Innovate UK is inviting investors to partner with us for this healthy ageing investor partnership programme. Together we will align Innovate UK’s grant funding of relevant R&D projects alongside your investment in UK micro, small and medium-sized enterprises (SMEs) concerned with developing products, services, or business models, which address one or more of the 7 themes of healthy ageing.
They are seeking investor partners that are looking to invest in high growth potential SMEs that aspire to finding solutions to address the issues associated with ageing well. The SMEs will be selected in a later competition.
Your organisation must be an equity provider with the potential to act as lead investor in investments from £1 million to £3 million. Equity providers that are a charity or a trust are also eligible.
Innovate UK aims to establish a ‘pool’ of lead investor partners, interested in making investments aligned with Innovate UK grants. Investments must be either direct equity or convertible loans.
You must also be able to offer other commercial acumen to SMEs, such as:
You must be able to demonstrate that your organisation is of good financial standing. Innovate UK is looking for a mix of UK established investors with an interest in healthy ageing markets including venture capital, angel network, charity, social impact organisation or corporate venture investors.
Innovate UK has allocated up to £12 million in total to provide grant funding for SME projects aligned with private investment from investor partners.
During the SME phase of this competition, businesses will state what their total funding requirement is, including the Innovate UK grant funding aligned with equity investment.
If your organisation is selected to be an investor partner you will be expected to identify potential UK small and medium sized enterprises (SMEs). These can be:
The SMEs seeking support will be required to carry out projects that meet the objectives of the Healthy Ageing Challenge.
Innovate UK plans to open the SME competition in spring 2021. Innovate UK will assess each invited project application using our independent pool of expert assessors and rank the assessed applications as fundable and non-fundable.
Lead investor partners will be expected to undertake their normal discussions and due diligence with SMEs of interest.
Innovate UK expects that funded SMEs will be ready to start their projects as soon as investment has been confirmed in writing and after they have completed project finance checks.