Linc wins further £1m EU funding

THE European Union has pledged to continue funding Linc Scotland, the business angel network, by pumping in £1 million from the European Regional Development Fund (ERDF).

Linc said it would raise the remaining 60 per cent of its financial needs from its private sector members and from Scottish Enterprise.

Scottish business angels have invested 44m in companies over the past three years, compared with a target of 38.5m set when the previous round of ERDF funding was awarded. The cash was spread across 164 firms, against a target of 120. Three new syndicates were formed.

Linc said the latest round of EU funding would be used to help angels to sell their investments by improving the network's market intelligence and forging more connections with external investors and corporates.