British
Business Investments today announces it has agreed to commit up to €20 million
to Bootstrap Europe III, a
female-led venture debt fund targeted at fast-growing technology and impact
businesses.
British Business Investments, a
wholly-owned commercial subsidiary of the British Business Bank, aims to
increase the supply and diversity of finance for smaller businesses across the
UK by boosting the lending capacity of a range of finance providers. Since it
was established in 2014, British Business Investments has committed more than
£3.0bn to providers of finance to UK smaller businesses.
Bootstrap
Europe III strongly supports fast-growing technology and ESG companies through
its venture debt investments, in sectors including cybersecurity, smart energy,
deep tech, foodtech and digital health. While Bootstrap Europe III invests
across Europe, a sizable portion of the fund will be invested in the UK.
British
Business Investments will be investing in Bootstrap Europe III alongside other large
institutional investors such as the European Investment Fund (EIF) which
investments was enabled by the support of the Pan-European Guarantee Fund
(EGF). The investment into the fund follows British
Business Investments’ cornerstone investment in Bootstrap Europe II in 2019.
Stephanie
Heller, Managing Partner at Bootstrap Europe said: “The
Bootstrap team, Fatou Diagne and I, are proud to continue a fruitful relationship
with British Business Investments. The team at British Business Investments
played an extremely important role in the success of our funds because British
Business Investments was our first significant institutional investor in
Bootstrap II. Thanks to this continued commitment, we are able to support more
fast growing technology companies in Europe and particularly in the UK. It
enables us to contribute to bridging a widening gap for growth-stage startups.”
Judith
Hartley, CEO, British Business Investments, said: “British
Business Investments is committed to ensuring smaller businesses can access a
diverse range of finance options. By supporting venture debt funds like
Bootstrap Europe III, we can help companies across the UK to unlock rapid
growth without reducing control of their business.”