Cambridge-based VC firm IQ Capital has launched a new $125m (£100m) ‘Growth Opportunities Fund’ as it closes its latest venture fund, IQ Capital Fund III, at $175m (£141m).
Together it brings the capital to be invested by the firm this year in deep tech in the UK to $300m (£242m).
Founded in 2006, the tech-focused VC firm recently invested in graphene-tech start-up Paragraf, predictive maintenance software firm Senseye, and and London trading platform Funderbeam.
IQ Capital has achieved over 20 exits to tech giants including Google, Apple and Facebook, and its self-reported portfolio value is over $1.2bn.
National Grid’s VC firm National Grid Partners (NGP) has joined commercial arm of British Business Bank British Patient Capital have invested in the latest round closed by IQ Capital.
“The partners, Ed Stacey, Kerry Baldwin, and I, have been investing in deep-tech for over 20 years, and during this time we’ve seen investment in the sector grow from tens of millions p.a. to $1.75 billion deployed across Europe in 2018 alone,” said Max Bautin, co-Founder and partner at IQ Capital.
“Half of this capital was invested into UK start-ups, reinforcing the UK as a leader in Europe, with well-established technology ecosystems formed in Cambridge, Bristol, Oxford, and London.
“IQ Capital has grown its funds under management over 10x in the last five years. The investment team has tripled in size over the same period with recent joiners Rick Hao, Daniel Carew and Marek Chalupnik. IQ Capital is now firmly established as the leading deep tech investor in the UK.”
Lisa Lambert, founder and president of National Grid Partners, added: “The firm is positioned as the go-to deep-tech fund in the EU, and the team has a proven ability to connect with founders through all stages, from seed to exit.”