The Angel CoFund (ACF) is an active co-investment fund that seeks to achieve consistent returns by partnering with experienced syndicates of angel investors to help fund and scale early-stage businesses.
Built on the experience of many investments across multiple funds it is a champion of accomplished, hands-on investors who know their sector inside out, and works in partnership with them to provide the capital, experience and support high-potential businesses need.
ACF understands that success usually needs time and is a proponent of patient capital, making conscious long-term investments to help companies reach their full potential and generate fuller returns.
ACF is managed by a growing, dedicated and experienced team.
Led since its inception in 2011 by Tim Mills (formerly Investment Director of the British Business Bank) and Chaired by George Whitehead (Partner at Octopus Ventures), the team brings a wealth of knowledge to each investor group and portfolio company.
The British Business Bank continues to have a close relationship with the ACF as an investor and partner in its work.
The fund invests all around the UK and across most sectors, with the aim of backing those with the potential to truly excel in their fields. While always looking for a strong return on investment and businesses that have the potential for significant scale, the following checklist gives a brief overview of other criteria:
- UK based – all investments must be headquartered in the UK at the time of the initial investment
- Syndicate of angels – ACF will only invest alongside syndicates of 3 or more private individual investors who are new to the business (i.e. they must not invest ahead of ACF and be first time shareholders in the business at the time of investment). This ensures our interests are aligned right from the beginning
- Sector smart – The lead investor or investors should be willing to be ‘hands on’ and have relevant sector or business knowledge to help lead on due diligence and support the business as it scales
- Round size – the fund rarely invests more than 30 percent of an initial round of investment, in order to ensure it does not become a dominant party, and rounds tend to be in the range £300k to £5m. Since the fund’s launch the average round size has trended around £1.2m to £1.5m, with an average first round investment of £350k from the ACF. The fund has a fixed minimum first round investment of £100k up to a maximum of £1m.