Longwall Ventures launches GBP40m enterprise capital fund
Capital For Enterprise Ltd (CfEL), the UK Government’s fund of funds manager, has confirmed the launch of Longwall Ventures ECF, the 12th enterprise capital fund and second fund for the Longwall Venture Partners.
Longwall Ventures ECF comprises GBP25m of government investment alongside GBP15m from private investors.
Enterprise capital funds address a market weakness in the provision of equity finance to innovative small and mediums sized enterprises, and are a joint public-private venture. Since 2006 more than GBP160m has been invested in over 140 companies through ECFs.
The fund’s launch was announced by Business Minister Michael Fallon (pictured) at the London Stock Exchange as part of an event to mark the final day of Global Entrepreneurship Week. He said: “We are determined to make the UK the best place in Europe to start, finance and grow a business.
“Helping entrepreneurs to access a diverse range of finance options is vital…The new GBP40m Enterprise Capital Fund will address a gap in the market and help our small businesses find the finance they need to realise their potential.”
Michael Penington, partner at Longwall Venture Partners, says: "We are delighted to announce the launch of Longwall Ventures ECF, and are excited about the opportunity we have to create strong companies from the UK's excellent science and engineering base.
“Difficult economic times present opportunities for disruptive technologies and we are very pleased to have investors that share that vision. The ECF programme has been crucial for us in attracting private investment and raising a fund that has the scale to commercialise such disruptive technologies. We are also looking forward to continuing our relationship with Capital for Enterprise."
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