Panel Session University Spinouts Finance Investment Startup Delegate

Location: Stage 3 - Wed, 1 Jul 2026 · 13:00 – 13:40 (Europe/London) (40 minutes)

Non-Dilutive to Dilutive: Sequencing grants, angels, and institutional capital

Different capital sources play different roles. This session explores how founders can use grants, angels and institutional investment in the right sequence to de-risk growth, build evidence and prepare for stronger future rounds.

For early-stage businesses and spinouts, access to capital is rarely about one funding source alone. The real challenge is knowing how to combine grants, angel investment and institutional capital in a way that supports progress without narrowing future options.

This session will explore how founders think strategically about funding sequence, using non-dilutive capital to build evidence and momentum, while preparing for equity investment at the right time and on stronger terms.

It will look at how different forms of capital can work together, where founders can get stuck, and how to avoid creating a strategic dead-end through poor sequencing or unrealistic assumptions.

Who should attend

This session is for spinouts and early-stage founders who are navigating the funding journey from idea to growth.

It will be especially relevant for businesses considering grant support, angel funding or their first institutional round, and for founders trying to understand how different sources of capital fit together over time.

Why it’s relevant

Funding sequence can have a major impact on the future of a business. Used well, grants can help de-risk innovation, build evidence and strengthen readiness for equity.

Used poorly, they can delay commercial focus, distort priorities or leave businesses struggling to bridge to the next stage of capital. The same is true of angel and institutional investment.

This session is relevant because founders often focus on accessing capital in the moment, rather than thinking carefully about the order, purpose and implications of different funding routes. Getting that sequence right can improve flexibility, strengthen investor confidence and lead to better long-term outcomes.

What you’ll take away

You will leave with a clearer roadmap for how grants, angel investment and institutional capital can be sequenced to support growth more effectively.

The session will highlight common traps, including timing issues, dependency on non-dilutive funding, weak transition planning and misalignment between funding type and business stage.

It will also give founders a more practical framework for thinking about the right capital at the right time, and how to build towards future rounds without limiting their strategic options.

Hosted by

Sophie Dale Black

The Portfolio House

Advisor, consultant and non-executive director (NED) working with growing science and tech businesses.

Speakers

Hana Hussain

Investment Director at Big Issue Invest

Hana is an Investment Director at Big Issue Invest, where she co-leads the Growth Impact Fund in partnership with Unltd. Alongside her investment role, she advises the West Yorkshire Combined Authority on Strategy and Innovation in the region and mentors diverse emerging fund managers through the Pathway Programme. A former banking executive with over 15 years across Financial Services, Hana specialises in corporate strategy, data, and…

Jonathan Keeling

Partner at Haatch

I'm a Partner at Haatch, one of the UK's most exciting early-stage investors. £100+m raised, 150+ portfolio companies and 2,000+ investors. My role is to drive the fund to £250m AUM within the next 3 years. 2025 Seed VC of the Year, Fund of the Year, Exit of the Year & Best EIS Manager (UKBAA, Seed Legals & GIA) Alongside my day-to-day role at Haatch, I founded edge, a growth consultancy that works with clients to deliver world-class…

Ryan Sorby

Partner - Head of North at Palatine Growth Credit

Providing capital for fast growth, innovative SMEs across the North of the UK. With over 25 years working within the Financial Services sector, I enjoy building strong relationships with quality management teams to deliver tailored growth capital funding. Qualified ACA in 2003 and a founder Partner of Palatine Growth Credit, 2024.

Steve Sankson

Relationship Management Lead at NatWest

Steve is Regional Director for NatWest in the North West & also lead for regional growth. Over his career, Steve has worked with businesses of all sizes – from high growth & scaling through to large multi-national corporates and the great privilege of working with some of our best known entrepreneurs and brands. Away from work, Steve is learning BSL & immersed in training a new puppy in between taxiing his 2 teenage sons around.

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