Boost&Co has secured an additional £20m for its scaleup tech fund
London-based Boost&Co, the provider of growth loans and venture debt, has secured an additional £20m for one of its central lending funds from the British Business Bank.
The lender’s Industrial Lending 1 fund, which provides venture debt loans of between £2m and £8 to fast growing tech companies looking to scale, has sealed the extra committment from British Business Bank Investments, the commercial arm of the British Business Bank, as part of an additional £40m extension to the fund.
It now means that Boost&Co will make up to £100m of further commitments to UK SMEs, adding to the £100m-worth of investments it has made in 33 SMEs to date.
Following confirmation of the additional investment, Lance Mysyrowicz, Partner at BOOST&Co commented: “We are delighted to receive continued support from British Business Bank Investment Ltd.
“We look forward to deploying the additional capital in innovative, growing UK SMEs with a passion for technology, and are excited about this next phase in our relationship.”
The British Business Bank Investment marks a continuation of its investment programme, which has so far committed around £580m to providers of finance to UK smaller businesses in an effort to widen the amount of funding on offer.
Catherine Lewis La Torre, Chief Executive Officer at British Business Bank Investments Ltd said the investment was a ‘further demonstration’ of the company’s commitment to promoting greater choice in SME lending market.
She said: “Venture debt finance is an important option for innovative businesses that want to grow rapidly, as a form of capital that can help them scale-up without having to relinquish control of the business.
“We are pleased to support BOOST&Co as they expand the level of this type of funding they can provide to the market.”