Cambridge Innovation Capital (CIC), a prominent venture capital firm dedicated to investing within the Cambridge ecosystem, has announced the launch of a new £100 million ($126 million) ‘Opportunity Fund’. This initiative, designed as a growth fund, aims to support later-stage funding rounds in deep tech and life sciences companies. The fund’s establishment comes in response to the UK’s increasing focus on bolstering its technology sector, particularly in the renowned “Golden Triangle” of London, Oxford, and Cambridge.
Mike Butcher, a leading figure in the UK technology industry and journalism, has been instrumental in highlighting the significance of such investments. He was awarded an MBE in the Queen’s Birthday Honours list in 2016 for his services to the industry. Butcher, presently the Editor-at-large of TechCrunch, has been a vocal advocate for technology investment and innovation. His insights often resonate at global platforms such as the World Economic Forum, Web Summit, and DLD.
“So we used to offer them as co-investment to some of our LPs. But not many institutions, particularly financial institutions, are really set up to make direct investments into companies. So the genesis of this fund was one they could participate in.” – Mike Butcher
CIC's new fund plans to invest up to £20 million ($25.2 million) per investment, targeting growth-stage deep tech and life sciences companies. This initiative is anchored by Aviva Investors and British Patient Capital, reflecting a strategic effort to channel pension fund capital into productive growth assets.
“So this is a perfect mission for what they’re looking to do, to anchor new growth funds like this. In the case of Aviva, they’re one of the signatories of the Mansion House Compact. So this is around allocating some of their pension fund capital into productive growth assets.” – Mike Butcher
The European Investment Fund highlights a disparity between the number of large-size VC funds available in Europe compared to the US, with Europe having significantly fewer options. CIC's move aims to address this gap by providing crucial later-stage funding opportunities.
Andrew Williamson from CIC elaborated on the necessity of such a fund, particularly for companies at the Series C stage and beyond, where traditional funding sources may fall short.
“Historically, what we’ve done is when our companies get to Series C stage…. we didn’t have the capital in our core funds to make those [later stage] investments,” – Andrew Williamson
The UK government's recent announcement of a £14 billion funding package for the "Golden Triangle" underscores its commitment to fostering innovation and research across five leading UK universities. This government backing complements initiatives like CIC's Opportunity Fund, which further solidifies the UK's position as a leader in technology and life sciences.
Butcher's extensive experience and influence extend beyond journalism. He has written for UK national newspapers and magazines and has been recognized by Wired UK as one of the most influential figures in European technology. His interviews with prominent personalities such as Tony Blair, Dmitry Medvedev, Kevin Spacey, Lily Cole, Pavel Durov, and Jimmy Wales showcase his deep connections within the tech and media landscapes.
Moreover, Butcher's regular appearances on major broadcasting networks like BBC News, Sky News, CNBC, Channel 4, Al Jazeera, and Bloomberg highlight his role as a thought leader in technology. His advisory roles for UK Prime Ministers and the Mayor of London further emphasize his impact on tech startup policy.
As a judge on The Apprentice UK and co-founder of TheEuropas.com and several non-profit initiatives including Techfugees.com, TechVets.co, and Startup Coalition, Butcher continues to drive innovation and support startups across Europe.
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