London investment firm to helm new £40m scaleup fund
Small Business Minister, Margot James, has announced that UK scaleups could soon be benefitting from a newly-established fund backed by the British Business Bank.
The British Business Bank’s 21st Enterprise Capital Fund (ECF), which will be run by London-based growth capital fund Active PE, will offer a pot of £40m investment cash for early-stage businesses across the UK.
The government-backed British Business Bank will contribute £24m of the fund’s total pot, with Active putting their expertise in the consumer, leisure and retail sector to hunt out businesses who could benefit from the investment.
Commenting on the launch of the new fund at ScaleUp Institute’s Manchester conference, James said: “Small businesses are at the heart of our economy and the whole country benefits when they grow and create jobs for people.
“The government-owned British Business Bank is helping more than 48,000 businesses with over £3.1bn of support, much of it going to those with high-growth potential.”
Spencer Skinner, co-founder at Active PE, said that the Active ECF will see the Chelsea-based investment firm build on its previous investments with the likes of LEON and Evans Cycles.
He added: “We’re excited to partner with the British Business Bank to help more entrepreneurs build lasting consumer businesses and brands.
“We will continue to invest in the consumer economy with Active ECF - where we can genuinely provide insight and value - and in businesses generating exceptional consumer excitement.”