Evaluation Process

1. Application for funding

Entrepreneurs requesting funding support need to submit and complete all relevant sections on the funding application form using Angelsoft. Additional documents should be attached including an executive summary of the business plan, financial documents, description of market opportunities and how commercialisation will be achieved.  All documents submitted to BioAngels should to be non-confidential information.

2. Screening by BioAngels deal-screening committee

Each funding request will be screened firstly by the Executive Officer and if sufficiently complete, the request will be passed onto the BioAngels deal-screening committee for evaluation.

3. Deal flow process

The Executive Officer or a BioAngels member will contact the entrepreneur and coordinate a meeting to further discuss the deal.  Having been briefed by the entrepreneur, the deal will be presented informally by the lead member to all BioAngels members at the next meeting.  If interest in the deal is indicated by the members, the deal will be posted to a secure and private “deal room” on Angelsoft and will now be visible to all BioAngels members.  The deal room is the collaboration centre between the entrepreneur and BioAngels members.  The entrepreneur will be able to store deal-related documents, exchange messages and receive information from BioAngels members.  BioAngels members can comment on their level of interest in this deal.

4. The pitch

If the deal has generated sufficient interest, the entrepreneur will be invited to pitch their deal to the BioAngels members at the next members meeting. The entrepreneur will be guided and mentored in the preparation of their presentation (20 minutes plus 10 minutes Q&A).  Meetings are held monthly from February to December on the second Wednesday of the month.  The presentation must be provided to the Executive Officer no less than one week prior to the meeting to confirm that all required information is included, the entrepreneur should only provide non-confidential material.

5. Unsuccessful applications

A proposals that is not selected for presentation may still be described briefly at the same BioAngels meeting; if it attracts any interest from members it may be considered for a full presentation by the entrepreneur at a subsequent meeting or interested members may make contact directly with the entrepreneur.

6. Due diligence

Each BioAngels member will consider whether the investment proposal suits his or her investment goals, and if so, a single confidentiality agreement (CDA) will be put in place between the investee and BioAngels.  The potential investors will carry out any due diligence under the CDA arrangements.

7. Term sheets

Assuming at least one member decides to invest and term sheet discussions are satisfactory, a “deal” will be agreed, including a charge to cover due diligence services and administrative fee that is a calculated as a percentage of the investments made by the BioAngels members.  The term sheets also contain mentoring arrangements, reporting requirements and typically, representation of one investor member on the investee’s Board of Directors.

The investor members, acting together, will assist with any co-investments that may be needed by the investees.