OKR Financial sets up £2m investment fund for Cambridge SMEs

OKR Financial, one of the leading debt and equity financing providers in Canada, has expanded its operations into the UK, and its first mission will be helping Cambridge SMEs with up to £2m in funding.

OKR Financial is working with Growth Works, the Cambridgeshire & Peterborough Combined Authority’s (CPCA) programme to deliver jobs and business growth, to deploy up to £2m in non-dilutive funding to high growth SMEs, granting eligible companies up to £150k each.

“This is the start of much more to come for OKR Financial, with a wider goal of deploying £20m throughout the UK startup, scaleup and tech ecosystem over the next nine months,” said a spokesperson for the company.

Growth Works connects high growth businesses to the coaching, support, skills, information, global launch pad and funding they need to thrive.

“As Growth Works administers the grants, high growth businesses might experience a strain on their working capital, so partnering with OKR Financial will help bridge the gap for businesses until their grants are received,” said Paul Webster, managing director at Growth Works.

With a wider goal to deploy £20m throughout the UK startup, scaleup and tech ecosystem over the next nine months, the team at OKR Financial says this work with the CPCA’s Growth Works programme is the start of much more to come.

OKR Financial was founded by managing partners Dr Jason Neale and R Stewart Thompson, who have established a UK presence.

“We recently expanded into the UK and with our connection to Cambridgeshire and Peterborough, we are keen to support an initiative that could truly uplift SMEs and entrepreneurs at such a difficult time,” Thompson said.

“Many are quick to celebrate when government-funded grants are awarded, but the reality is there’s a lot of demand around working capital in high growth businesses which can impede operations, especially considering the fast pace of startup growth. OKR Financial can extend that all-important runway for these businesses.”

OKR Financial addresses the common issue faced by many growing UK companies – a three-four month lag between being approved for HMRC tax relief and other government-funded programmes and actually receiving the funds.

With a suite of private funds rewarding investors, while providing non-dilutive financial solutions to SMEs, OKR provides financing secured against HMRC tax relief programmes, government grants and assets.

Applications for the initial tranche of funding need to be submitted by the end of the month. Details here.