£200m fund for ‘future technology’ sectors
Government's UKIIF allocates funding for life sciences, digital and manufacturing businesses
The government’s UK Innovation Investment Fund (UKIIF) has launched a £200m fund for life sciences, digital and advanced manufacturing businesses, the prime minister announced this week.
The £200m UK Future Technologies Fund will be managed by the European Investment Fund (EIF), which raised £100m to match the government’s £100m contribution.
The announcement follows last month’s news that £50m of the UKIIF will be used for low carbon and clean tech sectors, which was matched by private backing to the tune of £75m to form a £125m environmental venture fund run by Hermes Private Equity.
Speaking at the Global Investment Conference earlier this week, prime minister Gordon Brown said the fund showed the government’s commitment to industries and technologies that would ‘create the skilled jobs of the future’.
Brown added: “This fund, seeded by the government, is bringing private venture capital to growing enterprises.”
The UKIIF was announced by the government last June and is part of its Building Britain’s Future strategy. The fund is designed to target small growing businesses, start-ups and spin-out firms.
Chief executive of the EIF, Richard Pelly, said: “The leveraging of the UK government’s funds and expertise coupled with our experience in the EU venture capital market will help us to support the next generation of high growth, high tech businesses.”
© Crimson Business Ltd. 2010