scalable businesses - with the initial £50 million provided by the CCR City Deal, and additional funding expected to come from one or more co-investment partners, to further increase the overall fund size.
IIC is focused on catalysing ‘good growth’ and helping address wider environmental, social and governance issues in the Region, by aligning business innovation to the Wellbeing of Future Generations Act - ensuring that the businesses who qualify for funding strengthen their ESG credentials.
For investment consideration, businesses must be based in (or relocating to) one of the ten unitary authorities of Cardiff Capital Region, which stretch from Bridgend to Monmouthshire and into the South Wales valleys - an area that represents over half of Wales’ population and economic output.
Investments will vary in size, but broadly between £2m and £7m, with the fund generally seeking an equity stake of greater than 10%.
PwC has been chosen to manage the sourcing and project management of new investment opportunities and Capricorn Fund Managers is the fund’s Alternative Investment Fund Manager.
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