Peter Mandelson announces 30 million pounds technology fund
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Date: 01 Dec 2008
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
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
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).
About the Author
© Crown Copyright. Material taken from the BERR- Department
for Business, Enterprise and Regulatory Reform replacing DTI - Department for
Trade and Industry. Reproduced under the terms and conditions of the Click-Use
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Article Published/Sorted/Amended on Scopulus 2008-12-03 16:17:23 in Business Articles