Cambridge Innovation Capital (CIC), a Cambridge-based investor in technology and healthcare companies, has raised GBP75 million of new capital.
CIC was founded in 2013 as an initiative by the University of Cambridge to create a local entity that would be able to provide growth capital to promising businesses arising from the University of Cambridge and the wider Cambridge Cluster, Europe’s largest technology cluster.
CIC provides long term capital to support the sustained growth of investee companies.
CIC is a preferred investor of the University of Cambridge and has a unique relationship with Cambridge Enterprise, the commercialisation arm of the university, including co-investment opportunities and access to pre-emption rights over companies arising out of the university.
To date, CIC has committed approximately GBP33 million to 13 companies in the rapidly-growing technology and healthcare sectors.
The new funds raised will be used to provide additional investment to CIC’s current portfolio, to invest in new opportunities created at the University of Cambridge and within the Cambridge Cluster and to expand the CIC team to allow the Company to capitalise on its strong inflow of new investment opportunities.
The oversubscribed round was supported by new investors including Woodford Investment Management acting as agent on behalf of certain discretionally managed funds, Winton Ventures, the Oman Investment Fund and other institutional investors and existing shareholders including University of Cambridge Endowment Fund, Lansdowne Partners, ARM and IP Group.
Victor Christou, chief executive officer of CIC, says: “We are delighted by the support we have received in this fundraising. Since the inception of CIC and its initial fundraising in 2013, the company has made significant progress within the Cambridge Cluster, one of the richest seams of scientific and technological innovation in the world. This additional capital will enable CIC to continue to support exciting IP-rich companies and we look forward to continuing to work very closely with the University of Cambridge and our network within the Cambridge area. We thank our existing shareholders for their continued support and welcome our new shareholders with great enthusiasm.”
Professor Sir Leszek Borysiewicz, vice-chancellor of the University of Cambridge, says: “Over the last three years, CIC has grown and proven itself to be an integral part of the Cambridge ecosystem. The University is delighted to work with CIC as it continues its critical role in providing growth capital and support for the region and the country.”
