Deal news: advising Pycom Ltd on investment round, including future fund matched funding

Deal news: advising Pycom Ltd on investment round, including future fund matched funding

Stevens & Bolton has advised Pycom Ltd on its successful completion of a funding round via convertible loans, which included matched funding from the British Business Bank via the Future Fund scheme.

Pycom is an Internet of Things (IoT) technology company with a vision to give all connected ideas an opportunity to succeed. The company has pioneered an innovative IoT platform which is a unique suite of hardware and software products that connect developers, enterprises and consumers, creating an ecosystem between connectable things that removes barriers and reduces time to market.

The Future Fund is a UK government-backed co-investment scheme delivered by the British Business Bank, which, as of 26 July 2020, has so far approved nearly £513m of co-investment funding. The scheme delivers funding to eligible companies via convertible loans of between £125k and £5m, matching each £1 raised on the scheme’s terms from private investors. Further details can be found here.

Nick Atkins, head of entrepreneurs at Stevens & Bolton said:

"Pycom is at the cutting edge of the IoT technology. It has been fantastic working closely with co-founders Bettina Rubek Slater and Fred de Haro, and we are excited to see Pycom continue its fast growth journey as it continues to innovate and develop IoT solutions."

Bettina Rubek Slater commented:

“During the summer of 2020, we worked with Nick Atkins and his team at Stevens & Bolton. They represented us on the application for the UK Future Fund whereby Nick and the team guided us through the process and made sure every detail was understood and covered. We’re super happy with the outcome and would recommend Nick and the Stevens & Bolton team to anyone who need an attentive and very diligent execution to settle a legal matter.”

The Stevens & Bolton team was led by corporate partner Nick Atkins, supported by Nassar Nassar.

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