7 May, 2008 – Manchester launch event for unique venture fund for Uni Entrepreneurs
In April 2008, MTI Partners and The University of Manchester, together with its in-house intellectual property company, UMIP, announced the first close of the UMIP Premier Fund at £32 million.
April 17th marked the day of the much anticipated launch of the fund which provides investors with the opportunity to invest in businesses emerging from The Universityâ€™s "5-star" rated academic departments and which have benefited from UMIPâ€™s stringent business selection and development programme.
The lunchtime event took place in the Egg at UMICâ€™s conferencing facilities on Grafton Street and consisted of presentations by Professor Alan Gilbert, President and Vice-Chancellor, Peter Sanderson, Chairman of UMIP and Ernie Richardson, managing partner of MTI, who will manage the fund. The speakers were introduced by Professor Rod Coombs, VP for Innovation and Economic Development. The event was attended by the Universityâ€™s research community and a selection of existing spin-out companies held stands to showcase their technologies.
The Fund will have preferred access to all investment opportunities generated by technology research at The University and will make late-seed stage investments initially in the £250k – £750K range with both the intention and capacity to provide follow-on investment up to £3 million.
Investors in the Fund include the European Investment Fund, NESTA, partnerships UK, Co-operative Insurance and others.
Source: UMIP Press Release