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British Patient Capital Commits $35m to Evolution Equity Partners to Invest in Growth Stage Cybersecurity Companies

Press release 23 October 2020

  • Commitment will provide capital to companies utilising big-data, machine learning, and AI to tackle increasing cybersecurity challenges 
  • Existing portfolio companies include UK based Quantexa, Panaseer, CounterCraft and Arqit

British Patient Capital announces today a $35m commitment to The Evolution Technology Fund II. The Fund is expected to achieve a targeted $250m final close in the coming months and is already investing in growing cybersecurity and enterprise software companies.

Evolution Equity Partners has been investing in cybersecurity companies over the past 20 years, building global leaders over several economic cycles, including to IPO. Their strategy targets companies that are making use of big-data, machine learning, artificial intelligence, and SaaS.

Fund II portfolio companies include Quantexa, a London based big data intelligence and risk analysis firm where Evolution led a £51m Series C funding, and Arqit, a London based cybersecurity company protecting against quantum cyber threats.

The growth in cyber is being driven by several factors including the move to virtual working and an increasing demand for secure and private systems for online transacting and communications. Evolution Equity Partners, with a team including former CEOs and CTOs of leading cybersecurity companies, are well placed to identify and back the scale-up businesses set to capitalise on this opportunity.

We have already worked closely with the Evolution team on one of our first co-investments – Quantexa – and I look forward to seeing how their portfolio develops as we work to achieve our vision for more home-grown fully funded companies to fulfil their potential to be players on the global stage.

Judith Hartley CEO, British Patient Capital

In the current environment, cybersecurity is a high priority for every organization. Increased risk to corporate ecosystems, rising geopolitical risk, and a realignment of budgetary spend towards advanced security issues are all expected to increase demand – this presents significant opportunity for next generation cybersecurity companies.

The UK is the largest, most concentrated and accessible cybersecurity market in Europe with over 1000 cybersecurity companies. It’s early growth and growth stage cybersecurity businesses are well positioned to benefit from the increased demand for cybersecurity, offering a solid pipeline for talent and investment.

Richard Seewald Founder & Managing Partner, Evolution Equity Partners

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’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 £2.5bn 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 Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. Neither British Business Bank nor its principal operating subsidiaries are 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.

The investment from British Patient Capital into The Evolution Technology Fund II SCSp does not amount to any endorsement or warranty from British Patient Capital, the British Business Bank plc, or the government of the UK.

About Evolution Equity

Evolution Equity Partners, based in London, Palo Alto, New York City and Zurich invests in fast growing technology companies in North America and Europe helping exceptional entrepreneurs develop market leading companies. The firm has a focus on Cybersecurity and Enterprise Software and its partners have been involved as founders, investors and as senior operating executives in leading software companies around the world.

For more information, please visit or connect with on LinkedIn and Twitter @evolutionequity.