Angels alight on Capital Network investments
Published: 4th July 2002
Jill MacDonald, right, a director of Toolbox Drilling Solutions shows off the Hydrastab drilling tool to Capital Network manager Lynne Martin. Toolbox was one of several Yorkshire companies presenting their business to Capital Network's business angel investors.
Several Yorkshire entrepreneurs have showcased their companies to the region's business angels as they seek to raise finance to further develop and expand their business.
The event, organised by Capital Network, part of the South Yorkshire Investment Fund, seeks to bring together entrepreneurs seeking funding with business angels keen to invest in fast-growing businesses. Business angels are typically wealthy and experienced businessman keen to lend their expertise and cash to growing businesses.
Lynne Martin, manager of Capital Network, said: "There is a growing appetite among wealthy individuals to get involved in the sorts of private equity investments we can put together. Capital Network seeks to bring together aspiring entrepreneurs with great ideas and business angel investors who, as well as bringing much-needed funds to these businesses, also bring industry experience and contacts.
"We are planning several similar events over the next 12 months and these will bring an added dimension to the region's investment community."
One company presenting at the event was Rotherham-based Toolbox Drilling Solutions, which supplies the gas and oil exploration industry with a range of drilling tools. It was seeking to raise funds to further develop Hydrastab, a navigable drill tool used to target a specific underground target.
Toolbox marketing director Jill McDonald said: "The investment is required to fund the building of new tools for hire and working capital to expand the operation. In due course the intention is to develop other tools and it is anticipated that an offer for one or more of the patents will be received from one of the drilling companies within three or four years and that will provide an opportunity to return cash to an investor. "
Capital Network holds regular investor forums where businesses seeking to raise funds get the chance to make presentations to members of Capital Network, who are looking for potential new ventures. They are followed by an opportunity for interested investors to have one-to-one discussions with the presenters.
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About South Yorkshire Investment Fund
South Yorkshire Investment Fund provided seedcorn, loan and equity linked investments, ranging from £15k to £2.5m, specifically to help small and medium businesses meet the gaps in funding they need for growth and development.
Created as part of the Objective 1 programme, the Fund is a private and public sector business finance provider. The European Regional Development Fund and Yorkshire Forward are investors in the Fund.
South Yorkshire Investment Fund also provided access to Business Angel investments from the Yorkshire Association of Business Angels and Microloans through BiG Business Loan Fund and Donbac Microloan Fund.
Finance Yorkshire has now taken on responsibility for providing gap finance in Yorkshire and the Humber.
For further details please contact Suzanne Tinkler, on 0845 649 0000.
South Yorkshire Investment Fund Ltd is a company limited by guarantee (Registered No 3936065). South Yorkshire Investment Fund comprises three sub funds, the South Yorkshire Investment Capital Fund, the South Yorkshire Investment Development Fund, which are each managed by YFM Venture Finance Limited, and the South Yorkshire Investment Small Business Fund, which is managed by Finance South Yorkshire Ltd. YFM Venture Finance Limited (Tel 0113 294 5000) and Finance South Yorkshire Ltd (Tel 01709 386 377) are each authorised and regulated by the Financial Services Authority. South Yorkshire Investment Fund also provides a number of services, which are not regulated by The Financial Services Authority. These include the pilot Seedcorn Fund, BiG Business Loan Fund, Mentorbank and access to the Donbac Microloan Fund. BiG Business Loan Fund is managed by Donbac Ltd (company registration No. 01925556) and Key Fund Yorkshire Ltd (Tel 0114 242 8900).