Pre-Budget report: Private cash boosts Government tech start-up fund
Date: December 10, 2009
High-tech start-companies ups were boosted by news that private investors have more than matched the Government’s commitment in the pre-Budget report to a venture capital fund to support innovation in the technology and creative industries.
Private investors have committed £175m to the UK Innovation Investment Fund (UKIIF) via two fund-of-fund managers to create a total pool of £325m.
Lord Drayson, the science and innovation minister, said he was confident the fund would hit £1bn before it closes to new investors in 2011.
“UKIIF has been a hit with investors. We can now ensure that Britain’s high-tech growth companies will have the capital to fulfil their potential,” he said. “By backing entrepreneurs we back jobs and growth.”
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Source: The Telegraph
