British Patient Capital, the venture capital investment subsidiary of the UK government-owned British Business Bank, has committed £40.6m to a new cybersecurity fund.
The Sheffield-based investor will fund Evolution Equity Partner's third enterprise software and cybersecurity fund, Evolution Technology Fund III.
Previous investments from the Evolution Fund include Quantexa, which raised £51m in 2020, and Panaseal, which raised £21.1m in 2021.
“With widespread adoption and progress, [cybersecurity]We've seen it evolve over the past 20 years as the attack surface expands and becomes a key application in every field as companies look to protect themselves, their customers, and their products.” said Robert Greenwood, Fund Investment Director at British Patient. capital.
“This investment demonstrates the UK’s role in leading cybersecurity innovation and demonstrating our expertise in this valuable technology.”
Evolution Equity Partners has secured a total of $1.1 billion for its third fund. The group plans to invest between $20 million and $150 million.
Richard Seewald, Founder and Managing Partner of Evolution Equity Partners, added: “Cybersecurity is vital to the safety of UK-based businesses, governments and consumers, and the current environment has demonstrated the importance of next-generation technology to safeguard and protect our society and way of life.”
“We look forward to working with the best entrepreneurs and developing European champions.”
