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Long-term investment vital to closing funding gap

Insights 22 June 2022

Following the publication of the Small Business Equity Tracker 2022 by the British Business Bank, Christine Hockley, Managing Director, Funds, at British Patient Capital, says:

"In a record year for UK equity investment in the UK’s smaller businesses, the British Business Bank’s Small Business Equity Tracker highlights British Patient Capital’s contribution to a remarkable £10.8bn invested in growth stage companies in 2021.

British Patient Capital’s growth-stage deals averaged £32.9m in size over the period – considerably larger than the overall equity and VC/PE market, and demonstrating a successful focus on supporting later-stage growth companies. British Patient Capital was also among the biggest contributors of deals to academic spin-out companies, at 24% of the total Bank deals.

However, the Small Business Equity Tracker also shows that the UK has a lower proportion of VC deals and investment going into deep tech and R&D-intensive companies than any other countries, and that this is the primary cause of the overall UK-US VC funding gap.

Whether leading the charge on ground-breaking gene therapy, driving the global race to develop and deploy vaccines, or developing quantum computing capability that will enable life-changing discoveries, these sectors are not only central to addressing global challenges, but are critical to the UK’s own prosperity.

The funding gap reinforces the importance of both the Life Sciences Investment Programme (LSIP) and Future Fund: Breakthrough – created to enable long-term investment in R&D-intensive UK companies and high-potential UK life sciences companies. These companies not only offer significant opportunities for investors, but are the world-class businesses of the future."

Further Information

Notes to editors

About British Patient Capital

British Patient Capital is the trading name of British Patient Capital Limited, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank plc’s commercial arm.

Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large scale businesses. Launched in June 2018, British Patient Capital has £2.5 billion to invest over 10 years in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more at British Patient Capital.

British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.