Frequently asked questions

Yes. You do not need an established investment track record to apply.

We recognise that newly forming and early-stage syndicates may not yet have an established membership base, investment portfolio or pipeline. Where historic information is not available, you will be able to provide relevant plans, targets and assumptions instead.

However, all applicants must have a sufficiently established leadership team to provide current leadership diversity information at the point of application.

No. DAS is a capacity-building programme rather than an investment fund: its purpose is to strengthen the syndicates themselves so that they can attract and activate more investors and become commercially sustainable. DAS funding is intended to contribute towards the operational costs of developing and running participating syndicates. It cannot be used as investment capital or invested into portfolio companies.

Eligible costs may include areas such as operational support, relevant legal and compliance costs, platforms, events, member recruitment, marketing, training and relevant travel.

Full funding conditions will be set out in the funding agreement for successful applicants.

All eligible applicants will be assessed against a consistent framework, followed by due diligence and independent challenge through the Assessor Panel. 

Applications will first be checked against the programme's eligibility requirements. Eligible applications will then be assessed across areas including programme fit, leadership and governance, angel recruitment and retention, investment strategy, deal activity and pipeline, and financial planning and resilience.

Assessment will take account of each syndicate's stage of development. Newly forming or early-stage applicants will not be disadvantaged simply because they do not yet have the same historical activity as a more established syndicate.  

Shortlisted applicants will then progress through due diligence and an Assessor Panel before final selection.

Applicants must have at least 30% diversity within their current syndicate leadership team at the point of application.

Applicants must also demonstrate:

• a credible plan to build and maintain a diverse syndicate membership, working towards a programme target of 50% or more diverse membership; and
• a credible strategy for supporting diverse companies, working towards an aspirational target of 70% or more investment into diverse companies.

The 50% membership and 70% investment figures are forward-looking programme expectations. Applicants do not need to have achieved these at the point of application. These requirements reflect the programme’s objective of broadening participation in angel investing and increasing the flow of early-stage capital to diverse-led businesses, while allowing syndicates time to build towards the programme’s longer-term targets.

The DAS application process starts with a short online eligibility form.

If you meet the eligibility criteria, you will be emailed the DAS Application Form (Word) and Supporting Template for Applications (Excel). You will need to complete both documents and email them to the DAS inbox by the application deadline.

Applicants should allow approximately 2.5 to 5 hours to complete the full application, depending on their stage of development and how readily available the required information is.

Newly forming and early-stage syndicates will not be expected to provide historic information that does not yet exist. Where appropriate, the application materials explain where plans, targets or assumptions can be provided instead.

Applications will open at 9am on 11 November 2026.

The programme has a particular focus on increasing representation in angel investing in relation to sex and ethnicity, while also recognising other forms of underrepresentation. Women currently make up around 14% of UK angel investors, while it is estimated that around 11% are from Black and ethnic minority backgrounds. The programme therefore has a primary focus on tackling underrepresentation in relation to sex and ethnicity, while recognising other forms of underrepresentation.

DAS recognises diversity characteristics relating to sex, ethnicity, disability, religion or belief, sexual orientation and age. Applicants may focus on one or more of these characteristics, including an intersectional focus.

The Supporting Template for Applications provides further guidance on providing diversity information and calculating the relevant diversity figures. 

Shortlisted applicants will be asked to complete a Due Diligence Questionnaire (DDQ) and provide relevant supporting evidence. Due diligence is intended to verify material information provided through the application and will be proportionate to the applicant's stage of development, operating model and claims made.

It will cover areas such as legal and ownership arrangements, leadership and delivery capacity, governance and regulatory arrangements, selected application claims, financial information and proposed use of DAS funding. Applicants will also be required to provide professional referees.

Applicants successfully progressing through due diligence will be invited to attend an in-person Assessor Panel in London.

The full DDQ will be made available separately on the DAS webpage so prospective applicants can understand the requirements and prepare in advance.[

Successful syndicates may receive up to £400,000 in funding over four years, subject to the funding agreement and ongoing programme requirements.

Alongside financial support, syndicates will receive a structured package of development support delivered with UKBAA, including learning and capability building, operational and digital tooling guidance, financial and commercial sustainability support, and opportunities to connect with the wider angel investment ecosystem.

Syndicates will also receive specialist Train-the-Trainer support, delivered by Public IO through the Angel Investing School, to help build their capability to educate and support angel investors.

An applicant webinar will take place on 4 November 2026 from 10:00am to 11:00am. Optional 15-minute office-hour appointments will also be available during the application window for applicants who have questions about the programme or application process. Office hours are intended to provide clarification rather than individual application coaching.

The Diverse Angel Syndicate (DAS) Programme is designed to support diversity-focused angel syndicates at different stages of development. This includes newly forming and early-stage syndicates, as well as existing syndicates entering a substantive new phase of development or making a material change to their operating model.

Emerging syndicates are typically those operating for less than 12–18 months and with fewer than three completed investments, although this is a guide rather than a strict requirement. More established syndicates may also apply where they are making significant changes to become more scalable, sustainable or inclusive.

Applicants must be UK-based and primarily invest, or intend to invest, in UK businesses. Applications from syndicates operating outside London are particularly welcomed.

Full eligibility requirements will be explained during the webinar and set out in the Programme Guidance and application materials before applications open.