Scotland’s main affect investor, SIS Ventures, has secured £1 million for its pioneering funding fund – Influence First – from Chroma Ventures.
Chroma Ventures was created in 2021 by know-how entrepreneurs Paddy Burns and Chris van der Kuyl as a broad-spectrum funding arm of their online game improvement studio, 4J Studios. Based mostly in Scotland, however with a global outlook, Chroma Ventures backs corporations growing and deploying progressive know-how and data-led companies.
Influence First launched its second spherical of fundraising in February this yr with the purpose of attracting as much as £5 million to scale up its mission-led funding in Scotland’s highest affect potential early-stage companies. This cornerstone funding by Chroma Ventures, along with an extra £700,000 already dedicated by different traders, implies that the fund has now exceeded its minimal goal and can proceed to first shut over the subsequent two months.
SIS Ventures’ Influence First fund offers a possibility for traders to make tax-efficient monetary returns alongside affect returns by investing fairness into Scotland-based companies whose social and environmental goals are aligned to the United Nations Sustainable Growth Objectives (UN SDGs).
Chris van der Kuyl, principal of Chroma Ventures, stated: “Since our first funding in 2019, we’ve been impressed by SIS Ventures’ experience and skill to determine alternatives in corporations that may make a major, constructive distinction in individuals’s lives. SIS Ventures’ ambition and method enhances our want to spend money on distinctive leaders and groups, which is why we have now chosen to boost our assist via their Influence First fund.”
SIS Ventures has already invested round £3.5m into ten excessive affect and excessive development potential companies. Every enterprise is led by a singular mission together with, for instance, offering earlier prognosis for life-limiting ailments corresponding to most cancers (Dxcover), defending meals safety worldwide in addition to our ecosystems (SOLASTA Bio), tackling among the world’s most severe on-line hurt points (Cyacomb, previously Cyan Forensics), encouraging the swap to Electrical Automobiles via on-street charging factors (Trojan Power), and revolutionising the promoting business in making it a power for good (Good-Loop).
This second Enterprise Funding Scheme (EIS) fundraise presents a possibility for traders to assist each current Influence First investees to develop via follow-on funding rounds, in addition to spend money on new, early-stage companies. The minimal funding sought from traders is £20,000, with every investor invested in not less than eight companies over a interval of seven to 10 years.
Jill Arnold, Head of SIS Ventures, stated: “Ever since launching Influence First, we have now maintained an unwavering perception within the potential of an impact-focused fund for the investor group, which harnesses the ability of enterprise and innovation to assist tackle society’s biggest challenges and wishes. This cornerstone funding from Chroma Ventures reinforces that perception and illustrates the present demand amongst traders for mission-aligned alternatives. We’re very enthusiastic about working with Chris and Paddy as lead traders within the fund and we hope this encourages others to come back on board. Investor curiosity within the fund, since saying the second fundraise earlier this yr, has been very promising and we’re on observe to achieve our goal over the subsequent couple of months.”