Changing Source of Funding

[vdrago2k18]

Hello all,

I'm confused about something, hope this can also shed some light for others in similar situations.

So I started under the Tier 1 Graduate Entrepreneur and successfully switched to T1E and showed access to third party family funding (money was held for less than 90 days so provided the legal declaration with the T1E application too).

I have now invested most of the money (around £40,000 of the £50,000 required investment, so £10,000 left to invest). We have now raised funding from an accelerator/VC, which is more than £10,000.

Would I be able to change the source of funding for the remaining £10,000 as invested on my behalf by VC and provide the required documents too. Or do I have to invest the original money ?

I have the £10,000 and can invest it but I'm curious to see of this is acceptable or not.

Thanks a lot

[marcnath]

Hello all,

I'm confused about something, hope this can also shed some light for others in similar situations.

So I started under the Tier 1 Graduate Entrepreneur and successfully switched to T1E and showed access to third party family funding (money was held for less than 90 days so provided the legal declaration with the T1E application too).

I have now invested most of the money (around £40,000 of the £50,000 required investment, so £10,000 left to invest). We have now raised funding from an accelerator/VC, which is more than £10,000.

Would I be able to change the source of funding for the remaining £10,000 as invested on my behalf by VC and provide the required documents too. Or do I have to invest the original money ?

I have the £10,000 and can invest it but I'm curious to see of this is acceptable or not.

Thanks a lot

You are mixing up access to funds with investment of funds.

While you can use third parties (as you did) to show access to funds, the investment should always be made in your name.

At extension, the evidence you need to submit has nothing to do with the source but rather the actual investment made.

So, if you think you can provide the required investment evidence then it is ok.