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Press releases — 10 April 2002

OXFORD BUSINESS ANGELS NETWORK ANNOUNCES SUBSTANTIAL FUNDING FOR INNOVATIVE VENTURES

The Oxfordshire Investment Opportunity Network (OION) has announced substantial fundraising results despite the difficult investment market. The Network was one of the first business angel networks to be set up in the UK and is now one of the most successful in Europe. It links prospective investors with entrepreneurs seeking early stage funding of between £50,000 to £1m and, during the last two years, over £9m has been raised through OION for more than 30 innovative new ventures.

Alastair Cavanagh, Network Manager, announced the results at the annual investors Dinner held yesterday in Lady Margaret Hall, Oxford. He said,

"Last year OION brokered 12 deals, raising total funds of over £5m, a great achievement in a difficult investment market. The majority of investments are targeted at the crucial "equity gap" that prevents entrepreneurs from developing their businesses to the point where they can seek venture capital funding. For that they need to raise small amounts of capital (often £100-£200,000) but VC funds are only interested in investing much larger amounts in more developed businesses. OION's monthly investment meetings provide the solution".

"The key to success is simple but crucial. OION sources the type of companies our investors wish to see, and makes sure those presenting at our monthly meetings are given help and advice in getting their message across. The meetings themselves are lively and investor-focused".

The Annual investors' Dinner was attended by over 100 investor members, and entrepreneurs. Guest speaker, Gerry Devlin, Founder and Managing Director at Pricewaterhouse Coopers, highlighted the important role that OION plays in bringing together investors who can back creativity in the UK, so that it translates into commercial success.

OION is one of the business support services provided by Oxford Innovation Ltd, the UK's leading operator of innovation centres. Dr David Kingham, Chief Executive of Oxford Innovation, said:

"We are proud that OION has maintained its successful record in providing the funding that is crucial to business development. We have recently extended OION's successful formula to London, by launching the City Technology Investment Network. The aim is to meet demand for a service to match London-based investors with companies seeking funding of up to £1m."

Press Release Ends

NOTES FOR EDITORS

Press enquiries to: Margaret Henry, OION PR Manager.
Tel: +44 (0)1865 811199  E-mail: Margaret Henry

  1. ABOUT OXFORDSHIRE INVESTMENT OPPORTUNITY NETWORK (OION) www.oion.co.uk

    Oxfordshire Investment Opportunity Network is Europe’s most successful technology business angel network that links investors with entrepreneurs seeking business development funds from £150,000 to £2m. OION holds monthly meetings where selected companies can pitch their proposals to OION’s members, which include over 150 active business angels, VCTs and venture capitalists.

    Many of these companies are university spin-outs and OION is uniquely positioned to help them. OION holds regular joint presentation meetings, and has strong links with, universities with a reputation for spinning out quality technology companies such as, Warwick, Oxford, Bristol, University College London and Imperial College London.

    OION is managed by Oxford Innovation Ltd (www.oxin.co.uk), the UK’s leading operator of innovation centre premises for start-up companies, and sponsored by HSBC, Grant Thornton, Laytons, Frank B Dehn & Co, NESTA and Business Link.

  2. Oxford Innovation Limited

    Press enquiries to: Dr David Kingham, Chief Executive, Oxford Innovation Ltd.
    Tel: +44 (0)1865 811127Email: d.kingham@oxin.co.uk
    Website: www.oxin.co.uk

    Oxford Innovation Ltd provides services to innovative start-up companies. It is the UK's leading operator of Innovation Centres, managing 12 Innovation Centres across Southern England housing over 160 technology companies. Research shows that companies using Innovation Centres have significantly higher prospects of success (a survival rate of 80% as opposed to the UK average of 25%).

    Its latest Centre, Portsmouth Technopole, opened for business in April and should have a major impact on Portsmouth's economy through the knowledge-based businesses that are attracted to its mixture of premises and business support services.

    The company's Cherwell Innovation Centre has recently become the first enterprise hub of The South East England Development Agency, with a major extension opened by the Rt Hon Andrew Smith, Chief Secretary to the Treasury in November 2001.