SIS Ventures kick starts second round funding
Alastair Davis: ‘appetite for the fund’
SIS Ventures is launching a second fundraising round with the aim of attracting up to £3.7m to scale up its support for Scotland’s high impact enterprises.
The Impact First Fund raised an initial £1.3m from 25 UK-based private investors who benefit from Enterprise Investment Scheme (EIS) relief and Social Investment Tax Relief (SITR),
Eight companies of more than 100 applicants have either received support, or are in active discussions.
The announcement of a second round of fundraising follows the appointment of David Ovens, chief operating officer at Archangels and former vice chairman of SIS Ventures, as chairman of SIS Ventures to support the next phase of growth.
Alastair Davis, CEO, SIS Ventures, said: “Demand for investment funding from early stage mission-led entrepreneurs has surpassed all of our expectations.
“Since launching Impact First last year, we have proved without doubt that there is more than sufficient appetite for such a Fund among highly ambitious enterprises with aspirations for growth.