Tech

Company for Life (t / a COHO) Secures Pre-Seed Investment of £ 275k From MEIF – UK Technology Investment News

The entrepreneur behind a new property management platform raised £ 275,000 to establish it as an ‘Airbnb for shared life’.

Vann Vogstad has raised money since MEIF Proof of Concept and Fund for the initial phasewhich is managed by Mercia and part of the Midlands Engine Investment Fund, and by private investors.

COHO was inspired by his fond memories of sharing a home after dropping out of college more than ten years ago. Having created and sold two successful software companies, Vann, now a father of four, decided to fill a gap in the market by creating the only platform of his kind designed specifically for multi-occupancy homes (HMOs).

COHO aims to accelerate the growing trend of coexistence between people of all ages. It allows real estate investors to manage their portfolios and tenants to find a suitable shared home with like-minded people.

Vann joined forces with longtime collaborator Liam Cooper to launch the platform in 2021. Since then they have hired over 80 landlords and rental agents who manage thousands of rooms between them, strengthened the executive team and strengthened the board, with the appointment of former Reapit CEO Gary Barker as non-executive director and seasoned software executive Gordon Matthew as president.

The funding will allow the Worcester-based company to further expand the team by adding five new jobs and develop a number of new features to improve shared life management.

Vann, who is the company’s CEO, said: “Co-living offers a positive lifestyle choice for many people who live alone or struggle to afford their homes. By simplifying the management of home sharing for both owners and tenants, COHO aims to bring it to the fore. The support from our investors will allow us to move forward at a much faster pace to achieve our ambition to make shared living more accessible to both real estate investors and tenants and become the Airbnb of home shares. “

Kiran Mehta, Investment Manager of Mercia, said: “The property management industry is ripe for innovation with many owners, especially those with HMOs, having to put together multiple management tools. COHO offers a one-stop shop for property management. Vann and the team have carved out a strong niche in the HMO market and are planning some interesting additions to the product roadmap. The investment will help bring these new features forward, build the team and improve the sales and marketing business. It has been a pleasure to work with Vann and the team over the past few months and I look forward to supporting the company over the next few years. “

Ken Cooper, chief executive of the British Business Bank, said: “One of the key objectives of MEIF is to help companies like COHO, develop new products and create new jobs. With Proof-of-Concept funding in place, COHO will be able to further develop its real estate platform. We encourage other companies in Worcestershire and the wider Midlands region to consider funding from the MEIF. ”

Gary Woodman, managing director of the Worcestershire Local Enterprise Partnership, said: “COHO is an activity that I have had the pleasure of seeing personally develop during the time spent in our technology acceleration program, BetaDen. I am very pleased to learn that they have been able to continue their growth path and secure additional funding with the ambition of creating new jobs, helping to bring investment to the county and grow the local economy. I look forward to following their developments over the next few years. “

The Midlands Engine Investment Fund is financially supported by the European Union using funding from the European Regional Development Fund (ERDF) under the European Structural and Investment Funds Growth Program 2014-2020 and the European Investment Bank.

END

Press contacts

Alison Dwyer

Marketing and Communication Manager

Mercia Asset Management PLC

+44 (0) 7464 480 137

[email protected]

Pauline Rawsterne
Public relations agent
Turquoise PR

+44 (0) 161 860 6063
+44 (0) 780 163 9816

[email protected]

About Mercia Asset Management PLC

Mercia is a proactive and specialized asset manager focused on supporting regional SMEs to realize their growth aspirations. Mercia provides capital through its four asset classes of balance sheet, venture, private equity and debt capital: the Group’s “Complete Connected Capital”. The Group initially feeds the companies through third-party funds under management, then over time Mercia can provide additional financing to the most promising companies, employing continuation capital from direct investments from its balance sheet.

The Group has a strong presence in the UK through its regional offices, 19 university partnerships and extensive personal networks, which provide it with access to a stream of high quality deals. Mercia currently has around £ 800m in assets under management and has invested over £ 96m in its direct investment portfolio since its IPO in December 2014. Mercia Asset Management PLC is listed on AIM under the epic “MERC”.

The Group collects its Venture Capital Trust (VCT) and Enterprise Investment Scheme (EIS) funds and details on open offers are available on the Mercia website.

Mercia Asset Management PLC is listed on AIM under the epic “MERC” and includes the following wholly owned subsidiaries:

  • Mercia Fund Management Limited is authorized and regulated by the FCA under the reference number 524856
  • Enterprise Ventures Limited is authorized and regulated by the FCA under the reference number 183363
  • EV Business Loans Limited is authorized and regulated by the FCA under the reference number 443560

www.mercia.co.uk

About the Midlands Engine Investment Fund (MEIF)

The Midlands Engine Investment Fund, supported by the European Regional Development Fund, will invest in debt financing funds, small business loans, proof of concept and equity financing, ranging from £ 25,000 to £ 2 million, specifically to help small businesses. and medium-sized enterprises secure the financing they need for growth and development.

The Midlands Engine Investment Fund is managed by British Business Financial Services Limited which is wholly owned by the British Business Bank, the UK’s national bank for economic development. Established in November 2014, its mission is to make financial markets work more effectively for small businesses, enabling them to thrive, grow and develop economic activity in the UK.

The Midlands Engine Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department of Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank company.

MEIF covers the following LEP areas: Black Country, Coventry and Warwickshire, Greater Birmingham and Solihull, Stoke-on-Trent and Staffordshire, Marche and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham and Nottinghamshire (D2N2) Greater Lincolnshire, Leicester and Leicestershire and South-East Midlands in the East and South-East Midlands.

The project is receiving up to £ 78,550,000 in funding from the European Regional Development Fund of England under the European Structural and Investment Funds Growth Program 2014-2020. The program will continue to spend until the end of 2023.

The Department for Grading, Housing and Communities is the managing authority of the European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps territories to stimulate their economic development by investing in projects that will support innovation, businesses, create jobs and the regeneration of local communities. For more information visit www.gov.uk/european-growth-funding.

The European Investment Bank is providing £ 122,500,000 to support the Midlands Engine Investment Fund. This follows support for the Northern Powerhouse in 2017 and support from the newly launched North East Fund. For more information visit www.eib.org

The funds in which the Midlands Engine Investment Fund invests are open to companies with physical operations or intending to open physical operations in the West Midlands and the East and South East Midlands.

The British Business Bank has published the Business Finance Guide (in collaboration with ICAEW and 21 other business and financial organizations). The guide, which impartially illustrates the range of financing options available to businesses and provides links to support available regionally, is available at https://thebusinessfinanceguide.co.uk

On the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make financial markets work more effectively for small businesses, enabling them to thrive, grow and develop economic activity in the UK. Its job is to efficiently design, deliver and manage small business access across the UK to UK government financial programs.

The British Business Bank’s core programs support nearly £ 8 billion[1] of financing to nearly 94,800 small businesses[2]. Since March 2020, the British Business Bank has also launched four new corporate loan schemes for Coronavirus, providing nearly £ 73 billion in funding to around 1.6 million businesses.

In addition to increasing both the supply and diversity of UK small business finance through its programs, the Bank works to raise awareness of the financial options available to small businesses. The British Business Bank financial hub provides independent and unbiased information to companies about their funding options, with short films, expert guides, checklists and articles from financial service providers to help make their application successful.

In light of the coronavirus pandemic and the exit from the EU, the financial hub has expanded and now caters to a wider corporate audience. It continues to provide information and support for expanding, high-growth, and potentially high-growth businesses, but now provides greater content, information and products for businesses with a survival and recovery mindset. The Finance Hub has been redesigned and repositioned to reflect this in this time of economic uncertainty.

British Business Bank plc is a public company registered in England and Wales, registration number 08616013, with its registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a wholly-owned development bank of the HM government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. They are not authorized or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A full table of the legal structure of the group is available at www.british-business-bank.co.uk.

Digiqole announcement

Company for Life (t / a COHO) Secures Pre-Seed Investment of £ 275k From MEIF – UK Technology Investment News

Source link Company for Life (t / a COHO) Secures Pre-Seed Investment of £ 275k From MEIF – UK Technology Investment News

Back to top button