Axiom

Axiomlab appointed to manage new £4.5m fund

The Northwest Development Agency (NWDA) has today announced £4.5 million for the North West Seed Fund, to help the region’s entrepreneurs take ideas from the drawing board to achieving their first sales. The fund will be managed by Manchester-based Axiomlab Investment Management Limited.

Initial investments of up to £100,000 will be made in the region’s innovative early stage companies to help them develop their ideas, prove the concept and exploit early sales. Further injections are possible up to a total investment of £350,000 per company. The Fund is available to companies from throughout the region.

In addition, the North West Seed Fund will work closely with seasoned entrepreneurs, professionals and business support communities throughout the region to ensure that these emerging businesses receive not just investment but also the mentoring and support critical for success. The Fund boasts the involvement of a leading North West entrepreneur Steve Sealey, who was a co-founder of AM Paper. He set up the company in 1984 from nothing, and was its CEO when it was sold 3 years ago for approximately £200 million.

Steven Broomhead, Chief Executive of the Northwest Development Agency said:
“The NWDA is committed to ensuring that the Northwest’s innovative ideas have an opportunity to develop and grow. We have now committed over £8.5 million specifically for seed investment throughout the region via this Fund and our recently announced NW Business Investment Scheme, which is limited to Objective 2 areas in the region.”

Fred Mendelsohn, Managing Director of Axiomlab Group Plc said,
“We are very excited that we have been appointed to manage this fund. There are many, many high potential businesses out there that are struggling to get established or to survive due to lack of funding. We are keen to support these companies and enhance the region’s entrepreneurial tradition. We are also delighted to have Lucius Cary as an adviser to the Fund. Lucius is one of the UK’s most prolific seed investors, with over twenty five years experience in this field.”

Notes to Editors
The Northwest Development Agency (NWDA) is responsible for the sustainable economic development and regeneration of England's Northwest and has 5 key priorities: Business Development, Regeneration, Skills & Employment, Infrastructure and Image.

For further information and to view previous press releases visit us at www.nwda.co.uk

Axiomlab Group plc (‘’Axiomlab Group’’)
Axiomlab Group plc was founded in 2000 with a focus on early stage investing, particularly in the North of England. To date the Group has raised £18m and has invested directly or indirectly a portfolio of over 30 investments. Axiomlab has four principal operations:

- active management and realisation of its existing portfolio;
- commercialisation of intellectual property in the university sector through its 100% subsidiary Techtran Group Limited;
- provision of corporate finance and recruitment services both externally and to portfolio companies;
- fund investment services under which the North West Seed Fund is managed.

Axiomlab Group is authorised by the Financial Services Authority and further information may be found at www.axiomlab.com

Companies interested in finding out more about the Scheme should contact Axiomlab Investment Management Ltd or the NWDA’s TEChINVEST Equity Advisory Service, who will provide support and introductions to the Scheme and/or to other appropriate sources of finance.

North West Seed Fund/Axiomlab Investment Management Limited
Vicky Prezeau
0161 828 5220
info@nwseedfund.com www.nwseedfund.com

TEChINVEST Equity Advisory Service/Northwest Development Agency
Vivienne Upcott-Gill
01925 400303
techinvest@nwda.co.uk
www.techinvest.org

TEChINVEST supports companies seeking investment and introduces them to all appropriate sources of equity including business angels (private investors), and venture capital funds. It runs an active club of private investors and non-executive directors. Over £14m has been raised by companies in amounts from £2.5K to £500K. Information packs are available on request. TEChINVEST website is www.techinvest.org