No. The Investee Company must have raised at least £250,000 in equity from third-party investors in previous funding rounds in the last five years (from 1 April 2015 to 19 April 2020, inclusive). Third-party investors means investors other than any connected person of the Investee Company, any founder, employee, worker or consultant or their connected persons. However, investment from non-executive and investment directors can count towards the £250,000 raised, and will be eligible for match funding.
If an application is successful a director of the Investee Company will be required to sign a standard form declaration which includes, among other things, a confirmation of this criterion.