Minister throws support behind new £95m fund targetting UK software
Venture capital firm Sure Valley Ventures has won the support of ministers with a new £95m fund backed by state-owned British Business Bank, as it looks to target high growth software firms across the UK.
The London-headquartered VC closed an initial £85m round for the new fund , including a £50m cornerstone investment from the British Business Bank, which Minister for Investment Gerry Grimstone says will help channel funding to firms across the UK.
The new fund will seek out 25 firms with the team opening a new office in Manchester to widen the net while seeking out prospective targets.
Sure Valley Ventures Managing Partner and Co-Founder, Barry Downes, said the new funding will spur growth outside of London.
“Many cities, including Manchester, as well as Leeds, Sheffield and Newcastle, have become dynamic tech hubs for start-ups,” he said.
“A local presence will ideally position us to execute on exciting deals in this region and we are always willing to travel across the UK to meet exceptional leaders, to invest in their businesses and help them scale and grow in international markets.”
Minister for Investment Lord Gerry Grimstone said the new funding would help a wider range of cities reap the benefits of venture capital investment.
“The AI and immersive tech sectors are major British success stories and investments like this one by Sure Valley Ventures ensures that early stage companies in the Northern Regions can access the funding necessary to help them compete at the forefront of global innovation,” he said.
“It’s fantastic to see this investment into the North of England which demonstrates the U.K.’s investment attractiveness as we continue to level up all parts of the UK.”
Bosses at SureValley said the sectors offered major growth opportunities in the next few years.
Cybersecurity globally is expected to explode into a $203bn a year market by 2027, according to MarketWatch, while Goldman Sachs has predicted the Metaverse could be an $8trillion opportunity.