25 April 2022
British Patient Capital has invested £20 million in Cambridge Innovation Capital’s (CIC) second investment vehicle (CIC II). CIC was launched in 2013 and invests in deep-tech and life sciences businesses that have a connection with the Cambridge ecosystem.
The £20 million investment forms part of CIC II’s total fund size of £225 million. The new fund will lead, or co-lead, investments in R&D intensive businesses across deep-tech and life sciences which have the potential to become global category leaders. They will predominantly be early-stage companies at their Series A round.
CIC II will invest in businesses with a link to Cambridge, either those with an operational presence in Cambridge, or a connection to the University of Cambridge via an IP license or a founder who has strong ties to the university.
Judith Hartley, CEO of British Patient Capital, said: “British Patient Capital supports UK innovation by backing ambitious entrepreneurs with brilliant, scalable ideas, to help cement the UK’s position as a global science superpower. CIC II helps address the funding gap faced by many early-stage life science and deep-tech businesses, by providing the capital they need to grow. The scientific ecosystem around Cambridge, and the University of Cambridge specifically, offers significant opportunities for investors and with this commitment to CIC II, British Patient Capital is supporting the growth and commercialisation of R&D intensive companies linked to the Cambridge eco-system.”
Andrew Williamson, Managing Partner of CIC, said: “Cambridge, UK is one of the fastest-growing science and technology innovation ecosystems in the world. Since our inception, CIC and our co-investors have invested more than £2 billion in sectors as diverse as robotics, semiconductors, genomics, gene therapy, therapeutics, liquid biopsy, artificial intelligence, and edge computing. We are delighted to launch our new fund and to work with a dynamic group of entrepreneurs and investors to capture the full potential within the thriving Cambridge ecosystem.”
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 £2.5 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 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.
This 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.
About Cambridge Innovation Capital
Cambridge Innovation Capital (CIC) is a leading venture investor backing and building category-leading deep tech and life sciences companies. CIC currently manages in excess of £0.5 billion and has invested in around 40 companies. CIC is a preferred investor for the University of Cambridge, Europe’s top source of founders for venture-backed start-ups.
Cambridge Innovation Capital Manager Limited (FRN:918898) is authorised and regulated by the Financial Conduct Authority. For more information, please visit www.cic.vc or follow on Twitter at @CIC_vc and LinkedIn.