Eight high-growth technology businesses from across the UK and Europe are within a chance of receiving new investment following an addition of €9m into Frog Capital II.
The news comes after British Business Bank Investments announced that its Venture Capital Catalyst Fund had invested the sum in the €90m European growth capital fund.
Mike Reid, managing partner of Frog Capital, said: “The European growth capital opportunity for tech is exceptional right now. The quantity and quality of companies is better than ever. The supply of capital focussed on this area has not kept up, however, exacerbating the funding gap and holding back economic growth.
“We are delighted to have British Business Bank Investments Ltd as an experienced and value added partner which shares our aim of narrowing the funding gap and enabling such businesses to scale up successfully.”
Today’s investment brings British Business Bank Investments’ total commitment to £71m across eight different venture capital funds.
Keith Morgan, Chairman, British Business Bank Investments Ltd, commented: “Frog Capital has a strong track record of financing high-growth technology businesses, and it’s important to ensure businesses like these can access the funding they need to realise their potential. This fund will provide much-needed equity capital to more businesses across the UK.”