24 May 2022
Today British Patient Capital announces it has committed £30 million to Crane Venture Partners’ second fund, which has reached a final close of £110 million.
Crane II will invest in seed to Series A businesses specializing in digital infrastructure, including open-source software, data and developer tools, and artificial intelligence. Fifty percent of the fund is expected to be invested in the UK, with the rest spread across Europe, Israel and the US.
British Patient Capital was a significant investor in Crane’s first fund, which saw more than 75% of its seed investments go on to raise a Series A round. Across both of its funds, Crane now has over 50 portfolio companies, with almost 20 investee businesses in Crane II.
Judith Hartley, CEO of British Patient Capital, said: “As an investor in Crane’s first fund, we have been very impressed with the expertise, passion and dedication of the team. Crane has established itself as one of the leading investors in UK and European deep-tech, and we are excited to continue our support as they back the businesses which will ensure the UK remains at the forefront of technology and innovation.”
Krishna Visvanathan, co-founder and general partner at Crane Venture Partners, said: “The future is being built today by passionate and diverse entrepreneurs from every corner of the world, and our funds focus on exactly those humans. We are in service of our founders and understand that entrepreneurship is a path to professional and personal realization. When we focus there, the returns naturally follow.”
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 Crane Venture Partners
Crane Venture Partners was founded in 2015 and raised $90 million for its first fund in 2019 and $140 million in its second fund in 2022. The firm focuses on early-stage founders building the platforms and tools that will become tomorrow’s software infrastructure across industries.
Crane’s partners work as extended members of founders’ teams, particularly in the areas of marketing, sales and customer success. With more than 50 focused portfolio companies, Crane is one of the deepest specialist funds in Europe. For more information, please visit: https://crane.vc/