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Why founders should consider working with multiple angel groups – Extend Robotics

Extend Robotics successfully closed their seed round of £345k in November 2022. Through his connection to Innovation Labs Martlesham, Chang Liu, Founder of Extend Robotics, approached ACG with an impressive pitch for his VR robotics start-up. Fresh on the heels of his experience on Dragons Den, Chang came to Anglia Capital Group with some great pitching experience!

Extend Robotics have developed technology to extend human capabilities beyond physical presence. They have developed Human-Robot Interface Software using Virtual Reality technology to enable non-robotic experts to operate robots from remote locations. The potential market for this technology is vast, covering everything from industrial such as wind turbine maintenance to logistics and retail.

The company had already received funding from Britbots, Innovate UK, Vojext and the UK Space Agency. Using the additional investment, Extend Robotics is seeking to expand it’s development team substantially by recruiting in sales, robotics engineering and cloud development operations.

Anglia Capital Group are proud to have been a part of this innovative start-ups’ equity funding round alongside other Angel Investment networks and investors. Members from Henley Business Angels also contributed to the raise:

Jurek Sikorski, Founder and Director of Henley Business Angels said, “Members were very impressed by the Extend Robotics software solution enabling robots to be controlled remotely, which defines a new relationship between robots and humans.”

Should founders approach multiple angel networks for investment?

There are many Angel Investment networks around the UK. Some have a specific focus such as climate investing, a focus on female founded start-ups or who operate in a specific geographical location. This means that there are plenty of options when it comes to where founders should choose to focus their efforts.

“It sometimes surprises founders when we encourage them to approach a range of angel groups or when we suggest an introduction to another group which we think could be a good fit for their business. It’s a common misconception that angel investment groups around the country are in competition, the reality is that it is a very collaborative sector. We’re all working towards the same goals – to help innovative companies get the funding they need to grow and to provide our members with interesting opportunities which offer real potential for growth.” Hannah Smith, Managing Director, Anglia Capital Group

Anglia Capital Group have good working relationships with many other Angel Investment networks around the UK. As part of their focus to encourage more women into angel investing and to support female founders, Anglia Capital Group have run joint pitching events with Eve Angel Investors with the next event schedules for March 2023.

“Pitching to both Henley Business Angels and Anglia Capital Group gave Extend Robotics great visibility to a large group of Angel Investors from different parts of the country. We wouldn’t have been able to access such a big pool of investors by working with just one Angel Investment network. We’re now in a position to really push forward with our plans for growth” Chang Liu, Founder & CEO, Extend Robotics

Raising equity capital can feel like a full time job in itself. It is important for founders to be selective about who they approach. Anglia Capital Group focus on companies based in or connected to East Anglia and other groups will have their own criteria or focus areas as mentioned previously. Founders need to spend some time researching to find out which Angel Networks are going to be the most likely to be interested in working with them. The UK Business Angels Association is a great place to start and has a useful database of Angel Networks around the UK which contains information about the different groups which can help Founders to shortlist who to approach.

Anglia Capital Group encourage Founders looking for angel investment to consider approaching several Angel Investment Networks but to think about what they’re looking for first. Some things to consider:

  • Am I looking for industry expertise and connections or just capital?

  • Do I want to work with an Angel Investment Network which is local to where my business is based?

  • Would I prefer to work with an Angel Investment Network which has specific expertise in my sector?

  • Do I want an Angel Investment Network to provide me with support and guidance on my pitch?

Once those questions are answered Founders can narrow down their search of where they want to apply to pitch.

Often the best approach is to first apply to your local Angel Investment Network as they will have the local connections that can be so valuable, in addition take a look at any networks which have a focus on the specific business sector you are in. These two strengths combined can provide Founders with a really engaged group of potential investors to pitch to.

Find out more about applying to pitch to Anglia Capital Group.

 

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