The FINANCIAL — 24 Haymarket has become the latest partner offering small entrepreneurs matched funding under the UK Research and Innovation (UKRI) healthy ageing challenge. 24 Haymarket is a venture capital firm with a network of more than 100 private investors, UKRI notes.
The healthy ageing investment partner programme provides government funding and private investment in business-led research and development, supporting companies to produce and market innovations for healthy ageing that can be adopted at scale.Funded projects will focus on product and service innovations, not larger-scale infrastructure.
This new investment brings the total funding available up to £15 million of grant funding. It also brings £15 million of equity investment available for eligible small and medium-sized enterprises to apply through one of 24 Haymarket and three original and investor partners.
These include Barclays Ventures, Northstar Ventures and Legal and General.
Applying our experience
Paul Tselentis, CEO at 24Haymarket, said: 24Haymarket is pleased to continue its long-standing relationship with UKRI. Our participation in this important program draws on several other initiatives we have collaborated with UKRI in the past, including the Precision Medicine Accelerator in 2019 which resulted in our leading investment rounds in Feebris and Mogrify.
We look forward to applying our experience in supporting early stage companies in the healthcare segment, UKRI notes.
Strengthening our portfolio
George MacGinnis, Healthy Ageing Challenge Director at UKRI added:Our new investment partner will strengthen our overall portfolio and extend the opportunities we are offering small businesses. 24Haymarket strengthens the support we can give to early-stage companies, bringing the expertise from across their network of angel investors alongside much-needed equity finance for the healthy ageing sector.
This will enable social entrepreneurs to develop sustainable businesses that address some of the toughest challenges faced by an ageing society.