Peter Mandelson announces £30 million technology fund
Business Secretary Peter Mandelson today announced a new £30 million fund to invest in technology companies looking to expand their business.
This new fund, part of the Enterprise Capital Funds (ECF) programme, will be managed by TTP Ventures and will look to invest development capital in information technology, electronics and instrumentation companies.
ECFs help small and medium businesses, with high growth potential, to raise equity finance of up to £2 million. Such businesses would otherwise struggle to find that level of support from investors.
Business Secretary Peter Mandelson said:
"It is crucial small and medium sized firms looking to invest in and grow their businesses are able to access the finance they need.
"Enterprise Capital Funds provide an important source of capital for SMEs looking for equity investment, and this latest fund further demonstrates Government's commitment to support business through these difficult economic conditions."
The Government has committed up to £60 million a year for investment in Enterprise Capital Funds (ECFs). Government support provides a foundation for the funds to seek further private sector capital to invest in growing SMEs.
The fund was awarded to TTP Ventures by Capital for Enterprise Limited, the independent company which manages the Department for Business's SME investment programmes.
