Member Article

£40m for UK cloud and software SMEs

The Government has launched a new Enterprise Capital Fund that will invest at least £40m in high-growth potential SMEs.

£62.9m has already been committed to Notion Capital, the eleventh and largest Enterprise Capital Fund is supported by private investors. the Government and the European Invesment Fund (EIF).

It will target emerging, high-growth cloud computing and Software-as-a-Service companies.

Business and Enterprise Minister Mark Prisk said: “It is absolutely vital that ambitious small firms can access the finance they need to expand and grow, and this new Enterprise Capital Fund will provide at least £40m of funding to viable UK high-tech businesses.

“Notion Capital is the largest Enterprise Capital Fund to date and will help a significant number of firms to grow and create jobs, boosting our economy.”

Rory Earley, CEO of Capital for Enterprise Limited added: “We have been very impressed by the ability of the Notion Capital team to bring to bear their extensive entrepreneurial and operational experience to enhance the businesses in which they invest.

“We are delighted that the team has reached first close with £62.9m in investor commitments. This result demonstrates the strength of the Enterprise Capital Fund programme and in particular the attractiveness of the Notion Capital fund.”

Enterprise Capital Funds were established to address a market weakness in the provision of equity finance to SMEs.

Notion Capital has a pan-European focus and will invest at least £40 in the UK, which the Government says is the highest total investment guarantee of any ECF.

Rory Earley, CEO of Capital for Enterprise Limited said: “We have been very impressed by the ability of the Notion Capital team to bring to bear their extensive entrepreneurial and operational experience to enhance the businesses in which they invest.

“We are delighted that the team has reached first close with £62.9m in investor commitments. This result demonstrates the strength of the Enterprise Capital Fund programme and in particular the attractiveness of the Notion Capital fund.”

This was posted in Bdaily's Members' News section by Tom Keighley .