We are delighted to announce that Zoombu has been selected as a winner of the Saïd Business School (SBS) Venture Fund Final 2009. Our business was recommended for investment by the generous benefactors of the fund, Sir Philip Green, one of the UK’s leading retail entrepreneurs, and Mr David Bonderman, founder of the Texas Pacific Group, after a tough selection process culminating in an intense pitch to the benefactors.
The SBS Venture Fund was established in 2007 to finance the best entrepreneurial ideas from the students and alumni of the Saïd Business School and of Oxford University who are also members of Oxford Entrepreneurs. The Fund also aims to promote SBS students’ education in investing in early-stage businesses and is led by a committee of MBA students and University of Oxford advisors. In its first two years the fund has invested a total of £310,000 in four businesses. Sixty three businesses applied to the fund this year from a diverse range of sectors and eight promising business were selected to pitch to the Fund’s committee at a semi-final last Tuesday. Zoombu was chosen as one of four businesses that would go through to the finals the very next day. The other finalists included TropicOil Ltd, Altitude Medical and Antifouling Nets.
The final was a nerve-wrenching affair where each team was allowed just 17 minutes to sell their business to the panel. The pitches took place in front of an audience of distinguished guests including Wafic Saïd (the school’s founding benefactor) and his eminent dinner guests, the Dean of SBS Colin Meyer, the Vice Chancellor of Oxford University Dr John Hood (who moderated the discussions) as well as MBA students and selected associates of the business school. Sir Phillip and Mr Bonderman gave every business a thorough grilling and certainly did not hold back from speaking their minds during the pitches!
After all four businesses pitched the panellists went backstage to agree on their recommendations. They soon emerged to announce that whilst all four businesses showed potential, Zoombu and Altitude Medical were worthy of investment by the Fund this year. On a closing note, Sir Philip extended a rare invitation to Zoombu and two other businesses to meet with him in person next week!
- Posted by Rachel
