British Business Bank Investments backs new €140m tech fund
Atlantic Bridge III will invest in fast-growth European tech firms across cloud, big data and virtual reality and help them to access Chinese and US markets
British Business Bank Investments Ltd, the commercial arm of the British Business Bank, has committed €13m (£10m) of its Venture Capital Catalyst Fund to support the first close of a new €140m European technology fund – Atlantic Bridge III.
Targeted at supporting tech start-ups with global ambitions, the fund will invest in up to 20 different businesses across high growth tech sectors such as cloud, big data, augmented and virtual reality software, robotics, and the Internet-of-Things (IoT).
The British Business Bank’s contribution will help the fund, which has operations in London, Dublin, Silicon Valley, Beijing and Hong Kong, scale up its UK operations and support businesses looking to enter key international markets.
Keith Morgan, chairman of British Business Bank Investments, said: “We are really pleased to back the new fund and look forward to working together as they increase their exposure to the vibrant UK technology sector.”
Kevin Dillon, managing partner of Atlantic Bridge London, added:
“As a growth equity stage Fund, Atlantic Bridge III will focus on taking companies with a solid and exciting business model to the next level, scaling them into key international markets like the US and China.”