£200m for science, digital and manufacturing start-ups
22/02/10 | 10:23
The government’s UK Innovation Investment Fund (UKIIF) has allocated £200m for life sciences, digital and advanced manufacturing businesses, Gordon Brown announced today.
The £200 funding round was closed this week with fund mangers from the European Investment Fund (EIF) who raised £100m to match the government’s contribution.
The announcement follows last month’s news that £125m of the fund will be used for low carbon and clean tech sectors.
Speaking at the Global Investment Conference, the Prime Minister said the fund showed the government’s commitment to industries and technologies that would ‘create the skilled jobs of the future’.
He added: “This fund, seeded by the government, is bringing private venture capital to growing enterprises.”
The UKIIF was announced by the government last June and is part of its Building Britain’s Future strategy. The fund is designed to target small growing businesses, start-ups and spin-out firms.
Chief executive of the EIF, Richard Pelly, said: “The leveraging of the UK government’s funds and expertise coupled with our experience in the EU venture capital market will help us to support the next generation of high growth, high tech businesses.”
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