The British Business Bank has announced a new £50m commitment to Longwall Ventures’ Fund 4, which targets early-stage deep tech companies.
Made through the British Business Bank’s Enterprise Capital Funds programme, the commitment follows previous support it has made with three previous funds at Longwall.
“The Enterprise Capital Funds programme plays a crucial role in helping early-stage funds raise capital with a cornerstone investment, increasing the amount of scale-up finance available for high growth early-stage companies,” said Mark Sims, managing director and head of development equity funds at the British Business Bank.
“With businesses like OrganOx already pushing the boundaries of what’s possible, our continued partnership with Longwall Ventures will help uncover the next generation of breakthrough technologies and UK success stories.”
Longwall 4 will target UK-based startups and early-stage science and engineering deep tech companies across sectors such as advanced manufacturing, clean energy, defence and life sciences.
“British Business Bank’s investment into Longwall Venture’s new fund will provide a major boost to startups across key growth sectors and is a shot in the arm for the UK’s thriving technology sector,” said Business Secretary Peter Kyle.
“This news demonstrates how this government is using our Modern Industrial Strategy to deliver long-term growth and opportunities that support skilled jobs and raises living standards across the UK.”
Through the fund, Longwall will invest between £500,000 and £2m into up to 16 companies, reserving significant capital for follow-on investments.
“The UK’s strong research base across academia and industry has created a rich seam of opportunities to turn groundbreaking science into valuable businesses but these businesses often struggle to raise long-term capital to support them on their journey to commercialisation,” said David Denny, managing partner at Longwall Ventures.
“We are excited to find the next crop of deep tech investments for our new fund.”
