16 December 2021: British Patient Capital announces a $20m commitment into Balderton Capital VIII, which has closed at $600m.
The fund is Balderton’s largest ever early-stage fund and will look to invest in leading-edge technologies across the UK and Europe, building on the team’s expertise in backing innovative companies from seed to growth stage. Portfolio companies from previous funds include fintech and insuretech unicorns Revolut and Zego, as well as AI technology companies Healx and Cleo, which have reached growth status since the initial investment.
This commitment follows British Patient Capital’s previous investments in Balderton Capital VI, Balderton Capital VII and, more recently, Balderton Capital Growth I, which closed in June 2021.
Judith Hartley, CEO, British Patient Capital, said: “We are delighted to be working with Balderton once again, this time as an investor in their largest ever early-stage fund. Their long-term, multi-stage approach to finding and supporting start-ups aligns well with the mission of British Patient Capital. Through our $20m commitment, we are continuing to enable long-term investment in innovative UK companies led by ambitious entrepreneurs who want to build successful, world-class businesses.”
Rana Yared, General Partner, Balderton, said: “We pull out all the stops to help our founders be successful operationally, and by investing at both early stage and further down the line, we are also able to offer the long-term partnership and capital they need to help them achieve their ambitions. We are delighted to be able to support a new generation of entrepreneurs through this fund.”
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 britishpatientcapital.co.uk.
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 into Balderton Fund VIII does not amount to any endorsement or warranty from British Patient Capital, the British Business Bank plc, or the government of the UK.
About Balderton Capital
Balderton Capital is Europe’s leading venture firm focused exclusively on backing the best European-founded technology companies. In the two decades since its founding, Balderton has worked with hundreds of extraordinary European founders, and raised almost $4.5bn across ten funds. Previous exited investments include Betfair (FTSE: BET), Depop (Etsy), Digital Surgery (Medtronic), Frontier Car Group (OLX Group), Flywire (NASDAQ: FLYW), Nutmeg (JPMorgan Chase), Peakon (Workday), Recorded Future (Insight Partners), Sunrise (Microsoft), Talend (NASDAQ: TLND) and Yoox Net-a-Porter (BIT: YNAP). Balderton’s current portfolio includes Aircall, Beauty Pie, Carwow, Citymapper, Contentful, ComplyAdvantage, Darktrace (LSE: DARK), Dream Games, GoCardless, Graphcore, Healx, Infarm, Kobalt Music, Labster, Lyst, Prodigy Finance, Revolut, Sophia Genetics (NASDAQ:SOPH), Tessian, THG (LSE: THG), Truecaller (Stockholm:TRUEB), VanMoof, Vestiaire Collective, Vivino and Zego.