Braveheart, the Perth-based investment management firm, has won a contract to run a £10.25 million seed fund for spin out companies from eight universities in the East Midlands.
The “Lachesis” fund was set up in 2002 under the University Challenge Seed Fund Scheme and provides early-stage funding to companies from De Montfort, Derby, Leicester, Loughborough, Lincoln, Northampton, Nottingham and Nottingham Trent.
Braveheart is forming a partnership with advisory firm Advantage Early Growth to provide support, mentoring and business development services to companies funded by Lachesis, as well as providing fund administration services.
The contract is for a minimum of two years and Braveheart’s fee will partly be based on results.
Geoffrey Thomson, chief executive at Braveheart, said: “We are delighted that the universities have selected us as their preferred partner for this role.
“Over the years we have worked with many university spin-outs and we look forward to assisting the Lachesis portfolio companies with their growth aspirations whilst providing the required governance for the fund.”