British Business Bank’s VC arm, British Patient Capital, will continue to support the country’s tech sector according to its first annual results.
So far it has invested in 12 funds with £334mn of new commitments.
AI and Big Data takes up 25% of the portfolio, digitisation 18%, and the future of finance 13%.
It has £2.5bn to invest over the next decade and says it can unlock £7.5bn.
What does this mean?
The organisation is now established as the largest domestic investor in UK venture and venture growth capital. In investing in UK businesses it aims to help them become “players on the global stage”.