The British Business Bank has announced a £5million commitment to the British Design Fund (BDF), an early-stage fund and angel network that backs UK product-focused businesses through its Regional Angels Programme. The fund is managed by Sapphire Capital Partners LLP and seeks to support UK-based startup enterprises that design and manufacture physical products.
The Regional Angels Programme, launched in 2019 with the objective of addressing regional imbalances in access to early-stage equity finance, targets angel networks and other early-stage investors outside of London. This commitment supports this mission, enhancing access to capital for early-stage businesses across a wide diversity of sectors.
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BDF engages with founders developing UK-based product businesses across a range of sectors, including health, sustainability and assistive technology. The fund’s portfolio includes a diverse range of companies located across the UK, from the Southwest to Scotland.
‘We want the UK to be the best place to start-up and scale-up,’ said chancellor of the exchequer, Rachel Reeves. ‘Half of new jobs in this country are created by scale-ups, and our tech, health and manufacturing sectors are second to none. This commitment by the British Business Bank will support even more entrepreneurs to take the leap and we have increased incentives at the budget, giving companies the talent and capital to grow. Our message is clear: if you invest here, Britain will back you.’
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‘The UK has an abundance of world-class talent in advanced engineering and manufacturing and we’re delighted to partner with BDF to invest in these early-stage opportunities right across the country,’ said Mark Barry, senior investment director at British Business Bank.
‘We welcome this commitment from the British Business Bank, which supports our continued efforts to back UK product innovation,’ said Damon Bonser, CEO of BDF Advisors. ‘We meet founders every day who are addressing fundamental problems in the world through innovative manufacturing and engineering technologies. This commitment enables the British Design Fund to continue its work with more founders and to help founders progress their ideas into viable early-stage businesses.’
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‘We are pleased to be working alongside the British Design Fund and the British Business Bank to support early-stage product businesses,’ added Vasiliki Carson, partner at Sapphire Capital Partners LLP. ‘This commitment will contribute to addressing regional disparities in access to early-stage capital.’