Venture capital firm Atempo Growth has landed an initial €30m (£26.1m) commitment from British Business Investments (BBI) for its first venture debt fund.
Investments will be made by the Atempo Growth venture debt fund into UK and European high-growth technology companies.
“We are delighted to have the significant backing of the British Business Bank, further strengthening our debut fund,” said Luca Colciago, co-founder and investor, Atempo.
Santander and the European Investment Bank have also contributed to Atempo Growth’s venture debt fund.
Based in London, Atempo Growth provides lending for companies from Series A unitl IPO. Atempo Growth’s porfotlio currently consists of Acin, Ironhack, Trucksters and Uncapped.
Judith Hartley, CEO, British Business Investments said: “This commitment to Atempo Growth’s new fund helps smaller businesses access a more diverse range of finance options.
“By supporting venture debt providers like Atempo Growth, British Business Investments helps businesses across the UK to acquire the finance they need to unlock rapid growth.”
BBI is a subsidiary of the government-backed British Business Bank.
Lincolnshire’s Haatch Ventures is a recent beneficiary of BBI receiving a commitment of up to £10m to invest in early-stage tech startups.
BBI also recently invested £25m into Chester-based Agtech bank Oxbury’s lending reserves.
Other funds include Claret Capital’s £255m debt fund that it launched last month to back European technology and life science businesses.