Project Management and Match Funding

February 15, 2024

Venturenomix help 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.

Read the full case study about Happaning and the Innovate UK Smart Grant here.

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