The British Business Bank has announced a new £10 million commitment through its Regional Angels Programme to Empirical Ventures, bringing its total support to £15m.
This partnership will accelerate Empirical’s mission to back the best ‘venture scientists’ in the UK.
Empirical Ventures was built to solve a specific problem: exceptional scientists often lack investors who speak their language.
Empirical’s Venture Scientist thesis suggests that the most valuable companies of the next century will not be built by generalist entrepreneurs, but by deep domain experts who can navigate the boundary between fundamental research and commercial reality.
The commitment from the British Business Bank will allow Empirical Ventures to write high-conviction cheques to these founders across the UK.
By combining patient capital with their unique SEIS & EIS Fund and Syndicate, Empirical Ventures says it is providing the financial fuel for scientists to leave the lab and build technologies that bend the physical world, from novel energy generation and advanced materials to next-generation life sciences and everything in between.
Mark Barry, senior investment director at British Business Bank, said: “We are delighted to expand our commitment to Empirical Ventures. Their team has identified a powerful untapped resource in the UK economy: the ‘venture scientist.’
“By backing technical founders who are solving hard problems, Empirical is helping to bridge the critical funding gap for science-led businesses outside of London. This partnership ensures that the UK’s brightest scientific minds have the support they need to turn research into category-defining global companies.”
Dr Johnathan Matlock, co-founder and general partner at Empirical Ventures, said: “The greatest companies of the next 30 years will be built by scientists. We call them ‘venture scientists’ – founders who bring rigorous scientific methodology to company building.
“But for too long, these founders have been underestimated or misunderstood by generalist investors.
“This £10m commitment from the British Business Bank allows us to back these Venture Scientists with the conviction they deserve. Whether they are in Bristol, Manchester, or Edinburgh, we are here to ensure that the founders capable of rewriting the rules of what’s possible get the resources to do so.”