Cambridge Discovery Fund tops £1M

The Cambridge University Discovery Fund has raised the first £1million of a £5 million target to help bring its researchers science-based ideas to life.

The Discovery Fund, part of the University’s 800th Anniversary Campaign, was officially launched at the House of Lords on May 14. It is managed by the university commercialisation office, Cambridge Enterprise, as part of its seed funds and will provide pre-licence, pre-seed and seed investment for high tech ventures.

The fund can be used for PathFinder funding, which provides up to £10,000 to carry out market and IP assessments, plan marketing strategies, and develop the business plan, or Concept funding of up to £80,000 for applied development and demonstration of a concept.

Teri Willey, Chief Executive of Cambridge Enterprise, said, “The Discovery Fund provides the critical first funding that can be so difficult for a new company to find. Cambridge Enterprise can then use its networks, such as Cambridge Enterprise Venture Partners, to help bring in the later stage funding needed to grow a successful company.”