The competition, sponsored by BT Business, offers up to £5m in equity funding for high-growth and technology businesses. It is backed by Catapult Venture Managers, East Midlands Early Growth Fund (managed by E-Synergy) and supported by the East Midlands Development Agency (emda), GINEM and Advantage Business Angels.
CellAura Technologies, which provides innovative screening products for the drug discovery industry, is seeking just over £500,000. Pacemaker
All five companies will now enter into formal negotiations with the backers and, where appropriate, complete the due diligence process.
Each company entered the competition by completing the online assessment tool, ‘The Gauntlet’, developed by Doug Richard, formerly of Dragon’s Den. The Gauntlet acts like a virtual investor, seeking the crucial information that investors need and ensuring the business is investment ready.