Venture debt provider BOOST&Co secures £20m from British Business Bank
The extension to the Industrial Lending 1 fund will allow BOOST&CO to invest a further £100m into scale-ups
BOOST&CO, a provider of venture debt and growth capital to UK scale-ups, has received £20m from British Business Bank to put towards one of their lending funds – adding to an overall extension of £40m.
The Lending 1 fund, which provides venture debt loans of between £2m and £8m to “innovative, fast growing companies” has to date invested in 33 small businesses – to the tune of £100m.
Available to early stage fast-growth tech start-ups, who have an established business model, the additional backing will allow BOOST&CO invest a further £100m into scale-ups.
Previous recipients from the Lending 1 fund include a SaaS platform for improving customer experience, data analytics, and smart digital tools for website bookings.
Lance Mysyrowicz, partner at BOOST&Co, said:
“We are delighted to receive continued support from British Business Bank Investment Ltd. We look forward to deploying the additional capital in innovative, growing UK small businesses with a passion for technology, and are excited about this next phase in our relationship.”
Catherine Lewis La Torre, CEO of British Business Bank Investments Ltd, said:
“This £20m extension to BOOST&Co is a further demonstration of our commitment to promoting greater choice in the supply of lending to smaller businesses.
“Venture debt finance is an important option for innovative businesses that want to grow rapidly, as a form of capital that can help them scale-up without having to relinquish control of the business. We are pleased to support BOOST&Co as they expand the level of this type of funding they can provide to the market.”