Edinburgh-based venture capital firm Par Equity has today announced the launch of its new venture fund – Par Equity Ventures I LP.
The firm has secured “a first close of £67m to boost innovative technology companies with high-growth potential in the North of England, Northern Ireland and Scotland.”
Par Equity will continue “raising capital to close out the full £100m target fund size.”
Backed by the Scottish National Investment Bank and British Business Investments, with further support from the Strathclyde Pension Fund, Par Equity will “add further resources and capabilities to its venture program, accelerating some of the North of England, Northern Ireland and Scotland’s most promising tech scale-ups and strengthening the talent pools in these regions.”
The fund will be managed “from Par Equity’s Edinburgh office, as well as its recently launched Leeds base, and will lead or support Series A funding rounds.”
Certified B-Corp, Par Equity, partners “with early-stage companies, operating B2B business models and with strong IP.”
Many of these companies are “innovating in the fields of health tech, climate tech and industrial tech, often driven by new technologies such as robotics, photonics, advanced materials and artificial intelligence.”
Launched in 2008 by Paul Munn, Robert Higginson, Paul Atkinson and Andrew Castell, Par Equity has invested “over £160m into 77 early-stage technology companies to date, with 30 realisations, including Edinburgh-based Current Health, which was Europe’s second-largest digital health exit ever following its sale to Best Buy.”
Paul Munn, Managing Partner at Par Equity said:
“Accelerating innovation and talent in this part of the UK is an absolute priority for us and we believe that this fund can be a positive catalyst for the local tech ecosystem. Not only are we uniquely delivering capital to scaleups in the region, but we hope this fund will trigger a mindset shift to encourage and enable our very best and brightest companies to shine on the world stage.”
Judith Hartley, CEO, British Business Investments, said:
“The Regional Angels Programme plays a vital role in developing the early-stage funding ecosystem across the UK Nations and regions. Par Equity was one of the first delivery partners of the programme, and we are really pleased to continue our support for them, through Par Equity Ventures I LP, targeting Series A follow-on commitments for smaller businesses across the North of England, Northern Ireland and Scotland.”
Par Equity’s investment model combines “its discretionary managed funds with the experience of its engaged pool of sophisticated angel investors.”