Specialist fund hits investment landmark
9th October, 2013
LAW firm Ward Hadaway has helped a North East venture capital fund reach a major landmark.
Reaching a milestone – (from left) Imogen Holland of Ward Hadaway, Michael Dickens and Jonathan Gold of Rivers Capital Partners and Richard Butts of Ward Hadaway.
Corporate experts from the Newcastle office of the UK Top 100 law firm advised Rivers Capital Partners on the 75th investment from the £7.5m Finance For Business North East Angel Fund.
The investment sees a six figure sum put into Kamaiden Limited, which specialises in innovative footwear solutions for children.
It is the second round of funding which the North East Angel Fund has invested in Kamaiden, which is based in Redcar and was set up by former London Broncos professional rugby league player Junior Paul.
Kamaiden has developed Scorpeun, a sole with spikes or studs attached which can be strapped to an ordinary pair of trainers for use in school sports. The latest funding will help with further development and marketing.
It is the 75th investment from the Finance For Business North East Angel Fund, which is managed by Rivers Capital Partners and specialises in investments in new and established companies with growth potential in the North East of England.
Michael Dickens of Rivers Capital Partners said: “Concluding this 75th investment represents a real milestone for the Angel Fund and Kamaiden is typical of the kind of innovative, creative businesses which we have been able to provide funding for.
“Early stage and start-up companies can find it difficult to access finance so the Angel Fund is proving to be a very welcome source of funding for businesses with real potential to grow.
“The flexibility which the Fund offers when it comes to investments is also crucial for businesses at an early stage which want to expand.”
Ward Hadaway Corporate Partners, Imogen Holland and Richard Butts, have advised Rivers Capital Partners on a raft of investments from the North East Angel Fund.
Imogen said: “As Ward Hadaway have advised Rivers Capital on a number of previous Angel Fund investments, it is particularly pleasing for the firm to have advised on this, the 75th investment from the Fund.
“It has helped so many up and coming companies in the North East and is continuing to support innovation and enterprise right across the region.”
The investment in Kamaiden is the 13th investment this year from the Finance for Business North East Angel Fund on which Ward Hadaway has provided legal advice to Rivers Capital Partners.
Other investments which the firm has advised on this year include funding for:
- Controlled Blasting Solutions, which is developing a pioneering new explosive with increased safety, for use in niche markets
- Search engine optimisation and web marketing software producer 4th Aspect
- Flavoured coffee producer Beanies The Flavour Co, whose products are now stocked in Sainsbury’s stores nationwide
- Staffvetting.com, which has become one of the UK’s premier providers of pre-employment and employee background screening
- RealRider, a social network for motorcyclists, whose app can actively call for help if it detects its user has crashed.
Richard Butts of Ward Hadaway said: “These investments give a real flavour of the variety and wide range of different businesses which the North East Angel Fund has invested in just this year.
“We look forward to working with Rivers Capital Partners in the future on further investments in innovative companies across the North East.”
Michael Dickens of Rivers Capital Partners said: “Whilst we may have reached our 75th investment, we are still actively searching for businesses with the right profile and the right ideas to benefit from the North East Angel Fund.
“Around £2m worth of funding is still available for companies in the North East, so we hope to be investing in many more businesses.”
The Finance for Business North East Angel Fund is part of the £125m Finance for Business North East Fund.
The North East Angel Fund typically invests between £50,000 and £150,000 in any one funding round. It can invest initially on its own but seeks to involve private investors whenever appropriate.
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