Government invests €6m in new cleantech fund
British Business Bank Investments-backing of ‘Green Growth Fund 2’ will look to support growth businesses in the sector
British Business Bank Investments, the commercial arm of the government’s British Business Bank, has made a €6m investment into a new private equity fund for clean technology (cleantech).
The fund, ‘Green Growth Fund 2”, will enable private sector commitments to venture capital (VC) funds to be unlocked and invested in growth businesses in the sector.
This latest investment takes the size of the fund to €118m having previously received backing from private investors.
Business Minister, Matthew Hancock, said of the investment:
“The British Business Bank has opened up new forms of finance to meet the needs of small businesses. This €6m investment in clean technology firms proves small businesses of all kinds are being given the backing they need to succeed.”