UK - Cambridge Discovery Fund raises £1m

The fund, which was officially launched May 14, is managed by the University of Cambridge's commercialisation office, Cambridge Enterprise. The fund can be used for PathFinder funding, which provides up to £10,000 for developing marketing strategies and business plans, or Concept Funding, which provides up to £80,000 for applied development and demonstration of a concept.

Cambridge Enterprise Seed Funds, which comprises the University of Challenge, the University of Venture and the University of Cambridge Discovery funds, provide funding for early stage businesses that have been founded by members of the University of Cambridge. On average, every pound invested has attracted follow-on funding of £45.

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• UK / Ireland