British Business Bank Investments Limited’s Venture Capital Catalyst Fund has invested EUR13 million (GBP10 million) in the first close of Atlantic Bridge III, a new EUR140m Fund for technology companies with global market scalability.
Atlantic Bridge III will invest in up to 20 companies and will focus on scaling businesses in the UK, Ireland and across Europe in high growth enterprise technology sectors including cloud, big data, augmented and virtual reality software, robotics and internet of things. The investment from British Business Bank Investments will help Atlantic Bridge scale up its existing operations in the UK as it seeks to continue to invest in the UK’s high growth tech sector.
Other participants in the new Fund include existing Atlantic Bridge investors, the Ireland Strategic Investment Fund, Enterprise Ireland and the European Investment Fund, along with other new institutional investors and pension funds.
Atlantic Bridge is one of the largest European technology funds, with offices in Dublin, London, Silicon Valley, Beijing and Hong Kong. The latest Fund brings the total assets under management of Atlantic Bridge to EUR400 million.
Atlantic Bridge, using its international platform and ‘Bridge Model’, has scaled a range of European companies into the US and Chinese markets – the key markets for technology companies. Atlantic Bridge currently has over 20 companies in its funds’ portfolio, and has realised investments across 12 firms with proceeds totalling over EUR1.7 billion.
Keith Morgan, Chairman of British Business Bank Investments Ltd, says: “Atlantic Bridge's new fund will allow it to significantly enhance its footprint in the fast-growth UK technology sector. We have been impressed by the team who between them have extensive operational experience and real passion for the sector. We are really pleased to back the new fund and look forward to working together as they increase their exposure to the vibrant UK technology sector."
Kevin Dillon, Managing Partner of Atlantic Bridge, London, says: “We are delighted to launch Atlantic Bridge III. We already have a number of pipeline investments identified for the Fund and are confident that this will build on the track record of success of our previous Funds. As a growth equity stage Fund, Atlantic Bridge III will focus on taking companies with a solid and exciting business model to the next level, scaling them into key international markets like the US and China.”
