Form Ventures closes £30m fund to help start-ups navigate public policy
Form Ventures has announced the final close of a £30m fund which will be used to invest in startups at pre seed and seed stage, in sectors directly shaped by policy and regulation, and helps founders build game-changing businesses while managing the complexity that comes with being on government’s radar.
The fund has secured the support of the British Business Bank as the cornerstone investor as part of its Enterprise Capital Funds programme, which aims to increase the supply of equity capital to high-potential, early stage UK companies and lower barriers to entry for fund managers looking to operate in the VC market. Form Ventures Fund II becomes the 36th fund in the Enterprise Capital Fund portfolio, taking the programme’s total investment capacity to £1.66bn.
Patrick Newton, Partner, Form Ventures said: “Technology is now disrupting every corner of our lives, from our mental health to our childcare to the future of our planet. More than ever, policymakers want to have their say on how disruption happens – gone are the days when startups could just “move fast and break things”. Smart founders realise that if they take policymakers seriously, they can build faster, not slower, and gain a real competitive edge.”
Leo Ringer, Partner, Form Ventures said: “Startup founders have more options than ever when raising capital. The exam question for us when we started was: why should a great founder take our capital? Our answer is: because we can help them in a way that no other investor can. The evidence from our Fund I is that founders really get the value that focused investors like Form can bring to the table”.
Ken Cooper, Managing Director for Venture Solutions, British Business Bank said: “Our Enterprise Capital Funds programme has a track record of successfully backing fund managers like Form Ventures, where our cornerstone investment is helping to unlock further equity from other investors. Our commitment of £18m to Form Ventures will enable them to support new and growing UK businesses in complex sectors such as FinTech and HealthTech.”