The fund is a joint venture between Cambridge Consultants, a technology-based design and development company, and Esprit Capital Partners, a venture capital investor.

The project will aim to invest exclusively in Cambridge Consultants’ own spin-out companies, to be set up locally, with the intention of starting up a new company every two years.

The first new venture is expected to appear in 2007, and potential candidates will come from a range of Cambridge Consultants’ core markets, including drug delivery, diagnostics and other areas of the biotech industry.

Commenting on the deal, Ray Edgson, ventures director at Cambridge Consultants said, “Our venturing model allows those who want to exploit their entrepreneurial skills to go on and start their own businesses, while being supported by our established networks and systems.”

The venture is also designed to promote the region, which has been referred to as the ‘Cambridge Phenomenon’ as an epicentre of scientific and technological advancement.

Simon Cook, chief executive officer at Esprit Capital Partners said: “Our aim is to deliver a clutch of spin-outs over the next few years that will carry on the tradition of generating both employment and wealth-creation for many in the region.”

© Crimson Business Ltd. 2006