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British Business Bank Investments Ltd invests in Frog Capital II

€90 million Growth Capital fund for technology-led Businesses

British Business Bank Investments Ltd today announces that its Venture Capital Catalyst Fund has invested €9m in Frog Capital II, a €90m European Growth Capital Fund.

The Fund will invest in up to eight ambitious high-growth technology businesses across the UK and Europe. It builds on Frog Capital’s existing portfolio, which includes Azimo, a leading London-based digital money remittance business, and Skimlinks, a fast growing London-based digital content marketing and data business.

Mike Reid, Managing Partner of Frog Capital, London, said:

“The European growth capital opportunity for tech is exceptional right now. The quantity and quality of companies is better than ever. The supply of capital focused on this area has not kept up, however, exacerbating the funding gap and holding back economic growth.

“We are delighted to have British Business Bank Investments Ltd as an experienced and value added partner which shares our aim of narrowing the funding gap and enabling such businesses to scale up successfully.”

Keith Morgan, Chairman, British Business Bank Investments Ltd, said:

“Frog Capital has a strong track record of financing high-growth technology businesses, and it’s important to ensure businesses like these can access the funding they need to realise their potential.

“This fund will provide much-needed equity capital to more businesses across the UK.”

British Business Bank Investments Ltd has committed £71m to eight venture capital funds through its VC Catalyst Fund.

ENDS

For more information:

For Frog Capital
Mike Reid, mike.reid@frogcapital.com
Ashley Gregory, ashley.gregory@frogcapital.com : 0207 833 0555

For British Business Bank Investments Ltd
Scott Shearer, Scott.Shearer@british-business-bank.co.uk
Nick Taylor, Seven Hills, +44 20 7199 6185, Nick.Taylor@wearesevenhills.com

Notes to Editors

About Frog Capital
Frog Capital is a London-based European investment firm, specialising in growth capital for technology-driven businesses. With a highly focused and selective approach, Frog leads or partners on investments of up to €20m to back ambitious teams that are scaling high-growth businesses with proven models.

Having had three successful exits from its Frog Capital I fund, Frog Capital has raised Frog Capital II from a mix of 14 institutional and family office investors.

About British Business Bank Investments Ltd
British Business Bank Investments Ltd is the commercial arm of the British Business Bank. It invests through providers of finance to smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any advantage from the government.

British Business Bank Investments Ltd is a wholly owned subsidiary of British Business Bank plc, the UK government’s economic development bank. Neither entity is authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).

British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

The Business Finance Guide, jointly published by the British Business Bank and the ICAEW, is a unique guide that sets out the full range of options available for smaller businesses looking to raise finance and offers advice to help companies plan for growth.