GC Angels

Overview

GC Angels (GCA) is an equity investment vehicle operated by the Growth Company (GC) and funded by the Greater Manchester Combined Authority (GMCA). GCA is the most active pre-seed investor in the NW – we aim to make 10 investments per year – with over 50 investments made since 2018.

As well as providing investment, GCA can also provide founders with access to a wider support network of advisory services and grant funding opportunities from the GM Growth Hub.

Investment Thesis

• GCA operates as an FCA-regulated venture capital fund, co-investing alongside Angel and VC partners from across the UK.
• GCA does not require SEIS or EIS shares.
• Investments are exclusive to businesses in Greater Manchester or those willing to relocate within six months post-investment.
• GCA balances the need for financial returns with a desire to create social impact in all our investments.

Investment Framework

• Portfolio Overview: 40 companies total (Mar 2025). 35% female founded and 20% ethnic minority founded.
• Investment Stage: Focuses on pre-seed and seed funding, with a preference for businesses generating revenue. Businesses that are pre-revenue are considered if they can demonstrate a clear pathway to commercialisation within a year.
• Investment Size: £50k – £200k as part of syndicated rounds of £250k – £1.5m.
• Leverage Requirements: As a co-investment fund, GCA can only invest in rounds where at least 75% is committed by other investors.
• Investor profile: GCA can act as lead investor in any round and conduct necessary commercial and legal due diligence.
• Sectors: Sector-agnostic – but we cannot invest in gambling, alcohol, tobacco industries. We also prefer not to invest in businesses with commercialisation timelines exceeding 12 months – so deep-tech, life-sciences etc may not be a fit.
• Valuation & Equity: GCA targets companies valued between £1.5m – £5m pre-money.
• Fees & Expenses: 5% arrangement fee /1% management fee per annum. Legal expenses capped at £2k.
• Governance: GCA does not require a Directorial board seat as part of its investment terms, but does require a board observer seat as well as access to financial accounts post.
• Follow-on: GCA does not provide follow-on investment but can refer portfolio businesses into the main GMCA investment fund which invests £250k – £5m via equity or debt instruments.
• Support: Post-investment, GCA can provide strategic support via strong relationships with GMCA and the GM Growth Hub.

Contact: GCangels@growthco.uk (Email Subject: IUK IPP – Company Name – Round Size)