London-headquartered venture capital funds LocalGlobe and Latitude have been rebranded under new parent company Phoenix Court Group, which has closed $500m (£407m) in capital to invest from the seed stage to IPO and beyond.
Phoenix will invest in the northwest London area of Somers Town, or “New Palo Alto”, a term coined by Phoenix Court Group.
According to the firm, it’s the world’s third-largest innovation ecosystem and follows the San Francisco Bay Area and Beijing for building technology companies.
“Despite being the third-best producer of high growth private companies globally, this geography is still underserved by investors, especially at the breakout and scaleup stages,” said Saul Klein, co-founder, Phoenix Court Group.
The group now manages four funds: pre-seed/seed fund LocalGlobe, early growth fund Latitude, tech scaleup fund Solar, alongside early-stage funds, angels and solo general partners who are part of its Basecamp group.
Solar and Basecamp formerly were previously only funded internally.
“We have a 10-year view on investing and given the access, insight and engagement that we have through our LocalGlobe, Latitude, Solar and Basecamp funds, we continue to think that this is a great place to build innovative companies and also pioneer a new era of ethical innovation. We’re not building the next Palo Alto, it’s a different one,” added Klein.
Somers Town isn’t the only regional area to receive investment, with Bruntwood SciTech today opening its £21m tech hub, part of its one million sq ft plan for Manchester Science Park.