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British Business Investments commits £31.15m to IQ Capital Fund III to support deep tech companies

Press release 27 June 2018

British Business Investments, the commercial arm of the British Business Bank, has committed £31.15m to the £92m first close of IQ Capital’s £125m Fund III, aimed at developing UK early stage deep-tech companies.

The fund, by deep-tech Venture Capitalist, IQ Capital, will invest at Seed and Series A stages into UK deep-tech companies with transformational deep-tech, AI or disruptive algorithms at their core, and led by visionary founders.

IQCF III is a ten-year fund with a five-year investment period, with the ability to invest up to £10m per portfolio company to scale an original tech innovation into a global commercial success. Other investors in the first close of IQCFIII include Family Offices, Wealth Managers, technology entrepreneurs and several CEOs that were previously backed by IQ Capital.

The British Business Bank backed both of IQ Capital’s previous funds, IQ Capital Funds (IQCF) I and II, under its Enterprise Capital Funds programme. IQCP III is being supported by the Bank’s commercial arm, British Business Investments, through its VC Catalyst programme. This programme will shortly be transferred to British Patient Capital, which aims to support up to £7.5bn of investment for UK growth businesses.