Liverpool-based ‘cofoundery’ We Are Nova has helped attract £500,000 of venture capital investment for the digital and health start-ups and will match that to take the figure up to £1m. Tony McDonough reports

Eleven early-stage start-up businesses in Merseyside and across the North West are to benefit from a £1m seed fund cash injection.

Liverpool-based ‘cofoundery’ We Are Nova has helped attract £500,000 of venture capital investment for the digital and health start-ups and will match that to take the figure up to £1m.

As part of the deals We Are Nova takes a 12.5% equity stake in each business with the venture capitalists taking another 12.5% stake. Each of the entrepreneurs goes through a full mentoring programme with We Are Nova, preparing them for their first investment pitches at free ‘Start-up Schools’.

It also acts as technical co-founder and business advisor. Its guides entrepreneurial founders through the process of creating a business, to understand what users truly need and want, whilst developing their product/service.

Industry research shows the majority of tech startups fail in the first few years – We Are Nova’s methodology specifically mitigates the common reasons for this.

With a 170-strong team, entrepreneurs are supported across a broad range of disciplines including strategy, customer engagement, electrical/hardware and technical software development, design, data analysis, branding and marketing.

Culmination of the Startup Schools are investment pitches with the We Are Nova board and investment partners.

Led by Liverpool entrepreneur Andy Davidson and backed by Deepbridge Capital, Co-Angel Investment, Sir Terry Leahy and Bill Curry, the investment team brings a wealth of knowledge in market trends and business growth.

The We Are Nova team has backed more than 30 successful startups during the past eight years, including Door Funds, Sentric Music and Lucid Games.

Andy Davidson, We Are Nova’s chief executive, said: “Q1 saw our most successful funding round in the organisation’s history and we are immensely proud of the founders we will be working with in the upcoming months.

“Their passion and determination is exemplary and we are looking forward to future successes.”