Contract award notice
Results of the procurement procedure
Section I: Contracting
authority
I.1) Name and addresses
SME Wholesale Finance (London) Limited
22 Upper Ground
London
SE1 9PD
UK
Telephone: +44 2070619000
E-mail: susan.goss@curriebrown.com
NUTS: UKI
Internet address(es)
Main address: http://fundinglondon.co.uk
Address of the buyer profile: http://www.mytenders.org/
I.4) Type of the contracting authority
Body governed by public law
I.5) Main activity
Economic and financial affairs
Section II: Object
II.1) Scope of the procurement
II.1.1) Title
Appointment of Co-Investors for the London Co-Investment Fund (LCIF) 2017.
Reference number: CB/202655
II.1.2) Main CPV code
66000000
II.1.3) Type of contract
Services
II.1.4) Short description
Funding London is the trading name of SME Wholesale Finance (London) Limited. Funding London have competitively selected 5 additional organisations to become co-investment partners with the LCIF. The selected partners will enter into co-investment agreements with the LCIF with an investment period of 18 months. The aims of the LCIF are as follows:
— To invest 23 000 000 GBP into high-growth early stage Science, Digital and Technology businesses in London during a 3 year period;
— To achieve a target across the fund of 2.9 GBP of private sector investment for every 1 GBP invested by LCIF;
— To generate approx. 2 653 jobs as a result of the investments being made; and
— To maximise returns from exits to enable further investment in later years.
II.1.6) Information about lots
This contract is divided into lots:
No
II.1.7) Total value of the procurement
Value excluding VAT:
23 000 000.00
GBP
II.2) Description
II.2.2) Additional CPV code(s)
66000000
66100000
66120000
66122000
II.2.3) Place of performance
NUTS code:
UKI
II.2.4) Description of the procurement
The London Co-investment Fund (‘LCIF’) was established by Funding London and Capital Enterprise with the aim of investing 23 000 000 GBP in London-based, seed stage companies in the Science, Digital and Technology sectors. The LCIF defines seed stage as very early stage companies where the proof of concept stage has been successfully concluded. The LCIF is financed by 25 000 000 GBP provided by the Mayor of London and the London Enterprise Panel from the Growing Places Fund and 1 700 000 GBP from Funding London and is managed by Funding London.
The LCIF is a co-investment fund and operates by contracting with early stage investors including venture capital funds and angel syndicates.
Since its launch in December 2014 the LCIF has invested 12 300 000 GBP in 76 London-based, high-growth, early stage technology companies through nine co-investment partners selected in the autumn of 2014 and in the summer of 2015. LCIF investment has helped raise an aggregate of over 85 000 000 GBP in total investment commitments.
Funding London is now seeking to recruit additional co-investment partners to broaden the reach of the fund in particular in sectors that are underrepresented in the current portfolio.
We have competitively selected 5 additional organisations to become co-investment partners with the LCIF. The selected partners will enter into co-investment agreements with the LCIF with an investment period of 18 months. The co-investment agreement will set out the requirements for potential investee companies and the rights and obligations of the co-investment partners.
The aims of the LCIF are as follows:
— To invest 23 000 000 GBP into high-growth early stage Science, Digital and Technology businesses in London during a 3 year period;
— To achieve a target across the fund of 2.9 GBP of private sector investment for every 1 GBP invested by LCIF;
— To generate approx. 2 653 jobs as a result of the investments being made; and
— To maximise returns from exits to enable further investment in later years.
II.2.5) Award criteria
Quality criterion: Quality
/ Weighting: 95
Cost criterion: Cost
/ Weighting: 5
II.2.11) Information about options
Options:
No
II.2.13) Information about European Union funds
The procurement is related to a project and/or programme financed by European Union funds:
No
Section IV: Procedure
IV.1) Description
IV.1.1) Type of procedure
Open procedure
IV.1.3) Information about a framework agreement or a dynamic purchasing system
The procurement involves the establishment of a framework agreement
IV.1.8) Information about Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement:
No
IV.2) Administrative information
IV.2.1) Previous publication concerning this procedure
Notice number in the OJ S:
2017/S 066-124378
Section V: Award of contract
A contract/lot is awarded:
Yes
V.2 Award of contract
V.2.1) Date of conclusion of the contract
13/06/2017
V.2.2) Information about tenders
Number of tenders received: 8
The contract has been awarded to a group of economic operators:
Yes
V.2.3) Name and address of the contractor
Albion Ventures
London
EC2R 7AF
UK
NUTS: UKI
The contractor is an SME:
Yes
V.2.3) Name and address of the contractor
Startup Funding Club
London
WC1H 8BU
UK
NUTS: UKI
The contractor is an SME:
Yes
V.2.3) Name and address of the contractor
Venture Founders
London
EC1V 7DP
UK
NUTS: UKI
The contractor is an SME:
Yes
V.2.3) Name and address of the contractor
Mustard Seed
London
W1B 5AN
UK
NUTS: UKI
The contractor is an SME:
Yes
V.2.3) Name and address of the contractor
Concentric Team
London
SW1Y 4BP
UK
NUTS: UKI
The contractor is an SME:
Yes
V.2.4) Information on value of the contract/lot (excluding VAT)
Total value of the contract/lot:
: 23 000 000.00
GBP
V.2.5) Information about subcontracting
Section VI: Complementary information
VI.3) Additional information
(MT Ref:198891).
VI.4) Procedures for review
VI.4.1) Review body
High Court of England and Wales
The Strand
London
WC2A 2LL
UK
Telephone: +44 2079476000
VI.5) Date of dispatch of this notice
13/06/2017