Cambridge fintech firm FinCrime Dynamics earns first investment from Cranfield University seed fund
Cambridge fintech company FinCrime Dynamics has won the first investment from a new seed fund launched by Cranfield University.
The university is using philanthropic gifts from alumni donors to provide early investment for promising business owners with a link to the university.
FinCrime Dynamics, based at St John’s Innovation Centre, helps financial institutions test and improve crime controls.
Dr Edgar Lopez-Rojas, who is studying for an executive MBA with Cranfield’s School of Management, is CTO and founder of the company.
He said: “FinCrime Dynamics is thrilled to be awarded the very first investment from the Cranfield Seed Fund. It is an honour that an institution so strongly associated with innovation and entrepreneurship has selected our company as its very first investment.
“The funding and wider support that we have received from the Cranfield community has already had a huge impact on our company. Cranfield University is now very much a crucial part of our company’s journey. We look forward to Cranfield being part of our future success and the success of many other startups to follow.”
The seed fund was launched by the Bettany Centre for Entrepreneurship at the School of Management to give entrepreneurs and start-ups access to capital from a diverse pool of supporters, alongside advice and education to help them scale.
The fund will invest in businesses at two stages of growth. At the ideas stage, businesses that need a small injection of capital to enable market research or work on a prototype, grants of up to £5,000 will be made.
At the start-up/seed stage, up to £25,000 will be invested on a commercial basis, by providing convertible loans. This model is designed to ensure the fund’s longevity.
Capital returns are designed to make the fund self-supporting and create “a virtuous circle of giving”, from one generation of alumni and investors to the next.
Students at the Bedfordshire-based university will have hands-on involvement, supporting due diligence and commercial evaluations of the businesses applying for funding, which will help them to enhance their business experience whilst studying.
Martin Rigby, managing director of ET Capital, who has been involved in founding the fund, and supported it financially as an MBA alumnus, said: “I’m delighted that the seed fund has been launched. It will not only provide much needed growth capital for promising young businesses but give their founders the benefit of insight and wisdom from the Bettany Centre and Cranfield’s vibrant and diverse entrepreneurship community.
“It’s a privilege to be involved in this initiative which, judging from the early deal flow including the first investment in FinCrime Dynamics, will back some outstanding young businesses."
The fund builds on a small pilot in 2016, which gave grants to very early-stage businesses started within the university or by alumni. It helped accelerate the growth of several businesses, including Cambridge-based CorrosionRadar, Bedford business Herotech8, and Cranfield-based Citispotter.
Dr Stephanie Hussels, director of the Bettany Centre for Entrepreneurship, said: “Thanks to the generosity of our alumni community, I’m delighted that we can put both funding and support in place for entrepreneurs of the future. This is a superb addition to the advice, education and support which we already provide to start-ups and early-stage businesses and is a real milestone for Cranfield.”
For more on the Cranfield University Seed Fund or to donate, contact BettanyCentre@cranfield.ac.uk.
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