The Business Growth Fund (BGF) has disclosed that it invested 69 million pounds in early-stage technology companies in the UK and Ireland this past year. The majority of the fund’s investments were made in companies working in climate and sustainability, life sciences, and deep technology.
Andy Gregory, CEO of BGF, said that, it is encouraging to see the depth of progress that is being made in these burgeoning sectors. In 2022, they saw a broad spectrum of earlier stage opportunities across their focus areas.
According to Andy Gregory, the early stage team continues to support businesses in which they perceive genuine scalability and an opportunity for BGF to support growth and value creation in these crucial markets.
The remaining 31 million pounds were distributed to 12 companies that the BGF had previously invested in, with 38 million pounds going to new additions to the portfolio.
In 2022, BGF made new investments in smart boiler manufacturer Tepeo, based in Wokingham, and Nottingham-based Cheesecake Energy, based in Nottingham. It also made investments in hydrogen startup Bramble Energy, agritech company Arborea, and autonomous vehicle software developer Oxbotica, which raised 115 million pounds in January.
According to Tim Rea, head of early stage at BGF, the UK and Ireland are at the forefront of innovation in some of the most crucially important industries, including climate technology and life sciences. BGF continues to support the next generation of innovative companies as they prepare for rapid expansion.
BGF has offices in Newcastle, Belfast, Reading, Cardiff, and Leeds, among others, in the United Kingdom.