North West investment firm GC Angels has been selected by Innovate UK to partner with its Immersive Technology Investment Accelerator.
The accelerator aims to provide grant funding alongside private investment to creative and tech companies.
Up to £2m is available through the accelerator for UK creative and tech businesses to undertake R&D projects that enable immersive content to be created faster through simultaneous grant funding and venture capital investment.
GC Angels will invest alongside Innovate UK and total project costs must be between £150,000 and £300,000.
The funding will support companies who require funding and finance at seed stage to drive R&D and company growth whilst providing the runway for later stage capital and equity investment in the future.
The Immersive Technology Investment Accelerator opens to companies on 20th May in London, which will be followed by a series of events across the UK. The Manchester event will take place on 4th June at The Landing, MediaCityUK.
As part of the wider Growth Company, immersive tech businesses can benefit from further access to finance support, the Made Smarter programme through their AR/VR specialist team as well as international trade support.
Established in 2007, the Government-backed Innovate UK programme has invested more than £2.5bn in 8,500 organisations, funding has created over 70,000 jobs and added an estimated £18bn of value to the UK economy.
“The immersive tech sector is maturing at a rapid pace and businesses in this space are seeking funding to realise their big ideas,” said Damian Mohammed, Investment Director for GC Angels.
“However, the sector is being underserved by the finance and investment ecosystem as it is not developing at the same rate.
“With its Immersive Technology Investment Accelerator, Innovate UK has addressed this gap in the funding market, and we’re excited to be a part of it.
“The North West is home to many forward-thinking tech companies, and this competition will boost R&D in immersive technologies and help them execute their ambitions.”