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UK Future Technologies Fund invests in Advent’s life science fund

The UK Future Technologies Fund has committed GBP15m into Advent Venture Partners’ first life science focused fund, to be called Advent Life Sciences. 

This is UK FTF’s third signature with the objective to support technology-based small and medium sized businesses since its launch in February 2010.

Advent Life Sciences concentrates on early- to mid-stage UK and European companies that provide technologies or products in a range of sectors within life sciences, including new drug discovery, enabling technologies, med tech and diagnostics.

“This investment is exactly why UK FTF was set up – to back venture capital fund managers that have the capacity to make a difference to the technology and innovation sectors, that will pick, support, develop and transform UK businesses into European forerunners and that are able to create momentum and traction to close funds in a challenging market environment,” says John Holloway, transaction and relationship management director at the European Investment Fund.

The UK Future Technologies Fund is one of two funds of funds which make up the UK Innovation Investment Fund.

Backed by a GBP150m investment from the Department for Business, Innovation and Skills, the Department of Energy and Climate Change, and the Department of Health, UK IIF has already attracted outside investment to more than match this amount with the total first closing of GBP325m.

The UK FTF, managed by EIF, has GBP200m to invest. This fund of funds invests in a range of technologies such as life sciences, digital technology, and advanced manufacturing.

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