The 12th to be created, the latest addition to the government-backed Enterprise Capital Fund (ECF) portfolio is a £40m pot dedicated to supporting small and medium sized enterprises in the science, technology and engineering sectors. Companies may receive up to £2m in an investment round.
The fund will be run by Longwall Ventures, under the supervision of Capital for Enterprise, the company entrusted by the government to coordinate the ECF allocation. £25m will come from government coffers, with the remaining £15m supplied by private investors.
This step comes amid excited speculation about the potential for startups in this field to reboot the UK’s economy, supported by recent research from the Centre for Economics and Business Research claiming the focus is shifting from financial services to technology.