We helped Bricksave, a crowd funding property investment platform, in a fund-raising exercise using the Government backed ‘Future Fund’ scheme.
The Future Fund scheme was introduced in April 2020, as a result of the Covid- 19 pandemic, to assist innovative UK companies get investment by providing matched funding from £125,000 up to £5 million. As this scheme had been newly introduced, we had to make sure our client would qualify for the investment by considering the scheme rules as well as making sure that all company records were in good order to meet the information requirements needed for the application process.
We helped guide Bricksave through the requirements of the scheme but also made sure that the fundraising was compliant with their existing shareholder agreements and the Companies Act, which each had their own limitations when it came to fundraising.
Clear and effective shareholder communications were critical to make sure that the necessary support was achieved for when the board proposed the fundraising to the shareholders. This also gave the board flexibility to decide how the investment amounts would be allocated to the shareholders and the new investors so the investment was able to complete within the deadlines of the scheme.
Bricksave successfully completed the fundraising in 2021.