Peter Mandelson announces £30 million technology fund
Business Secretary Peter Mandelson today announced a new £30 million fund to invest in technology companies looking to expand their business. This new fund, part of the Enterprise Capital Funds (ECF) programme, will be managed by TTP Ventures and will look to invest development capital in information technology, electronics and instrumentation companies. ECFs help small and medium businesses, with high growth potential, to raise equity finance of up to £2 million. Such businesses would otherwise struggle to find that level of support from investors.
(Media-Newswire.com) - Business Secretary Peter Mandelson today announced a new £30 million fund to invest in technology companies looking to expand their business.
This new fund, part of the Enterprise Capital Funds ( ECF ) programme, will be managed by TTP Ventures and will look to invest development capital in information technology, electronics and instrumentation companies.
ECFs help small and medium businesses, with high growth potential, to raise equity finance of up to £2 million. Such businesses would otherwise struggle to find that level of support from investors.
Business Secretary Peter Mandelson said:
"It is crucial small and medium sized firms looking to invest in and grow their businesses are able to access the finance they need.
"Enterprise Capital Funds provide an important source of capital for SMEs looking for equity investment, and this latest fund further demonstrates Government's commitment to support business through these difficult economic conditions."
The Government has committed up to £60 million a year for investment in Enterprise Capital Funds ( ECFs ). Government support provides a foundation for the funds to seek further private sector capital to invest in growing SMEs.
The fund was awarded to TTP Ventures by Capital for Enterprise Limited, the independent company which manages the Department for Business's SME investment programmes.
Notes to Editors:
TTP Ventures are part of the TTP Group based in Melbourn, Hertfordshire.
Capital for Enterprise: Capital for Enterprise limited ( CfEL ) was established to increase capital investment in SMEs - equity which SMEs may struggle to raise from the market without additional Government support.
CfEL has established more than 22 funds in the last 6 years. These funds have delivered approximately £600m of equity finance to SMEs in the UK, 12% of the £5bn of the total to the sector since 1996.
CfEL is an asset management business specialising in designing and managing support programmes for SME finance. It is wholly owned by the BERR and is classified as a Non-Departmental Public Body ( NDPB ).
ECFs are the principal current equity investments operated by CfEL. Now in their 3rd round of competitive allocations, 8 funds have been launched since 2006 with a further 3 expected before year end 2008/09.
CfEL also manages BERR's portfolio of legacy investments, covering Regional Venture Capital Funds ( RVCFs ), Early Growth Funds ( EGFs ), Bridges Fund and the UK High Technology Fund ( UKHT ). Although the majority of these funds are now fully invested an on-going management requirement remains.
Capital for Enterprise Limited is included in the Financial Services Authority register ( number 480268 ) for the performance of regulated investment services in the UK ( http://www.fsa.gov.uk/register ).
This story was released on 2008-12-02. Please make sure to visit the official company or organization web site to learn more about the original release date. See our disclaimer for additional information.
