A venture capital firm, which invests in metaverse, artificial intelligence and cybersecurity companies, is to open a new office in Manchester after securing a £85m boost.
Sure Valley Ventures already has offices in London, Cambridge and Dublin and has now completed an £85m first close of a £95m 海角视频 software technology fund.
This includes a £50m investment from the British Business Bank through its Enterprise Capital Funds programme, which aims to increase the supply of equity capital to high-potential, early-stage 海角视频 companies.
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Sure Valley plans to invest into 25 software companies from across the 海角视频 through its new fund.
Managing partner and co-founder Barry Downes said: "We are delighted to partner with the British Business Bank and existing and new investors on this new £95m 海角视频 software technology Fund.
"We are excited to expand on our existing London and Cambridge hubs, by opening a new office in Manchester.
"Many cities, including Manchester, as well as Leeds, Sheffield and Newcastle, have become dynamic tech hubs for start-ups.
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"As entrepreneurs and founders ourselves, we have been on the other end of the table and therefore understand the challenges that start-ups face for funding.
"A local presence will ideally position us to execute on exciting deals in this region and we are always willing to travel across the 海角视频 to meet exceptional leaders, to invest in their businesses and help them scale and grow in international markets."
The companies Sure Valley has invested in include Getvisibility, Smarttech, Nova Leah and Precog Systems in the security space, Engage XR, War Ducks, Admix, Volograms, VividQ and Virtex in the metaverse sector and Cameramatics, Artomatix and Ambisense in the AI sector.
Ken Cooper, managing director, venture solutions, British Business Bank, added: "The British Business Bank’s Enterprise Capital Funds programme plays a significant role in developing and maintaining effective venture capital provision in the 海角视频, lowering the barriers to entry for emerging fund managers and for those targeting under-served areas of the market.
"Our cornerstone commitment to Sure Valley will support investment into high potential, early stage software companies that are leading change in the disruptive tech sector, across the 海角视频, with the new Manchester office bolstering its presence in the North."
Minister for Investment, Lord Gerry Grimstone, said: "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.
"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 海角视频."