PwC sponsor of investment fund for start-ups Seedcamp
PwC has announced its sponsorship of Seedcamp, a new kind of investment for start-ups that funds the companies from the ‘seed stage’ to IPO. As part of the partnership, PwC will offer the Seedcamp companies a new accounting and financial consulting service: My Financepartner.
Seedcamp
Seedcamp is a new London-based investment fund that supports and accelerates start-ups from the pre-seed and seed capital stage. The fund backs ambitious founders from around the world and aims at helping them build successful global companies through the right access at the right time to ‘Learning, Network, and Capital’. Seedcamp will initially invest up to $250.000 in the companies and accelerate them from seed funding to IPO across the product/market fit, traction, growth, and scale stages.
According to the consulting firm, the decision to sponsor Seedcamp “demonstrates way technology is driving change and innovation in how professional services firms serve the start-up and SME market in the UK.” As part of the sponsorship, PwC will offer the selected companies a new cloud-based accounting service for SMEs; ‘My Financepartner’, a service that offers support and accounting and financial advice to SMEs when planning future growth, funding or market development.
Commenting on the partnership, Reshma Sohoni, Partner and Co-founder of Seedcamp, says: “We are proud to announce our autumn cohort of Seedcamp companies, and excited to see the launch of My Financepartner which really has the start-up stage in mind. It’s a great step by PwC to create a targeted offering and we're pleased to welcome them as partners.”
Tony Price, PwC partner responsible for My Financepartner, adds: “If early-stage companies are intending to grow fast, they need to get on top of issues such as cash burn rates, R&D tax credit support and statutory reporting. Later they’ll need support to secure further funding rounds and to plan for headcount growth. My Financepartner helps smaller companies manage their financial affairs from the beginning, and represents PwC’s increasing commitment to fast growth, IP-rich firms, especially those in the technology sector.”
