British Patient Capital makes EUR57m cornerstone commitment to Kennet’s latest growth fund
British Patient Capital, a subsidiary of the British Business Bank, has made a cornerstone commitment to Kennet’s fifth fund as it announces its EUR223 million (USD250 million) close.
Kennet specialises in investing in established, high growth technology companies which are founder-owned and ‘bootstrapped’ – built without significant external capital. Typically, investment from Kennet is the first external funding that companies receive and is primarily used to support international expansion, enabling companies to meet the global market opportunities often associated with Software as a Service (SaaS) business models.
Michael Elias, Managing Director, Kennet Partners, says: “Our experience investing in technology companies through multiple market cycles, has shown that it is a good time to invest during times of profound change. We therefore believe that the coming two-three years will be a very interesting time to deploy a fund.”
Catherine Lewis La Torre, CEO, British Patient Capital, says: “Kennet has an outstanding track record when it comes to identifying and backing growth stage software businesses, and as a specialist in bootstrapped companies it can tap a rich seam of opportunities.
"Providing growth stage, proven businesses with the capital to expand and meet international opportunities sits right at the heart of our investment strategy, and is well aligned with our long-term vison for more home-grown companies to become players on the-global stage.”