Up to €500,000 is available for Call III of the Ludgate Seed Capital Fund. Start Ups are encouraged to apply for the seed fund to develop and scale their business, attract new talent, or develop their product or service.
Seed capital, like venture capital, is an investment in a company for a negotiated return in that company. It is typically made in early-stage companies who are in the funding gap between business angels and venture capitalists. The Ludgate Seed fund is set to support companies who locate in the Ludgate Hub. The fund is designed to support job creation or job retention.
The purpose of the Ludgate Seed Capital Funds is to accelerate the growth of start-up companies that have the capability to succeed in domestic and global markets while locating some of their operations in the Ludgate Hub. The fund is designed to enable those companies reach key commercial and technical milestones, for example:
How to apply:
1. Summary business plan (less than 8 pages)
2. Financial 3 year projections
3. Cover letter with promoters backgrounds, listed advisors and seed fund ask (eg. €50,000, €75,000 etc)
Notes to your application:
Applications are considered on a competitive basis.
No applications should be submitted without a business plan.
Any business that receives the funding needs to commit to having a minimum of 1 employee based out of the Ludgate Hub for an agreed period of time.
There is no max or minimum drawdown of the fund and ROI is determined on a case by case basis. Each investment is for a return in an equity stake in the business.
Each successful applicant is invited to negotiate the terms and conditions of investment with their investor.
Each successful applicant is liable to supply any relevant documentation as requested by the investor, eg. A valid tax clearance certificate, financial plans, work permits or work visas.
The investment shall be released on agreement of contracts between both parties.
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