British Business Bank commits up to £35 million to Episode 1 Fund IV
The British Business Bank has made a commitment of up to £35 million to Episode 1’s Fund IV. The commitment follows the Bank’s previous investments into Episode 1’s 2014 vintage Fund I, 2018 Fund II, and 2022 Fund III.
Episode 1 is an investor backing early stage companies, primarily at the pre-seed and seed stages. It takes an algorithmic approach to finding and evaluating software-driven UK companies with a specific focus on AI, Software Infrastructure, Deep Tech and Tech Bio.
Episode 1’s strategy demonstrates strong alignment with the UK’s Industrial Strategy sectors, with a significant majority of the Fund III portfolio mapping to five of the eight priority sectors – digital and technology, financial services, professional and business services, clean energy, and life sciences. Fund IV will continue to largely back businesses within the Industrial Strategy sectors.
The British Business Bank is the largest investor in UK venture and venture growth capital funds. By making cornerstone commitments, the Bank helps funds achieve a first close and provides a strong signal of confidence that helps to mobilise additional private sector capital. The Bank has also committed capital within its Five-Year Strategic Plan to prioritise deployment to Industrial Strategy sectors.
Christine Hockley, Managing Director and Co-Head of Funds, at British Business Bank said: “Our fund investments are designed to increase the availability of capital for innovative UK businesses, allowing them to start, scale and stay in the UK. By making a cornerstone commitment to Episode 1’s Fund IV, we are expanding the pool of capital available to support high growth, high return innovative businesses.”
Michael Laycock, Investment Director, Funds, British Business Bank said: “Episode 1 has a strong track record of backing early stage UK businesses with strong growth potential. Fund IV represents the fourth Episode 1 fund that we have backed and we are pleased to continue our support. Fund IV will continue to make a substantial impact supporting primarily UK based businesses operating in the Industrial Strategy sectors, further fuelling UK economic growth, by supporting promising UK businesses to scale.”
Adam Shuaib, GP at Episode 1 commented, “British Business Bank’s backing is a huge vote of confidence in what our team has built over the last decade; an early-stage fund combining proprietary algorithmic sourcing with a rigorous behavioural approach to founder selection to find incredible companies like Lawhive, Carwow, Mantic and Source.dev before others get there.”
Fellow GP, Hector Mason, added, “Securing backing from one of Europe’s most respected institutional investors is a strong signal that the thesis we’ve been refining over the past decade is resonating at the highest levels.”
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