THE South West Regional Development Agency has announced funding of more than £1.5m to bring together companies seeking investment and risk capitalists looking for companies as investment opportunities.

The funding will provide a range of services that will assist in the matching of businesses and investors.

It will include the creation of an investment network - South West Angels & Investor Network (SWAIN) - to operate as an honest broker and provide investors with easy access to a stream of business proposals from companies in the South- west.

An investor readiness programme will support the network in the preparation of business plans before they are submitted to potential investors.

This will provide one-to-one consultations, workshops and web-based information to support the production of successful business plans.

It will also work with public and private sector organisations in the region to stimulate a change in the culture of funding growing businesses in the region.

"One of the main reasons why companies fail to raise funding is often due to the fact that the proposition and business plan has not been prepared or promoted in an attractive way," said Steve Richards, business finance manager for SWRDA.

Keith Masson, of fund managers South West Ventures, said: "We are delighted to see the creation of both SWAIN and the investment readiness service, as we see them as key to the completion of far more equity deals in regional companies.

"In particular, we feel that SWAIN will open more doors for us to work alongside Business Angels in the south-west."