London – 8 May 2012 – The UK Minister for Enterprise Mark Frisk visited PlayJam’s London HQ on the morning of Tuesday 8 May to mark the announcement of one of the first investments by the Government’s Business Angel Co Investment Fund.
The £50m Angel CoFund (CoFund) has given a combined total of £7.2 million to English SMEs since its launch in November 2011, investing £1.4M in five SMEs to date, with a further £5.8M committed by business angels and other investors to these companies. Investing alongside syndicates of business angels into high potential SMEs across the country, the initiative aims to fuel further funding to support long-term, high quality jobs in growing companies. Many of the co-investing angels also undertake active roles to support and mentor these businesses, providing valuable industry, financial and management support.
Receiving £538,000 from the CoFund as part of their £3.6M round in late 2011, PlayJam is the world’s leading games platform for internet-enabled TVs. With a global network spanning all major TV brands including Samsung, LG, Panasonic and Sony, PlayJam offers developers a quick and effective way to enhance, monetize and promote their games to millions of users around the globe.
Says Jasper Smith, CEO PlayJam. “We’re honoured by the Minister’s visit this morning. The investment in PlayJam from the Angel Co Investment Fund is welcome recognition that the government has a key role to play in galvanizing investment in UK SME’s during what is undoubtedly a difficult period. The fact that the majority of PlayJam’s funding to date has come from the US shows that the UK investment community still has some way to go in terms of supporting the businesses of tomorrow but such schemes will I hope highlight a strong case for supporting home-grown success stories such as PlayJam”.
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PlayJam is the premier global destination for casual and social games on TV. By partnering with all major TV brands, we've created the largest and most vibrant games network for millions of players around the world.
Our platform provides a gateway for developers to enhance, monetize, distribute & promote their titles on TV. Designed to drive revenues and customer loyalty, our SDK's rich tool-set facilitates a variety of purchasing models and effective advertising opportunities alongside the deployment of social and commercial in-game features.
PlayJam operates globally with offices in San Francisco, London, Seoul and Kraków. Please see www.playjam.com for more info.
About the Business Angel CoFund
The £50m Angel CoFund has been created with a grant from the Regional Growth Fund and invests alongside business angel syndicates from across England in order to support high potential small and medium size commercial enterprises.
The fund is able to make initial equity investments of between £100K and £1M in to SMEs alongside syndicates of business angels, subject to certain geographical restrictions and an upper limit of 49% of any investment round. Investment decisions are made by the independent Investment Committee of the fund based on the detailed proposals put forward by business angel syndicates.
The fund is not open to direct approaches from individual businesses and those seeking investment should first secure the interest of the business angel syndicate or network. Businesses seeking investment can find more information on business angels, syndicates and networks from the British Business Angels Association website www.bbaa.org.uk.
The Angel CoFund has been established with the support of Capital for Enterprise Limited (CfEL). CfEL continues to provide both expertise and resource to ensure the successful execution of the Angel CoFund against its objectives. More information about CfEL can be found on www.capitalforenterprise.gov.uk