Birmingham venture capital firm sold to specialist in university spin-outs

A Birmingham-based investment firm has been sold to Future Planet Capital (FPC).

The deal will enable FPC acquire Midven, which has its head office in Birmingham. FPC has built a track record investing in university spin-outs, backing 23andMe, Congenica and recently Vaccitech.

Midven, which is supported by blue chip investors including the British Business Bank and European Investment Bank, manages the UK Innovation and Science Seed Fund (UKI2S) and the £35m MEIF West Midlands Growth Fund, part of the British Business Bank’s £250m Midlands Engine Investment Fund.

Douglas Hansen-Luke, FPC executive chairman, said: “Midven’s exceptional 30-year track record, its strong capital base and the UKI2S Fund’s close relationship with some of Britain’s top research establishments will offer our investors, stakeholders and our portfolio companies greater opportunities. By incorporating Midven, Future Planet Capital will become an important player in the UK’s impact and university venture industry, with more reach, more investors and more capital to invest in companies working to tackle global challenges. The UK is the world’s 3rd most successful economy for innovation output1 and the ideal location to build a global impact fund.”

Andrew Muir, director, Midven, and investment director & fund Principle, UKI2S, added: “FPC’s connections to leading universities around the world will enable us to connect and support the UK’s top scientific innovators to benchmark and nurture the best of British talent.”

Tony Stott, CEO, Midven, added: “Midven has a highly successful track record of investing government money through both UKI2S and its Midlands Engine fund. Future Planet’s relationships with global institutional investors should greatly assist all of Midven’s ambitious portfolio companies.”