Manchester opens for venture capital firm after £85m raise

A venture capital firm that invests in high-growth tech companies in the metaverse, artificial intelligence (AI) and cybersecurity space is opening an office in Manchester after closing an £85m funding round .

Of course Valley Ventures is strengthening its northern presence in cities including Leeds, Sheffield and Newcastyle as it aims to support more businesses in the region’s high tech clusters.

The investor, which already has offices in London, Dublin and Cambridge, has completed an £85m initial closing of a £95m UK software technology fund.

This includes a £50 million foundational investment from the British Business Bank through its Enterprise Capital Funds (ECF) programme.

Sure Valley plans to invest in 25 software companies across the UK through its new fund.

Managing Partner and Co-Founder Barry Downes said: “We are delighted to develop our existing London and Cambridge hubs, opening a new office in Manchester.

“Many cities, including Manchester, as well as Leeds, Sheffield and Newcastle, have become vibrant tech hubs for start-ups.

“As entrepreneurs and founders ourselves, we have been at the other end of the table and therefore understand the challenges start-ups face when it comes to funding.

“A local presence will position us ideally to execute exciting deals in this region and we are always ready to travel across the UK to meet exceptional leaders, invest in their businesses and help them scale and grow in the markets. international.”

Ken Cooper, General Manager, Venture Solutions, British Business Bank, said: “The British Business Bank Enterprise Capital Funds program plays an important role in the development and maintenance of an effective venture capital offer in the United Kingdom By lowering barriers to entry for emerging fund managers and those targeting poorly served areas of the market.

“Our core commitment to Sure Valley will support investment in high-potential, early-stage software companies that are driving change in the disruptive technology sector, across the UK, with the new Manchester office bolstering its presence in the North.

Investment Minister Lord Gerry Grimstone added: “The AI ​​and immersive technologies sectors are major British success stories and investments like this from Sure Valley Ventures ensure that start-ups in northern regions can access the funding needed to help them be at the forefront. of global innovation.

“It’s fantastic to see this investment in the North of England, which demonstrates the attractiveness of the UK for investment as we continue to improve all parts of the UK.”

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