Newcastle based Conviction Investment Partners (CIP) has won a prestigious national award in its first year of operation.
The CIP syndicate, which invests exclusively in high-growth early stage companies that employ the Cloud to build disruptive Software as a Service (SaaS) based model, was named ‘Best New Entrant to the Ecosystem’ at the UK Business Angels Association (UKBAA) Investment Awards 2019.
The award acknowledges ‘the most innovative and impactful organisation having recently entered the early stage market and that is making a significant and exciting impact on the entrepreneurial finance ecosystem in the UK.’
Conviction Investment Partners (CIP), offers ‘Just in Time’ finance to a select number of fast-growing companies. Rather than providing large blocks of expensive capital upfront, the ‘Just in Time’ model invests smaller amounts of money each year, providing that the company hits its growth targets. This means that founders of companies are typically diluted much less than if they were funded through a traditional VC model.
It also means that syndicate investors can take smaller positions and add to them only when and if the investee companies hit their high growth targets.
The Conviction partnership is led by founding shareholder Andrew Jenkins, who has invested in disruptive technologies for 10 years, most notably Mimecast, which is now Nasdaq listed at over $2bn.
Andrew is supported by Jeremy Middleton CBE, Managing Director of successful private investment company Middleton Enterprises Limited, and co-founder of home emergencies repairs business HomeServe plc, now a FTSE 250 company valued at over £2.5bn.
Andrew Jenkins said: “I’m proud that the syndicate and our investment model have been recognised by our peers in the UKBAA.
“The innovative way in which Conviction Investment Partners assesses opportunities and makes investments has delivered exceptional returns and supported businesses that need a pipeline of capital investment. In its first year, CIP successfully raised and invested more than £30 million across seven deals.”
Jeremy Middleton said: “To have gone from a standing start to one of the top three ‘angel’ groups in the UK, indicates the demand for investment, the determination of companies to deliver results and the appetite for smart bespoke investment opportunities.
“To have this acknowledged with an award is very rewarding.”