Business Growth Fund (BGF), one of the UK’s largest growth capital investment groups, has committed £500m of funding to early-stage companies in life sciences and deep tech as part of its five-year, £3bn strategy.
The group, which manages assets valued by Dealroom at $3.3bn, is among the most prominent backers of tech startups in Britain, having previously invested in Oxa, Gousto and Paddle.
The new commitment from BGF will see investments ranging from £1m to £10m for young technology firms.
“Backing businesses from their earliest stages is essential to developing a robust and dynamic scale-up economy,” said Tim Rea, co-head of early-stage investments at BGF.
“This £500m commitment allows us to double down on our efforts to support visionary founders with the capital and guidance they need to realise their ambitions.”
The commitment is part of a new £3bn pledge from the firm to support high-potential businesses in the UK over the next five years.
“Despite ongoing macro-economic uncertainty, BGF is reaffirming its mission to be the long-term partner of choice for ambitious entrepreneurs in every corner of the country,” added BGF CEO Andy Gregory.
“Our £3bn commitment is about backing British business through the cycle, and helping drive their success, sending a clear message that we believe in the potential of this country’s entrepreneurs, and we’re ready to go further.”
As part of the pledge, BGF has also committed £300m to woman-led businesses, following its £25m backing of the Invest in Women Taskforce.
“This is a historic moment,” commented Debbie Wosskow, co-chair of the Invest in Women Taskforce. “It marks a turning point in how we back women-led enterprise and is exactly the kind of action that can start to reshape our business landscape for the better.”