The Secretary of State for Business has announced the creation of a £30m fund to invest in tech companies looking to grow.
Technology companies with high growth potential will be able to raise up to £2m equity finance through the new fund.
Managed by TTP Ventures, the funding is part of the Enterprise Capital Funds (ECF) programme, a government initiative to increase investment in small businesses.
The government has committed up to £60m a year to invest in Enterprise Capital Funds, which are then encouraged to seek further funding from the private sector to invest in growing businesses.
The £30m fund has been earmarked for technology, electronics and instrumentation businesses, which would usually struggle to find this level of financial support from private investors, the government said.
Business Secretary Peter Mandelson said: “It is crucial small and medium sized firms looking to invest in and grow their businesses are able to access the finance they need.
“Enterprise Capital Funds provide an important source of capital for [small firms] looking for equity investment, and this latest fund further demonstrates government’s commitment to support business through these difficult economic conditions.”
The fund was awarded to TTP Ventures by Capital for Enterprise Limited, the independent company which manages the Department for Business’ ECF investment programme.
For more information go to http://www.capitalforenterprise.gov.uk/
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