In the Autumn Statement, a further £400m of long-term funding was opened to the British Business Bank by the Chancellor to continue the Bank’s established Venture Capitalist (VC) Catalyst programme aiding scale-up business looking to develop. This additional funding signifies a fantastic expansion for the programme, which tackles shortfalls in the UK’s venture capital investor base that leave later-stage ventures less supported than seed and early-stage. Primarily, the VC Catalyst programme supports VC funds that invest in technology companies and the varied portfolio the programme has developed includes digital, life sciences, energy and resource efficiency businesses.
Catherine Lewis La Torre, CEO of British Business Bank Investments Ltd, said: “Our VC Catalyst has proved successful over the last four years, with funds committed so far – both by ourselves and other investors – totalling £919m. We are delighted the Government has reiterated its commitment to our support for venture capital with this additional £400m of funding.”
“We are looking forward to engaging with funds with a verifiable track record in supporting high-growth businesses and an ability to leverage in private sector investment to support the UK’s venture capital ecosystem.”
Kathleen McLeay, CEO of NCM Fund Services said: "NCM work with a number of funds that British Business Bank Investments Limited ("BBBI") invests in and with BBBI themselves so would be delighted to assist any new fund manager responding to the tender process for funding. We see this as a very exciting development for the UK funds market and potentially bridging a gap at a time when the fundraising market may be more challenging post Brexit."
The programme is currently supporting 49 SMEs through 9 venture capital funds (as at end June 2016). Its most recent commitment was a £10m investment in a new £260m technology fund raised by Scottish Equity Partners (SEP).
Source: http://bit.ly/2DTFyug
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