7 September 2022
British Business Investments today announces an initial commitment of €30 million to Atempo Growth’s inaugural venture debt fund, which will target VC backed businesses in the UK and Europe.
With the venture debt market increasing exponentially between 2015 and 2021, Atempo’s debut fund has been launched at a key time for the European tech ecosystem, with record investments and acceleration in the sector. With this commitment to Atempo Growth, British Business Investments will support fast-growing technology companies across the UK.
British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, aims to increase the supply and diversity of finance for smaller businesses across the UK by boosting the lending capacity of a range of finance providers. Since it was established in 2014, British Business Investments has committed more than £3 billion to providers of finance to UK smaller businesses.
British Business Investments joins other large institutional investors in the fund, the European Investment Bank and Santander.
Judith Hartley, CEO, British Business Investments, said: “This commitment to Atempo Growth’s new fund helps smaller businesses access a more diverse range of finance options. By supporting venture debt providers like Atempo Growth, British Business Investments helps businesses across the UK to acquire the finance they need to unlock rapid growth.’’
Luca Colciago, Co-founder & Investor at Atempo said: “We are delighted to have the significant backing of the British Business Bank, further strengthening our debut fund, and we look forward to supporting high-growth technology companies across the UK and Europe.”
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British Business Investments is the trading name of British Business Investments Ltd, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.
British Business Investments aims to earn a commercial return by investing – through finance providers – in smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any economic advantage from the government. Find out more at bbinv.co.uk.
British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
The funding from British Business Investments to Atempo does not amount to any endorsement or warranty from British Business Investments, the British Business Bank plc, or the government of the UK.
Atempo Growth was founded in 2021 and launched its first fund in January 2022. The founding team has significant experience in providing capital to high-growth technology companies across Europe. The team has worked closely together for several years and has experience spanning the last 20 years in the venture debt space. Atempo Growth is headquartered in London but has a pan-European presence and approach.