An angel investment network in Cornwall is celebrating its first anniversary.
Since launching in October last year, more than 25 investors have joined the Cornwall Angel Network and four early-stage companies have raised a total of £189,000.
Among the businesses to receive support are Newquay-based marine plastics recycling firm Waterhaul; 3D visualisation company Amutri in Penryn; OrCa (formerly known as Fishy Filaments); and manufacturing platform Output Industries in Penzance.
Newlyn-based OrCa has developed a low-impact process that transforms end-of-life fishing nets into high-grade engineering plastic, creating products from sunglasses to car components.
Founder Ian Falconer said: “It was great to have more than one potential investor in the room and in Cornwall, so I wasn’t having to have the same conversation 10 times or travel to London as we have had to for other investment pitches.
"The network gave me access to high-net-worth individuals and raised the ambition within our campaign. We went into the round with a £150k target and came out with £217k — almost certainly due to the investors who came in through the Cornwall Angel Network.”
Cornwall Angel Network’s role is to attract private investment from local, national and international investors into businesses with a connection to the Duchy.
The initiative is an extension of the Launchpad Futures programme, which is part-funded through the Ƶ Shared Prosperity Fund and the Good Growth Programme, and has been led by Falmouth University in collaboration with the British Business Bank, Cornwall Chamber of Commerce and the Ƶ Business Angels Association.
Professor Emma Hunt, vice-chancellor and chief executive of Falmouth University, said: "The Cornwall Angel Network reflects the spirit of innovation and ambition that defines Cornwall’s business community.
"In just one year, we have seen local founders secure investment that allows them to grow with confidence. The network is not only unlocking capital, it is strengthening the regional economy by retaining talent, supporting innovation and fostering a community of investors who care deeply about Cornwall’s future.”
Companies looking to raise angel investment are provided with support through readiness workshops focused on building their pitch. Once they are pitch ready they can apply to present at one of the regular private investment showcase meetings.
The next meeting will be held in November, with up to six already provisionally scheduled for next year.
Dennis Lucan, investment portfolio manager at Falmouth University, added: “This first year has been about testing, proving and refining the model.
"Now we know it works, our focus is on building momentum by growing the community of angel investors, introducing new angels to angel investing and supporting the next generation of founders to access private capital on their doorstep.
"The Network is already proving the value of keeping capital, expertise and ambition rooted in Cornwall. We’re only just getting started.”
