Venturenomix helped Happaning secure match funding and manage IUK Smart Grant.
Happaning is the go-to platform for discovering and sharing real-time insights into events and locations around the world, using cutting-edge technology to bridge the gap between virtual and physical interactions.
Happaning won an IUK Smart Grant and needed to:
- Secure match funding
- Manage the 12month R&D project
The Innovate UK Smart Grant is a quarterly R&D grant fund that offers between £25k and £2m to the most innovative SMEs for the development of novel technologies. However, competition is extremely high with the average success rates under 10%. Grant funding of up to £2m can be awarded for the development of novel processes, products and/or services through IUK Smart Grants.
Most R&D grant funds will provide 70% of the total project costs, meaning the applicant must find 30% ‘match funding’ to fully fund the project. Venturenomix has a group of partners that can support through the entire R&D process. In this case, SPRK Capital arranged a debt facility for the match funding.
Every R&D grant funder requires technical and financial reporting during the live R&D project. Venturenomix supported Happaning in this reporting requirement.
More to explore
Below, you’ll find links to related external content that expand on the topics discussed in the article above. Please note that these links are provided for additional information and we are not responsible for the content on external sites.
- Find out more about our work with Happaning
- Read up on Happaning
- Read up on grants for innovative SMEs
- Learn more about the Innovate UK Smart Grant
- Read up on SPRK Capital
