UK innovation fund reaches GBP 325m mark
11th December 2009
The government's flagship technology venture capital fund has reached a value of GBP 325 million.
An additional GBP 175 million has been leveraged from private investors for the UK Innovation Investment Fund (UKIIF), adding to the GBP 150 million which has been contributed by the government.
The fund was established to ensure that innovative British businesses in key sectors such as clean technology, life sciences and advanced manufacturing have access to venture capital.
According to the Department for Business, Innovation and Skills, the UKIIF will eventually become a GBP 1 billion, 15-year fund once it gains further private investment.
Lord Drayson, science and innovation minister, said: 'UKIIF has been a hit with investors. We can now ensure that Britain's high-tech growth companies will have the capital to fulfil their potential.'
As part of the UK's commitment to reducing carbon emission, GBP 125 million of the fund will be targeted towards businesses developing green technologies.
Recently, business secretary Lord Mandelson launched a GBP 19 million competition to support low-carbon vehicle projects in the UK.