Founder-led venture capital (VC) firm Sure Valley Ventures has announced it plans to open a Manchester office following an £85m funding boost.
The vc firm, which has offices in London, Dublin and Cambridge, invests in software companies across the metaverse, cybersecurity and Artificial Intelligence (AI) sectors and has completed an £85m first close of a £95m UK software technology fund.
It includes a £50m investment from the British Business Bank through its Enterprise Capital Funds (ECF) programme, which aims to increase equity capital to early-stage UK companies with potential.
Through its new fund, the company plans to invest into 25 software companies across the UK.
Naming Manchester as one of the “dynamic tech hubs for start-ups”, the vc firm is opening a Manchester office to help the company access deals in the innovation clusters that have developed around the North of England.
Sure Valley Ventures Managing Partner and Co-Founder, Barry Downes, said: “We are delighted to partner with the British Business Bank and existing and new investors on this new £95m UK software technology Fund. We are excited to expand on our existing London and Cambridge hubs, by opening a new office in Manchester.
“Many cities, including Manchester, as well as Leeds, Sheffield and Newcastle, have become dynamic tech hubs for start-ups. As entrepreneurs and founders ourselves, we have been on the other end of the table and therefore understand the challenges that start-ups face for funding. A local presence will ideally position us to execute on exciting deals in this region and we are always willing to travel across the UK to meet exceptional leaders, to invest in their businesses and help them scale and grow in international markets.”
Minister for Investment, Lord Gerry Grimstone, added: “The AI and immersive tech sectors are major British success stories and investments like this one by Sure Valley Ventures ensures that early stage companies in the Northern Regions can access the funding necessary to help them compete at the forefront of global innovation.
“It’s fantastic to see this investment into the North of England which demonstrates the UK’s investment attractiveness as we continue to level up all parts of the UK.”
