Equity investment organisation Newable Ventures and Bristol Private Equity Club (BPEC) have secured £10million from British Business Investments - a subsidiary of the British Business Bank - to fund early-stage businesses.
The cash, from British Business Investments’ Regional Angels Programme, will be invested by Newable Ventures, in partnership with BPEC, to deliver around £25million of new funding.
The money will be split between Newable’s Enterprise Investment Scheme (EIS) fund, which supports a 海角视频-wide portfolio of businesses, and a separate pool to back entrepreneurs and companies in the South West.
Chris Manson, chief executive of Newable, said: “This funding commitment forms part of an exciting and ambitious drive to level up business investment across the 海角视频 and increase the amount of capital being invested into small British businesses at the core of our economy.
"Newable Ventures’ investment model, combining its EIS Fund with experienced business angels, is a powerful recipe for providing patient capital to high growth early stage 海角视频 companies."
In the past three years, Newable Ventures and BPEC have invested in more than 60 businesses, totalling more than£40million, and now hold stakes in companies including B2B sales and marketing platform Cognism; Bristol-based marine tech company Rovco; and ultrasonic sensing technology firm Inductosense.
Jerry Barnes, founder of BPEC, said: “As the largest and most active angel Investor in the South West, with 100 members, we know that there is an exciting range of innovative SMEs in the region that can make a major contribution to prosperity with the right support.
"We are very much looking forward to co-investing with Newable and British Business Investments, helping to select the entrepreneurs and businesses that will go on to achieve great success."
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Judith Hartley, chief executive of British Business Investments, added: “This innovative business model, which leverages the expertise of both Newable Ventures and BPEC, enables British Business Investments to invest alongside two angel networks and the Newable Ventures EIS Fund through our Regional Angels Programme.
"This initiative will significantly increase the availability of early-stage capital to support growing smaller businesses across the South West of England and also the rest of the 海角视频.”