Venture capital firm Panoramic Growth Equity says its Panoramic Enterprise Capital Fund 1 has made an initial close at GBP34m.
The only SME growth fund to close in the UK in the last year, it has already exceeded initial fundraising targets by GBP1.5m.
The fund has secured significant funding from the private sector, attracting investment from financial institutions and high net-worth individuals. The UK government pledged GBP21.7m, its largest fund commitment since the ECF scheme began in 2006.
Panoramic’s fund will be committed to assisting fast-growing later-stage small companies in Britain, with individual investments ranging between GBP0.5m and GBP2.0m.
Stephen Campbell (pictured), partner at Panoramic Growth Equity, says: “For a first-time fund to be oversubscribed in such a challenging market is a major achievement. It represents not only confidence in the fund’s investment strategy and financial benefits of an ECF but also a belief in the team at Panoramic Growth Equity.”
Rory Earley, chief executive and chief investment officer of Capital for Enterprise, adds: “We have worked closely with the Panoramic team for a number of months and have been attracted by the team’s experience, track record of success and a long history of supporting SMEs with their growth ambitions. We are delighted that the team managed to exceed their initial funding target, in an extremely challenging environment, and their success highlights the benefits of the ECF programme.”
