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High-growth tech fund boosted by £7m British Business Bank investment

Frog Capital II, the London venture capital firm, has received a further €9m (approx. £7m) in investment from British Business Bank Investments Ltd.

The Kings Cross-based investment team, who specialise in high-growth tech companies, will use the cash to invest in eight ambitious tech companies across UK and Europe, adding to its portfolio of up and coming tech firms which includes money transfer service Azimo.

It is part of a £71m pot of investment money that the British Business Bank, who are an investment bank wholly owned by the UK Government, have committed to eight venture capital funds as part of its VC Catalyst Fund.

Mike Reid, Managing Partner of Frog Capital, London, said: “The European growth capital opportunity for tech is exceptional right now. The quantity and quality of companies is better than ever. The supply of capital focussed on this area has not kept up, however, exacerbating the funding gap and holding back economic growth.

“We are delighted to have British Business Bank Investments Ltd as an experienced and value added partner which shares our aim of narrowing the funding gap and enabling such businesses to scale up successfully.”

Keith Morgan, Chairman, British Business Bank Investments Ltd, added: “Frog Capital has a strong track record of financing high-growth technology businesses, and it’s important to ensure businesses like these can access the funding they need to realise their potential.

“This fund will provide much-needed equity capital to more businesses across the UK.”