British Business Bank Investments Limited makes €6m clean technology investment
British Business Bank Investments Limited, the commercial arm of the government-owned British Business Bank, is today announcing a €6m investment into WHEB’s new private equity fund, ‘Green Growth Fund 2’.
The investment is provided through British Business Bank Investments Limited’s VC Catalyst Fund. The Fund enables private sector commitments to commercially-viable venture capital funds to be unlocked and invested in growth companies. WHEB’s ‘Green Growth Fund 2’ has so far raised €118m, with the balance coming from private sector investors.
Business Minister Matthew Hancock said:
“The British Business Bank has opened up new forms of finance to meet the needs of small businesses. This €6m investment in clean technology firms proves small businesses of all kinds are being given the backing they need to succeed.
“Making sure businesses have the opportunities to grow and thrive is the cornerstone of our long-term economic plan.”
The British Business Bank’s Venture Capital programmes, delivered through its various subsidiaries, invest in specialist funds across a range of sectors, including clean tech. They can also invest in generalist technology funds which invest into clean tech businesses.
Its main Venture Capital programme, Enterprise Capital Funds, provides support for early-stage venture capital and has a total investment capacity of over £570m. As of Q2 2014, 12% of Enterprise Capital Funds’ investments were in clean-tech businesses.
About British Business Bank Investments Limited
British Business Bank Investments Limited is the commercial subsidiary of British Business Bank plc. It aims to earn a commercial return by investing debt and equity into providers of finance to smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any advantage from the government.
In doing so, it aims to:
- support the development of diverse debt and equity finance markets which supply small to smaller mid-cap businesses
- increase the level of finance to those businesses, in particular improving the provision of long-term finance
- promote competition and increased supply through new and existing finance providers The British Business Bank makes finance markets for smaller businesses work better, enabling the sector to prosper, grow and build economic activity.
British Business Bank Investments Limited operates primarily in the smaller and mid-sized business finance markets. Depending on the overall business strategy and objectives agreed through its annual business plan, British Business Bank Investments Limited may at times also include larger firms in its portfolios.
About the British Business Bank
The British Business Bank makes finance markets for smaller businesses work better, enabling the sector to prosper, grow and build economic activity.
Its objectives are to:
- increase the supply of finance available to smaller businesses where markets don’t work well.
- create a more diverse and vibrant finance market for smaller businesses, with a greater choice of options and providers.
- build confidence in the market by increasing smaller businesses’ understanding of the options available to them.
- achieve this whilst managing taxpayer resources efficiently and within a robust risk management framework.
British Business Bank plc is a public limited company registered in England and Wales registration number 08616013, registered office at Foundry House, 3 Millsands, Sheffield, S3 8NH.
As the holding company of the group operating under the trading name of British Business Bank, it is a development bank wholly owned by HM Government which is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the 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 website.
Further details about WHEB can be found on their website.