SETsquared business incubator sees technology innovation investment soar to over £52 million
Monday 26 October 2009
Despite the recession, The SETsquared Partnership, which combines the resources of the Universities of Bath, Bristol, Southampton and Surrey to incubate early-stage technology businesses, has experienced a successful year for investment in the companies it is supporting. In the year from 01 September 2008, companies in SETsquared incubators received £52.5 million from private investors and VC funds, creating 142 new jobs along the way.
Energy was the largest industry sector to receive funding, followed by healthcare and information technology. Semiconductors, renewable energy and computer animation businesses also benefited from new investment.
DocCom, a healthcare communications business, received a total of £250,00 over the last six months from investors including David Embleton and Mark Jackson. Co-founder and Director, Dr. Jonathan Bloor, said: “People remain willing to invest in good ideas and good businesses particularly when they have shown traction in their market. SETsquared has provided us with the environment in which to thrive and given us access to a network of serious investors.”
Karen Brooks, Projects Director, commented: “SETsquared’s incubators increase significantly the chances of success for young technology companies. This is very attractive to investors and we are seeing growing investment from both business angels and VC funds. The UK needs to innovate its way to recovery and future prosperity. The investment trends that we’re experiencing are promising signs that we are going to be very successful in doing that.”
About the SETsquared Business Acceleration Centres
The SETsquared Business Acceleration Centres support early-stage, technology, high-growth potential ventures both from within and outside the universities of Bath, Bristol, Southampton and Surrey to accelerate their businesses. Each Centre provides business mentoring to entrepreneurs and business professionals, and office space. Participants have access to 450-seasoned technology entrepreneurs, investors and support professionals.
Over the last 4 years, companies supported by the centres have raised over £170m and created over 1100 jobs. Over 100 businesses have ‘graduated’ from the centres, typically after 18 months to 3 years and with expended services now over 100 are currently being supported within the Partnership.
Media Enquiries
Peter La, Press Office at the University of Surrey, Tel: +44 (0)1483 689191, or Email mediarelations@surrey.ac.uk