Manchester opening for venture capital firm following £85m boost

A venture capital firm that invests in high growth tech companies in the Metaverse, artificial intelligence (AI) and cybersecurity space is opening a Manchester office after closing on a £85m funding round.

Sure Valley Ventures is expanding its northern reach into cities including Leeds, Sheffield and Newcastyle as it aims to support more companies in the region’s tech clusters.

The investor, which already has offices in London, Dublin, and Cambridge, completed an £85m first close of a £95m UK software technology fund.

This includes a cornerstone £50m investment from the British Business Bank through its Enterprise Capital Funds (ECF) programme.

Sure Valley plans to invest into 25 software companies from across the UK through its new fund.

Managing Partner and co-founder Barry Downes said: “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.”

Ken Cooper, Managing Director, Venture Solutions, British Business Bank said: “The British Business Bank’s Enterprise Capital Funds programme plays a significant role in developing and maintaining effective venture capital provision in the UK, lowering the barriers to entry for emerging fund managers and for those targeting under-served areas of the market.

“Our cornerstone commitment to Sure Valley will support investment into high potential, early stage software companies that are leading change in the disruptive tech sector, across the UK, with the new Manchester office bolstering its presence in the North.”

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 U.K.’s investment attractiveness as we continue to level up all parts of the UK.”

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