The British Business Bank has agreed to commit up to £46 million to Zinc Capital Management’s second institutional fund.
The Science-for-Impact Fund is aiming to accelerate the creation and growth of innovative UK DeepTech startups tackling critical health and environmental challenges. It is targeting a £70m fund size and building of a portfolio of 80 new DeepTech companies.
The British Business Bank’s commitment, made through the Enterprise Capital Funds programme, follows its previous commitment to Zinc II in 2022 and will enable Zinc to expand its support for founders.
Its current portfolio includes SignaCor (first in class therapeutics for heart disease), Epiome (an AI-powered biomarker platform for neurodegenerative diseases), Speek (a digital clinical care platform for teenage self-harm), Spine (an AI operating system for grid-scale battery asset management) and CellMine (a waste-free process to recycle lithium-ion batteries).
“Breakthrough businesses need support from the very earliest stages if they’re to realise their potential,” said Mark Sims, managing director, head of development equity funds, British Business Bank.
“Zinc has a strong track record of backing founders tackling significant health and environmental challenges, and we’re pleased to support the next phase of its growth.
“Our commitment to Zinc will help strengthen the pipeline of innovative businesses driving the UK’s future economy.”
Ella Goldner, co-founder and managing partner at Zinc said: “The UK is home to some of the world’s most extraordinary scientific talent, yet too many breakthrough discoveries never become the companies that improve lives, protect our planet and create long-term economic value.
“We founded Zinc to change that by partnering with exceptional scientists and entrepreneurs across the UK at the earliest stages, helping transform world-class research into ventures that deliver lasting impact in health and the environment while building the globally significant businesses of the future.
“We are proud to continue our partnership with the British Business Bank, whose long-standing support reflects a shared conviction that backing ambitious founders early is one of the most powerful ways to strengthen the UK’s innovation economy.”
Misodzi Mukungurutse, senior investment manager, development equity funds, British Business Bank, said: “What sets Zinc apart is its ability to work closely with founders from day one, helping turn promising ideas into investable businesses.
“That hands-on approach, combined with a clear Science-for-Impact strategy, positions the fund well to support the UK’s next generation of innovative startups.”