Waterfront client and venture capital firm Find Invest Grow (FIG) officially launched its new asset management company, New Model Venture Capital (NMVC), on 11th June.

FIG primarily works with young entrepreneurs, typically undergraduates or recent graduates, to help them develop ideas, create business plans and meet potential investors.

Having received FSA authorisation in April, NMVC has now started the FIG Concept Seed Fund, which is looking to raise £6m to invest. Companies that could benefit from the Fund include FIG’s existing portfolio of start ups and, with the impending launch of FIG’s annual RBS ESSA and RBS EnterprisingU competitions, new start up companies found through the competitions.

The Fund will have a minimum investment of £100,000. It will look to attract investors seeking to invest in companies that qualify for the government’s Enterprise Investment Scheme (EIS) or Seed Enterprise Investment Scheme (SEIS), which would give investors access to the tax reliefs available through these schemes. Such qualifying companies make up the majority of FIG’s clients.

Matthew Cunningham, corporate partner at Waterfront who sits on the FIG advisory board, said “FIG’s business continues to go from strength to strength and the Fund is great news for investors and clients alike. It’s the culmination of a lot of hard work from the FIG team in the past few months”.

The Fund’s investment committee consists of Robin McIlvenny, former Banking CEO, David Marshall, a specialist private equity advisor, Michael Blakey, Managing Partner of Avonmore Developments and Mark Minter, former President and CEO of Power Plate International and Holmes Place