European Bank contributes to 79m euro fund for London entrepreneurs. Inversores :: Investors & VCs

European Bank contributes to 79m euro fund for London entrepreneurs


Fecha Sábado, noviembre 02 @ 09:49:26
Tema Inversores :: Investors & VCs

Some 12.7m euro from the European Investment Fund has been combined with 15m GBP (23.7m euro) from the UK government and 27m GBP (42.7m euro) from the UK private sector support the creation of a 79m euro capital fund for entrepreneurs.

The fund aims to help plug the 'equity gap' and give more companies access to small-scale risk capital to help them grow.

Launched by the UK Minister for Small Business, Nigel Griffiths, the London Regional Venture Capital Fund is sponsored by the London Development Agency operated by venture capitalists and will be invested in fast-growing businesses based in Greater London.

The capital fund will make initial venture capital investments of up to 395,000 euro, with follow-on investments of up to a further 395,000 euro in companies at all stages of their development over the next five years. So far, Regional Venture Capital Funds have raised over 316m euro across seven English.

Launching the fund, Mr Griffiths said: 'The capital fund will make a real difference to small and medium sized firms in London hoping to access finance. I am delighted that this fund has raised 50 million GBP, which makes it the largest regional fund in the country. The capital fund is an important element in supporting entrepreneurs and will encourage more would-be investors to recognise the benefits of investing in London's SMEs [small and medium sized enterprises].'

For more information, please contact:
Geoff Sankey or Ian Cameron
Tel: +44 207 849 3025
Data Source Provider: UK Government
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