Pictured above: Tom Gray, corporate finance solicitor
working with the lifesciences team at Berryman
The government has announced this week that £200m from the
UK Innovation Investment Fund (UKIIF) will be used to benefit
lifesciences, digital and advanced manufacturing businesses.
The nominated fund managers Hermes Private Equity and European
Investment Fund (EIF) have raised £100m to match Government
funding and will now begin to make their first investments in UK
venture funds, investing in businesses within the lifesciences,
digital and advanced manufacturing industries where there are
significant growth opportunities, driving the UK economy forward
and creating highly skilled jobs.
Speaking to the Global Investment Conference, Prime Minister
Gordon Brown said: "This fund, seeded by the Government, is
bringing private venture capital to growing enterprises. It is
already providing £125 million of funding to high tech, low
carbon businesses. From today, a further £200 million will be
available for lifesciences, digital and advanced
manufacturing."
Chief Executive of the EIF, Richard Pelly said: "The leveraging
of the UK government's funds and expertise coupled with our
experience in the EU venture capital market will help us to support
the next generation of high growth, high tech businesses".
The UKIIF will target small growing businesses, start ups and
spin outs including pre-profit and pre-revenue stages of
development
Nottingham law firm Berryman has significant market leading
expertise and experience in private equity and investment funding
for pre and post-revenue ventures in the region and can advise on
all aspects of raising equity capital at all stages of the
investment process.
Tom Gray, a corporate finance lawyer with the firm's
lifesciences team, and who has acted for numerous companies seeking
and securing such investment and development capital, including
many based in Nottingham's BioCity hub, comments: "Nottingham is
firmly recognised as one of Britain's leading science cities. This
is due in no small part to the contribution of our region's world
class Universities and the Boots heritage. It is Nottingham's
science offering that lead Berryman to establish its lifesciences
team in 2007.
"Our regional development agency EMDA has identified healthcare
and bioscience as one of its four priority sectors expected to make
the greatest contribution to the regional economy in the next
decade, and facilities such as BioCity and the Nottingham Science
Park are fostering the growth of tomorrow's businesses in this
sector for the region.
"The creation of this new national fund presents a great
opportunity for new and innovative businesses in the sector and the
region seeking early stage and development funding."