The British Business Bank has committed £100m to a fund investing in UK health tech companies.
The backing for Apposite Healthcare Growth I will be the bank’s largest fund commitment to date.
Apposite Healthcare Growth I will invest in innovative companies across medical products, diagnostics, life sciences tools, digital health and pharmaceutical outsourcing services.
It is set to invest in UK companies developing technologies and services to improve patient outcomes and access to healthcare, while enabling them to compete globally and create highly skilled jobs.
Christine Hockley, managing director and co-head of funds, British Business Bank, said: “The UK needs growth stage funding, and the Bank is stepping up to deliver this.
“Working with the UK’s venture capital community, we are looking to support the creation of growth stage funds capable of writing significant cheques into the next generation of UK unicorns.
“To help these funds launch and ensure they have the size and firepower needed, we are writing larger cheques and signalling these commitments to institutional investors, with the intention it mobilises the private sector.”
Sam Gray, managing partner at Apposite Capital, added: “The commitment from the British Business Bank will enable Apposite to continue its strong track record of supporting ambitious growing companies and investing in businesses that can achieve better healthcare for more people.
“Apposite Healthcare Growth I will back the next generation of UK healthcare technology leaders.
“The UK is home to an extraordinary depth of scientific research, entrepreneurial talent, and innovative companies, yet many businesses face a persistent gap in scale-up funding.
“This fund will bridge that gap, enabling high potential companies to accelerate their growth, commercialise transformative technologies, improve health outcomes and support economic growth.”