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For many UK founders, it can seem like the only way to get ahead in business is to head to London. There’s no doubt it’s a global hotspot for innovation with plenty of support for founders – with top accelerators, buzzing co-working spaces and easy access to investors.
But this can leave founders outside of the capital feeling left behind.
The team at Baltic Ventures believes that location shouldn’t matter when it comes to finding and nurturing the next generation of entrepreneurial talent. We caught up with Baltic’s CEO, Claire Lewis, to find out how the accelerator is changing the game for regional startups and how they use SeedLegals to support their emerging founders.
Uncovering fresh talent outside London
In 2022, 69% of investment money went to London-based companies… just 6% was secured by the North West of England. But Claire and her team were certain it wasn’t down to a lack of talent in the area.
They set out to fix this imbalance by building a flagship tech accelerator for early-stage companies in the Liverpool City Region.
Claire LewisOur passion as a co-founding team is a belief that the most talented entrepreneurs can come from anywhere. And we’re really looking to uncover those entrepreneurs that traditionally haven’t had the same opportunities to access funding and investment as founders based in London.
CEO and Co-Founder,
Baltic works with 10 to 12 digital tech startups each year. The not-for-profit accelerator lasts four months and helps companies fast-track their growth, build traction and connect with investors. It’s backed by a syndicate of angels who have the final say on which companies make it into the year’s cohort and provide them with a £30k investment.
Take investment quickly and easily
Baltic Ventures’ number one goal is to create impact in the North West. That means developing a fertile environment for founders and investors alike.
They came to SeedLegals looking for a straightforward way for their founders to take early investment from their angel syndicate. And they found a solution in SeedFAST: an enhanced version of an Advance Subscription Agreement (ASA). SeedFASTS allow founders to access that £30k cash injection as soon as they join the accelerator, rather than waiting on a full funding round.
Claire LewisIt’s really important for the UK as a whole to make sure we’re getting the investment that talented entrepreneurs need. For regional location to be the reason a company doesn’t get investment simply doesn’t make sense in this day and age.
CEO and Co-Founder,
Provide an all-in-one solution
Baltic gives everyone in their entire cohort a year’s subscription to SeedLegals. So on top of SeedFAST, founders can also:
✅ Create essential legal documents such as employment contracts, NDAs and IP assignments
✅ Build and manage their cap table
✅ Lock in SEIS/EIS tax relief for their investors
✅ Get money back through R&D tax relief
This means not only are founders getting the tools they need to grow but Baltic Ventures and their angels know that the companies they’re investing in have strong legal foundations, right from the start.
Help founders with step-by-step guidance
Many of Baltic’s founders were taking investment for the first time. Claire and her team wanted a legal solution that would support their founders through the process, step-by-step, and demystify the complex world of fundraising.
At SeedLegals, we’ve handled thousands of deals in the SEIS/EIS space so we know a thing or two about what makes a good (or a bad) deal. Baltic knew they could trust our terms as they were founder friendly, easy to understand and benchmarked against national standards.
Our team of experts are on hand at every stage to break the process down. This means founders don’t just get their funds but learn exactly how things work – plus any red flags to look out for. And all without breaking the bank for fresh startups on a tight budget.
Claire LewisIf we looked at the alternative, which was using a legal firm with bespoke legal agreements, it just doesn’t offer the same kind of scalable, open, transparent solutions that we get with SeedLegals. It’s also cost effective for our founders at this early stage as they continue to raise.
To have things simplified that were previously complex and opaque can really level up a startup ecosystem.
CEO and Co-Founder,
Customise contracts… exactly how you need them
Baltic Ventures is strongly led by its values and it’s important that follows through into the contracts and agreements their companies are using.
The SeedLegals team worked with Baltic to tweak our standard documents to make sure they were exactly in line with what Baltic was looking for.
Claire LewisIt’s not just a platform, we have an actual relationship with SeedLegals. It’s important because there are a lot of times where boilerplate documents work but sometimes you need tweaks to fit with certain values or cultural aspects that we’re looking to really embed within our community. That’s not compromised with SeedLegals.
CEO and Co-Founder,
A story of success
Baltic’s first accelerator cohort finished in January 2024 and the founders have gone on to raise over £7.5MN in funding since then.
It certainly proves – as Claire and her team already knew – that the North West has plenty of talent. With the right backing and resources, there’s no reason regional startups shouldn’t have as much chance of success as those based in London.
Find out how we can help you
SeedLegals supports founders and investors to sort the documentation they need, close deals quickly and grow their business. Book a time to chat with us to find out how we can help.
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