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Cass Entrepreneurship Fund closes fourth and fifth deals

Invests in start-up legal services business and cloud computing technology

The Cass Entrepreneurship Fund is pleased to announce its investment in two new companies.

Accutrainee provides a groundbreaking, cost effective and efficient way to manage the legal industry's trainee requirements. It is the first non-legal service provider to obtain training establishment status from the Solicitors Regulation Authority. The business was launched in September 2011 with the announcement that top City law firm, Olswang LLP had committed to running a pilot with Accutrainee. Accutrainee was founded by Cass EMBA alumnae and former solicitor at Hogan Lovells International LLP, Susan Cooper. It has been incubated at the Centre for Entrepreneurship since December 2010.

Cloud Business, led by James Butler (founder and CEO) provides cloud migration, advice and deployments for high profile clients such as Vodafone, ASOS, and Clifford Chance. They have recently launched Cloud Profiler, an innovative sales application to match customers to the right cloud solution. It is one of a handful of companies to be awarded Microsoft Cloud Accelerate Partner status and was No 1 Microsoft Partner in the UK for the number of clients live on Online Services 2009-2010 and 2010-2011.

The Cass Entrepreneurship Fund is a £10m investment fund providing finance for start-up and early stage companies across the Cass Business School community. The Fund was established in 2010 with the support of Peter Cullum, a high profile Cass MBA alumnus and the Founder and Executive Chairman of insurance group Towergate.

The Fund forms part of the Peter Cullum Centre for Entrepreneurship at Cass Business School, which is part of City University London. It provides a focal point for entrepreneurs at Cass, offering access to venture funding as well as entrepreneurship teaching programmes.

Peter Cullum CBE: "It is truly exciting to have the opportunity to provide funding for young, innovative entrepreneurs with the potential to excel and make a huge difference in their specialist markets."

Jane Reoch, Investment Manager, Cass Entrepreneurship Fund: "We are thrilled to be backing such innovative businesses and are delighted to welcome Cloud Business and Accutrainee into the Cass portfolio"

Accutrainee Founder and CEO Susan Cooper: "Since the company's launch in September Accutrainee has received a great deal of interest from both clients and graduates from within the legal community who recognise the value of this innovative new trainee delivery model. We are very grateful for this additional support from the Peter Cullum Centre for Entrepreneurship at Cass. It is a further confirmation of the strength of our groundbreaking business model."

Cloud Business Founder and CEO James Butler: "Cloud Business is in a rapidly growing market which will continue to expand in the coming years. Now the Cass Entrepreneurship Fund is on board we can grow to keep up with the demand for our innovations in cloud software and services. We are very fortunate to have fantastic customers, staff and the Cass Entrepreneurship Fund working with us."

The Cass Entrepreneurship Fund was advised on the transactions by Pinsent Masons.

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