British Patient Capital adds $75m to Balderton’s $680m Capital Growth fund

Fintech investment keeps going from strength to strength and this latest boost will be a welcome one.

British Patient Capital, the arm of the British Business Bank that delivers tax-payer money to venture capital firms, has pumped $75m into Balderton Capital’s latest fund.

The bank’s $75m boost saw Balderton Capital Growth I close today at $680m.

“Balderton’s track record in identifying and backing some of the UK’s most successful innovative companies from seed and Series A means they now hold one of the largest growth stage portfolios in the UK and Europe.,” Judith Hartley, CEO, British Patient Capital said.

“A venture growth fund builds on that momentum. This commitment is well aligned with our strategy to invest with fund managers that can back our most promising innovative companies through larger, later-stage funding rounds, and deliver compelling returns. We are delighted to help one of the country’s most seasoned technology investors bring a new venture growth fund to market.”

British Patient Capital invested in Balderton Capital’s two previous funds which focussed on providing Series A investments to early-stage firms.

Alumni of the previous funds include AI drug discovery specialist, Healx, self-driving software provider Wayve, eco-friendly homecare product provider Smol, cybersecurity specialist Tessian and Zego, the UK’s first insurtech unicorn.  

“We see an unprecedented opportunity for growth-stage investing in the UK and Europe. Multiple maturing technology ecosystems have resulted in global winners being born and scaling from Europe,” Rana Yared, general partner at Balderton Capital added. 

“British Patient Capital is a long-standing partner in our ambitions to support the next generation of global leaders in innovation and technology. Their cornerstone investment has been instrumental in enabling us to raise our first growth fund. We are proud to have them as a Limited Partner.”

Balderton Capital is looking for 15 or so firms that have the potential to be sector leaders and disruptors to invest in in the UK and Europe.