The Accelerated Digital Ventures (ADV) platform will provide evergreen, patient capital to small businesses across the UK, regardless of their level of development.
One-third of the funding will be provided by the British Business Bank’s Enterprise Capital Funds programme, while Legal & General and Woodford Investment Management have also committed to the platform in an unequal split.
Keith Morgan, CEO of British Business Bank, said: “This new venture platform … will help innovative digital technology businesses to start up and scale up rapidly and successfully throughout all stages of their development.
“We are pleased to be a part of this exciting new initiative, and look forward to seeing businesses across the UK benefit from the much-needed, long-term funding it will provide.”
ADV will support existing digital technology hubs in locations such as Edinburgh, Manchester and Cardiff.
The platform will offer investment opportunities from the start-up level through to exit via sale or IPO.
Lee Strafford, CEO of ADV, added: “ADV has been established to help more of our emerging start-ups and scale-ups to scale big.
“There are world-class innovators in every corner of the UK.
“We intend to seek out the best investment opportunities at scale and ensure these companies, irrelevant of size and location, have the support they need to supercharge growth.”
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