The British Business Bank has announced a new £50m commitment to Oxford venture capital company 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.
Mark Sims, Managing Director and Head of Development, Equity Funds at the British Business Bank, said: “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. 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.
UK Government Business Secretary, Peter Kyle, commented: “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. This news demonstrates how this government is using our Modern Industrial Strategy to deliver long-term growth and opportunities that support skilled jobs and raise living standards across the UK.”
Through the fund, Longwall will invest between £500,000 and £2 million into up to 16 companies, reserving significant capital for follow-on investments.
David Denny, Managing Partner at Longwall Ventures, concluded: “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. We are excited to find the next crop of deep tech investments for our new fund.”
Image source: Longwall Ventures
