Cambridge tech investors raise £75m to put into city startups
Cambridge Innovation Capital look to go public in the next 18 months.
Cambridge Innovation Capital (CIC) was founded in 2013 by the University of Cambridge as an initiative to invest in technology and healthcare companies in the city.
The £75m was raised via private financing, and will be used to provide additional investment to CIC's current portfolio, as well as being invested in new opportunities created at the University of Cambridge and within the Cambridge Cluster. Plans also include expanding the CIC team.
To date, the Company has committed approximately £33 million to 13 companies in the rapidly-growing technology and healthcare sectors.
Commenting on the Fundraising, Victor Christou, Chief Executive Officer of CIC, said:"We are delighted by the support we have received in this fundraising. Since the inception of CIC and its initial fundraising in 2013, the company has made significant progress within the Cambridge Cluster, one of the richest seams of scientific and technological innovation in the world.
"This additional capital will enable CIC to continue to support exciting IP-rich companies and we look forward to continuing to work very closely with the University of Cambridge and our network within the Cambridge area.
"We thank our existing shareholders for their continued support and welcome our new shareholders with great enthusiasm."
This oversubscribed round was supported by existing shareholders including University of Cambridge Endowment Fund, Lansdowne Partners and ARM, and also attracted new investors including Woodford Investment Management, Winton Ventures, the Oman Investment Fund and other institutional investors.
Professor Sir Leszek Borysiewicz, Vice-Chancellor of the University of Cambridge, said:"Over the last three years, CIC has grown and proven itself to be an integral part of the Cambridge ecosystem. The University is delighted to work with CIC as it continues its critical role in providing growth capital and support for the region and the country."