British Business Investments, a commercial subsidiary of British Business Bank plc – the UK government’s economic development bank, has announced a €30 million “initial” investment to Atempo Growth’s inaugural venture debt fund. The new fund is expected to target VC-backed businesses in the UK and Europe.
The European Investment Bank and Santander have also backed the fund.
British Business Investments says Atempo’s fund has been launched at a key time for the European tech ecosystem, with record investments and acceleration in the sector. The investment is expected to support fast-growing technology companies across the UK.
Since it was established in 2014, British Business Investments has committed more than £3.0 billion to providers of finance to UK smaller businesses.
Judith Hartley, CEO of British Business Investments, commented:
“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 they are pleased to have the significant backing of the British Business Bank and they look forward to supporting high-growth technology companies across the UK and Europe.