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VC investment into region’s fast-growing business rises sharply

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Venture capital investment into fast-growing businesses in the East of England – particularly in the biotech sector around Cambridge - rose sharply in the first quarter.

According to KPMG, fast growth businesses in the East of England saw a surge of VC investment in the first three months of the year, with more than £350 million invested in regional innovators in the first quarter. Meanwhile, a report Venture Pulse from KPMG Private Enterprise, found that venture capital investment into East of England 'scale ups' jumped by 65 per cent in the first quarter of this year, up from £121 million in the period a year earlier. Although the volume of deals completed in the first quarter remained flat year on year, investors paid higher values for late stage deals in established ‘scaleup’ businesses.

Chris Wilson, head of corporate finance for KPMG in the East of England, said: “The East of England continues to attract VCs from across the world interested in investing in fast-growth, disruptive businesses. The ability of the region to produce both large, late stage businesses which attract investors with deep pockets, as well as nurture early stage businesses with ambitious growth plans, is testament to the diversity of the region.” Significant deals in the region included a multi-million secondary raise by Cambridge-based Inivata and a £33 million Series B fundraising by PhoreMost, a Cambridge-based biopharma company. Essex-based Tevva, which produces electric-powered trucks, secured nearly £9 million from investors mainly in the US and Canada. Elswhere, Suffolk-based PBD Biotech raised £2.3 million and Swaffham-based meat alternative manufacturer Jack & Bry, secured a £1.25 million seed funding round.

Last Updated ( Friday, 04 June 2021 07:08 )