The British Business Bank has announced a commitment of up to £10,000,000 to Ascension Ventures through its Regional Angels Programme. This funding is intended to increase investment into early-stage technology businesses throughout the UK. The programme was established in 2019 to address regional disparities in access to equity finance by supporting investor networks operating outside London.

The capital provided to Ascension is aimed at improving access to patient capital for high-growth technology companies situated outside the capital and the South East. Ascension will use the British Business Bank funds alongside its existing EIS and SEIS funds and its institutional impact vehicle, Ascension Fund III.

Ascension has been active in the UK technology sector since 2015. The firm was recognised as Seed VC of the Year in 2022 and was a finalist for the same award in 2025. It also received recognition as an Impact Leader runner-up at the EUVC Awards last year.

Mark Barry, senior investment director at the British Business Bank, said: “We’re delighted to partner with Ascension, who have an incredible founder friendly reputation. This reputation, coupled with how they have demonstrated their commitment to invest commercially with impact across the UK, makes this an exciting commitment through our Regional Angels Programme.”

Jean de Fougerolles, managing partner at Ascension, said: “We have long believed that talent is distributed across the UK, but opportunity is not. This up to £10m commitment from the British Business Bank allows us to double down on our mission to back exceptional founders regardless of their postcode. Crucially, this partnership bolsters our commitment to the regions, allowing us to deploy capital alongside our other funds. It reinforces our strategy to write high-conviction cheques, providing the patient, long-term support that regional founders need to build category-defining companies.”

Image source: Ascension Ventures