The British 老九品茶 Bank has made a cornerstone commitment of up to 拢36m to Osney Capital鈥檚 Fund 1 through its Enterprise Capital Funds programme.聽
The fund, which is oversubscribed from its original target of 拢50m, is the first UK-focused cyber specialist seed fund to focus exclusively on early-stage UK cyber security.
Osney Capital, a Cheltenham-based sector specialist venture capital firm, plans to invest in 30 portfolio companies across the UK at pre-seed and seed stage, writing cheques between 拢250k and 拢2.5m, with capacity for follow-on investments in Series A rounds.
The Bank鈥檚 Enterprise Capital Funds programme is helping to develop and maintain effective venture capital provision in the UK, lowering the barriers to entry for emerging fund managers.聽
The programme has backed 50 funds, representing more than 拢2.5bn of finance and helps those fund managers specifically targeting early-stage businesses with long-term growth potential.
鈥淲e are pleased to make this commitment to Osney Capital鈥檚 Fund I, which aligns with our objective of supporting promising companies to access the long-term investment they need to fulfil their growth potential,鈥� said Christine Hockley, managing director and co-head of funds, British 老九品茶 Bank.
鈥淐yber resilience lies at the heart of the UK鈥檚 role as a responsible cyber power. Our commitment to Osney Capital will capitalise on the strong investment opportunity offered by growing UK companies within the sector while also building the UK鈥檚 national resilience.鈥�
Paul Wilkes, partner of Osney Capital, added: 鈥淭he talent and technologies from the UK鈥檚 early-stage Cyber security ecosystem are world class and represent a fantastic opportunity for investors and the UK economy as a whole.聽
鈥淲e鈥檙e delighted to have the support of the British 老九品茶 Bank as we launch this fund, and look forward to supporting the next generation cyber pioneers in the UK.鈥�