Mills & Reeve has acted for Low Carbon Innovation Fund (LCIF), a venture capital fund, on a series of investments totalling approximately £12.5m in just nine months and has helped launch LCIF’s Smaller Investment Scheme.
LCIF is operated by the University of East Anglia and is supported by the European Regional Development Fund. The fund makes early-stage investments into small and medium-sized businesses (SMEs) in the east of England that are developing low-carbon processes and products.
So far this year, LCIF has completed a series of investments in low-carbon companies, raising an aggregate of almost £12.5m in SMEs in the region.
In addition to its Main Fund, LCIF has introduced its Smaller Investments Scheme (SIS) for investments between £25,000 and £75,000. Companies seeking investment through the SIS must meet the same investment criteria as those seeking investment through the Main Fund, but SIS has a streamlined review process during the application stage to make these investments quicker. These investments typically take the form of convertible loan notes, rather than equity.
Led by corporate finance partner Zickie Lim and assisted by solicitor Pippa Pearce, the Mills & Reeve team has been working closely with LCIF since its launch in 2010 and has advised the fund on investments and follow-on investments in 20 of its portfolio companies.