Praetura Ventures, the early-stage venture capital fund manager, has secured a £15m commitment that will co-invest in parallel to Praetura’s fund into future investments. British Business Investments, a commercial subsidiary of the British Business Bank, made the commitment through its Regional Angels Programme, which seeks to address geographical imbalances around early-stage equity finance.
The investment is being structured using Mainspring’s Investment Platform which provides notable advantages to a traditional SPV. The Investment Platform allows Praetura to: rapidly and cost effectively deploy co-investments from British Business Investments into new portfolio companies and follow-on into existing companies; benefit from a flexible evergreen structure which can be used again for future investments; remain in control and; have all the infrastructure, such as bank account, and investor online reporting available immediately.
Jonathan Prescott, Director at Praetura, commented “Our Investment and Portfolio teams are central to our venture fund and for driving investor returns. British Business Investments’ additional commitment enables us to derive additional value from our Investment and Portfolio teams efforts as well as providing additional financing for UK early-stage businesses. This will enable us to accelerate our continued investment to support the winners in the portfolio and deploy fresh capital into some of the UK’s brightest and most exciting businesses.”
Neil Clark, COO, Mainspring added “Our congratulations are extended to Praetura in securing this investment commitment from British Business Investments. It is great to see a Manchester headquartered fund manager benefit from this UK Government initiative. Praetura are already a dynamic investor and supporter for early-stage businesses, particularly in Northern England, and this commitment from the Regional Angels Programme provides additional firepower to those energies.”
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To learn more about British Business Investments, see here