NatWest has invested in its first outside venture capital fund. According to a company statement, NatWest Venture Banking has committed an undisclosed amount across Phoenix Court’s family of funds.
Phoenix Court is a VC firm that supports private firms from pre-seed through to scale-up. The funds are segmented as LocalGlobe, Latitude and Solar. LocalGlobe invests at the pre-seed and seed stage; Latitude invests at the early growth stage; and Solar provides long-term capital to high-growth companies.
Paul Thwaite, CEO of NatWest Group, commented on the backing, saying that too often British businesses look outside the country for growth funding and that, if Britain wants to compete, it needs better backing to scale in the UK.
“We want to be a long-term partner to the founders, investors and businesses building the UK’s next generation of category-defining companies. That means not only providing banking services, but helping bring together the capital, expertise and networks that innovative businesses need to grow. Banks can be part of the solution. Our investment in Phoenix Court is a good example of how NatWest can use its scale, capital and convening power to strengthen the UK’s innovation ecosystem and help exceptional companies start, scale and stay here in the UK.”
Early-stage firms in the UK raised $17 billion in VC funding in the first 6 months of 2026. This is the strongest first half of the year since 2022. The UK garnered around 40% of all European venture funding, more than France and Germany combined. At the same time, UK investors are estimated to account for just 11% of venture funding, with most capital arriving from the United States. About 89% of UK VC deal value in 2026 so far came from non-UK investors.