Image of typing on laptop

British Patient Capital commits $50m to Atomico V

Press releases

18th February 2020, London: British Patient Capital, a subsidiary of the British Business Bank, has committed $50m to Atomico’s fifth fund, as Atomico announces its final close today at $820m.

The Fund will invest primarily at Series A, backing ambitious, founder led companies across consumer, enterprise and frontier technologies. At $820m it has the capital to support significant later-stage funding rounds, helping some of its most promising companies scale to become global businesses.

Atomico’s current portfolio includes a range of transformative companies across sectors such as finance, healthcare, AI & machine learning, agriculture and business productivity.

Niklas Zennström, Founding Partner and CEO of Atomico, said: “LP support is vital to the success of a strong and healthy tech ecosystem. British Patient Capital has been a critical component of this in the UK. As well as providing long term patient capital, British Patient Capital’s strong focus on diversity and inclusion proved to us that they are a strong partner aligned with Atomico’s mission and values. We are proud to have British Patient Capital as an LP in Atomico V.”

Catherine Lewis La Torre, CEO, British Patient Capital, said: “Our mission is to enable long-term investment in innovative companies across the UK, led by ambitious entrepreneurs who want to build successful world-class businesses.

“The Atomico team has backed some of the UK’s most promising early-stage companies and supported these with both the capital and operational expertise to scale internationally.

With a fund size capable of investing at Series B and beyond, Atomico will be able to support its most promising companies throughout the growth stage, and its focus on helping founders build responsible companies that last, aligns well with British Patient Capital’s mandate.”

ENDS

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. British Patient Capital has been given new resources of £2.5bn and will deliver a programme designed 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 Atomico V does not amount to any endorsement or warranty from British Patient Capital, the British Business Bank PLC, or the government of the UK.

About Atomico

Atomico is a London based venture capital firm partnering with ambitious mission driven European founders at Series A and beyond, leveraging deep operational experience to supercharge their growth. Founded in 2006, Atomico has partnered with over 100 ambitious teams – including those at Supercell, Graphcore, Omio, Klarna, Lilium, MessageBird, Gympass and The Climate Corporation. Atomico’s team of founders, investors and operational leaders have been responsible for global expansion, hiring and marketing at companies from Skype, Google and Twitter to Uber and Spotify. The firm currently has $2.7B in assets under management.

British Patient Capital

James Burnham

Senior Communications Manager
Phone: 020 377 21312 or 07880 063474
Email: James.Burnham@bpcinv.co.uk

Mary Whenman

Communications Director
Phone: 0203 905 1495 or 07799 860 980
Email: mary.whenman@british-business-bank.co.uk

The British Patient Capital team at MHP Communications

Phone: 020 3128 8589
Email: bbb@mhpc.com