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Cambridge Innovation Capital gets £75m to invest in UK tech startups

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Cambridge Innovation Capital (CIC) has raised an additional £75m to invest in UK technology startups.

According to a statement, CIC will use the new funds to support its current portfolio, to invest in new opportunities created by the University of Cambridge and to expands its team.

Founded in 2013 with an initial £50m, and part of an initiative by the University of Cambridge, the fund has already invested £33m across 13 companies.

Victor Christou, chief executive officer of CIC, commented on the raise: “We are delighted by the support we have received in this fundraising. Since the inception of CIC and its initial fundraising in 2013, the Company has made significant progress within the Cambridge Cluster, one of the richest seams of scientific and technological innovation in the world.

“This additional capital will enable CIC to continue to support exciting IP-rich companies and we look forward to continuing to work very closely with the University of Cambridge and our network within the Cambridge area. We thank our existing shareholders for their continued support and welcome our new shareholders with great enthusiasm,” he added.

The news comes after CIC participated in Origami Energy’s £13.7m Series A round in April and GeoSpock’s £3.5m Series A in October last year.

Professor Sir Leszek Borysiewicz, vice-chancellor of the University of Cambridge, added: “Over the last three years, CIC has grown and proven itself to be an integral part of the Cambridge ecosystem. The University is delighted to work with CIC as it continues its critical role in providing growth capital and support for the region and the country.”