Guide to Applicants
What is it
The Three Pillars Fund makes investments at the Development to Pre-Seed stage in SMEs based in the North East of England and working in the Three Pillars technology sectors of:
- Energy
- Health Sciences & Healthcare
- Process Technologies
Key features
The key features of the fund are:
- Specific technology focus on the three “pillar” technologies
- Three Pillar technology expertise drawn from the regional technology Centres of Excellence
- Invest in business development activities to prepare investee for next stages of fund raising or to enable a step change in operations
- Broad investment field that can invest in services and working capital as well as in management team development and “investor readiness” activities to a specific step in business growth.
- Maximum investment limit of €200,000
How it works
Applicants apply for funding in order to develop a technology based business opportunity within the Three Pillars technology sectors into a commercial proposition.
The fund can invest up to a maximum investment of €200,000, into specific projects which may include capital expenditure or service development and “investor readiness”.
It is a sister fund to the Proof of Concept Fund (POC) operated by NorthStar Equity Investors Ltd, and the Design and Creative Fund, Managed by NStar. Not only does it invest alone, but it can provide simultaneous or follow on funding, within its remit, technology sectors and within the maximum investment allowable under state aid rules.
Investment amount and type depends on level and risk of investment proposed. For example the Fund may invest the maximum allowable under State Aid rules, however it may offer stepped investments depending on results. Funding is usually in the form of an unsecured loan, convertible to equity under terms and conditions set out within the terms of the loan offer. However under certain conditions investment may be in return for equity.
Who can apply?
Applicants may be individuals, pre-spin out University teams or existing businesses, based in the North East of England. Applicants who are pre-start enterprises must intend to form an SME to exploit the business idea, and must become incorporated before investment is made.
Previous applicants to or recipients of funding from the region’s Proof of Concept Fund or Co-Investment Fund may apply, although total investment cannot exceed the maximum allowable under State Aid rules.
Please click here to download a PDF containing further application guidance.
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