Oxx, a growth capital firm, has announced the completion of the first close of its debut fund, Oxx I, with a total of $100m in funds under management so far.
Oxx focuses on businesses from the UK, Nordic region and Israel and invests growth stage capital in business-to-business software companies looking to expand internationally.
This first fund will participate in funding rounds of $5 million to $20 million and Oxx is actively working on new investments.
British Business Investments, the commercial arm of the British Business Bank, was the largest investor in the new fund making the commitment from its highly successful VC Catalyst programme.
Catherine Lewis La Torre, Chief Executive at British Business Investments, the commercial arm of the British Business Bank, said: “Growth capital is vital for helping innovative technology companies scale up and take their business to the next level. Today’s announcement will help more of these businesses access the finance they need to grow and succeed.
“The British Business Bank – of which British Business Investments is the commercial arm – is the UK’s largest British-based venture capital investor, with over £1.3bn of venture capital committed across a range of different British Business Bank programmes.
“At British Business Investments, we will soon be releasing further details on how we will cornerstone a small number of large scale, private sector managed funds of funds to catalyse patient investment from institutional investors into high potential businesses.”
For more information on Oxx please visit the Oxx website.