Awards Dinner Details Date: 12th June 2006
Venue: Great Eastern Hotel, Liverpool Street, London, EC2
Most Exciting New Entrant to The Market Sponsor: Angel News
Winner: The Seraphim Fund: S eraphim is a new consortium of Business Angel networks and corporate venturers across the UK which have joined forces to raise £10m private investment, with £20m UK Government backing, to manage one of the new UK Enterprise Capital Funds. Seraphim’s partners include Business Angel networks from the South East represented by London Business Angels and Pi Capital, Advantage Business Angels in the Midlands, in the North through Entrust and in Scotland through Archangels.
Reason:The judges felt that this was an exciting new opportunity for the Business Angel community which has several key new innovations.
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Most promising investment in a Technology Firm Sponsor: E-Synergy
Winner: Advantage Business Angels with Phynova Group plc: This company has licensed a number of Chinese medicines from the Chinese government and is developing them for the European and US market. In 2003 Advantage Business Angels raised £375, 000 for them from 5 Angels at 35p per share. In Feb 2005 the company raised £3.7Million at 77p per share and floated on the AIM market and currently trades at around 90p.
Reason: The judges felt that though this network the company had raised good money followed by a floated on AIM and that it is an exiting new technology
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Best Syndicated Deal Sponsor: TEChINVEST
Winner: c2Ventures Limited for Moixa Energy Ltd: Moixa Energy is a new company that is developing and launching pioneering battery technology. The syndicate was put together by founder Simon Daniel with support from c2V and the Eyes of Texas Partners. Leveraging a £152K LDA development grant the company was able to attract a further £675K in less than 6 weeks from a range of individual and investors and investment vehicles in the UK and US, the two initial markets for the company.
Reason: The Judges felt that a company raising money on both sides of the Atlantic was a very impressive achievement for an early stage firm.
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Business Angel of the Year Sponsor: SEEDA
Winner: Mr Stephen Hannam: Stephen has invested in four companies over the last two years and is chairman of two.
Reason:The Judges felt that Stephen was a good Investor adding value beyond pure monetary terms.
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Best Angel funded deal with Young Management Sponsor: Crimson Business
Winner: 82ASK: 82ASK’s founders, CEO Sarah McVittie (28) and CPO Thomas Roberts (28), met while working as Financial Analysts in London. 82ASK is an SMS text answering service that enables mobile phone users on all six UK networks to text any question to 82275 and receive an answer in minutes. The 82ASK system features sophisticated routing, automation, and interaction with research experts – known as ‘Texperts’ – to provide individually tailored, relevant answers to all questions.
Reason: The Judges felt this was a new and innovative concept which has already achieved considerable success with a young and capable team behind it.
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Most Creative Deal Structure of the year Sponsor: Advantage Business Angels
Winner: RisingStars Growth Fund / TEChINVEST investment in Plant Impact plc: Plant Impact presented to TEChINVEST members and other funds in late 2005. Three venture funds managed by TEChINVEST members invested £600,000 and six angels invested £400,000 (total £1 million). The use of a simple but unusual deal structure for an early stage company, allowed nine investors to participate in the deal on the same terms, thereby avoiding protracted negotiations and overly expensive legals.
Reason: The Judges felt that this deal contained many different components and congratulated them on the neatness of the offer. It was felt to be an Interesting and novel approach to structuring a deal.
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