The £10m commitment from British Business Investments’ Regional Angels Programme will be invested by Newable Ventures, in partnership with BPEC, to deliver around £25m of new funding. The commitment will be split between Newable’s Enterprise Investment Scheme (EIS) fund, which supports a diversified UK-wide portfolio of knowledge intensive companies, and a separate pool to back entrepreneurs and businesses specifically across the South West.
In the past three years, Newable Ventures and Bristol Private Equity Club have participated in more than 60 investments combined, totalling over £40m, and now hold stakes in companies such as Cognism, Hummingbird, Rovco and Inductosense.
Chris Manson, CEO of Newable, comments: “This funding commitment forms part of an exciting and ambitious drive to level up business investment across the UK and increase the amount of capital being invested into small British businesses at the core of our economy. Newable Ventures’ investment model, combining its EIS Fund with experienced business angels, is a powerful recipe for providing patient capital to high growth early stage UK companies. The wide-ranging support that Newable provided to some 25,000 SMEs in 2019 also demonstrates our role as more than just a source of capital but as a unique provider of an eco-system of services that can help small businesses thrive.”
Jerry Barnes, founder of Bristol Private Equity Club said: “As the largest and most active Angel Investor in the South West, with 100 members, we know that there is an exciting range of innovative SMEs in the region that can make a major contribution to prosperity with the right support. We are very much looking forward to co-investing with Newable and British Business Investments, helping to select the entrepreneurs and businesses that will go on to achieve great success.”
Judith Hartley, CEO, British Business Investments, said: “This innovative business model, which leverages the expertise of both Newable Ventures and BPEC, enables British Business Investments to invest alongside two angel networks and the Newable Ventures EIS Fund through our Regional Angels Programme. This initiative will significantly increase the availability of early stage capital to support growing smaller businesses across the South West of England and also the rest of the UK.”
About British Business Investments
British Business Investments is the trading name of British Business Investments Ltd, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.
British Business Investments aims to earn a commercial return by investing – through finance providers – in smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any economic advantage from the government. Find out more at bbinv.co.uk.
British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. Neither British Business Bank nor its principal operating subsidiaries are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
The funding from British Business Investments into Newable Ventures and Bristol Private Equity Club does not amount to any endorsement or warranty from British Business Investments, the British Business Bank plc, or the government of the UK.
Risk warning: Your capital is at risk. Investing in early stage companies involves risks including loss of capital, illiquidity, lack of dividends and dilution. These investments may not be covered by the Financial Services Compensation Scheme.
Newable Ventures Limited does not give tax or investment advice. The availability of tax relief depends on individual investors’ circumstances, and on investee companies’ qualifying status, both of which may be subject to change. If you are in doubt about eligibility for tax reliefs or the tax treatment of your investment, you should seek independent tax advice. Please read our risk statement here.
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