21 September 2020, London: British Patient Capital announces a commitment of £20m to Kindred Capital’s second fund as it announces its close today at £81m.
With a strategy focused on making founder-led, high conviction investments, Kindred Capital has already begun investing from its second fund in companies. One investment is BotsAndUs, the London based robotics firm.
The investment follows a cornerstone commitment by British Patient Capital to the manager’s inaugural fund in 2017, which includes companies now well into their growth stage such as Five the company building much of the software layer for autonomous vehicles, and Farewill the company which has disrupted the will-writing industry.
Kindred has a solid track record of investing in teams with female founders. With 30% of funding to founding teams with women, its portfolio tracks well above the industry standard in terms of gender diversity.
Kindred’s approach to partnering with entrepreneurs, has proven appealing, helping attract quality opportunities. Through its Equitable Venture programme, Kindred Capital shares its carry with the founders in which the fund invests, encouraging its portfolio companies to actively help each other achieve their goals.
Ian Connatty, Managing Director, British Patient Capital, said: “We are delighted to extend our relationship with Kindred. Kindred’s commitment to Diversity and Inclusion, both in its own team and the companies it backs, is well aligned with British Patient Capital’s mission and values as we seek to enable more home-grown fully funded companies fulfil their potential to be players on the global stage.”
Leila Zegna, Partner at Kindred Capital, said: “We are delighted with the success of our first fund, and excited to continue our partnership with British Patient Capital. Having quality investors that understand our industry is hugely important for emerging managers. We look forward to continuing our long-term partnership.”
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 britishpatientcapital.co.uk.
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 websiteLink opens in a new window.
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 Kindred Capital II SCSp will not amount to any endorsement or warranty from British Patient Capital, the British Business Bank PLC, or the government of the UK.
About Kindred Capital
Kindred Capital has £161m under management. It recently raised a £81m second fund and has finished making initial investments from its first fund, which was £80m. Kindred Capital is a seed and early stage venture capital investor, focusing on European technology companies. Based in London, invests in entrepreneurs building globally ambitious businesses.
Kindred’s portfolio includes Five, Paddle, LabGenius, Pollen, Disperse and Farewill. Kindred’s Equitable Venture model is currently predicted to return over £5m to portfolio founders.