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British Patient Capital Response to Nations and Regions Tracker 2023

Press release 12 October 2023

Today the British Business Bank published its Nations and Regions Tracker 2023.

Responding to the report, Catherine Lewis La Torre, Chief Executive Officer of British Patient Capital, said:

This report highlights the potential for more parts of the UK to become leading innovation hubs with the right investment. Academic spinouts in 33 clusters across the UK represented 23% of technology and IP-related deals since 2011, with a significant share of funding going into highly innovative sectors such as advanced materials, nanotechnology and life sciences. Regions outside of the golden triangle of London, Oxford and Cambridge are also seeing stronger academic spinout activity, and investors are starting to capitalise on these new opportunities. Investment is essential if these companies are to convert promising research into commercially viable products.

While early-stage funding is critical for proof of concept, patient capital is vital for the scale-up of spinout businesses over the long-term. Academic spinouts received 12% of total equity investment in 2022, representing a value of £2 billion. At British Patient Capital we are excited about the opportunity that spinouts offer as demonstrated by our recent £30 million investment into Northern Gritstone, an investment company focused on spinouts and R&D-intensive businesses across the North of England. 69% of our Future Fund: Breakthrough programme of direct investments are also in spinouts, underscoring the importance of British Patient Capital as a force for the continued development of the innovation ecosystem.

Catherine Lewis La Torre CEO, British Patient Capital

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 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 £2.5bn 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 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.

The investment from British Patient Capital does not amount to any endorsement or warranty from British Patient Capital, the British Business Bank plc, or the government of the UK.