SETsquared companies raise £23 million in economic downturn
Press release issued: 18 November 2008
Over £23 million of investment funding has been raised this year for 12 companies based in Bristol University’s SETsquared Business Incubator Centre. Together, the Centre’s 37 early-stage, high-tech businesses have increased turnover by 20 per cent to over £6 million, increasing head count by 66 per cent to 175 people.
Set up to accelerate new technology businesses, the SETsquared Centre in Bristol is one of four Centres in Southern England. The Centres use in-house expertise and utilise a wide network of entrepreneurs, investment advisors and academics to provide the level of support that emerging technology companies require. The key to the activity is accelerating growth and using lessons learned from other businesses to pre-empt the common pitfalls of technology businesses.
Nick Sturge, Bristol SetSquared Centre Director said: “The growth and success in funding of these companies across such a variety of sectors proves that the current financial and business environment is still supportive of young, innovative technology businesses.
“We actively support these companies from inside and outside the University, from the embryonic business idea through to the invested, growing start-up. While the environment is clearly tougher than it has been, with our proven supportive environment and exceptional growing network, we provide the conditions for companies to achieve great successes.”
At a time where business confidence appears to be sliding, the Centre is confident that its technology companies will see a further £9 million invested within the next quarter.