British Business Investments has agreed to provide up to £10 million of support to an early stage investor based in the East Midlands.
The wholly-owned commercial subsidiary of the British Business Bank has committed the funding to Haatch Ventures through the Regional Angels Programme.
Haatch, headquartered in Stamford, Lincolnshire, is led by founders Fred Soneya and Scott Weavers-Wright OBE, who have both founded and exited businesses themselves and invested into more than 50 start-ups.
The commitment will allow Haatch to invest in high-growth digital and tech-enabled businesses across the UK. It invests in early-stage companies through its SEIS (Seed Enterprise Investment Scheme) Fund and provides follow-on capital for high-performing companies through to its other funds.
Since Haatch was founded in 2013, it has invested in more than 50 early-stage digital transformation companies which are currently valued at over £400 million.
British Business Investments chief executive Judith Hartley said: “By investing alongside Haatch’s SEIS, EIS and follow-on funds, this commitment from British Business Investments will facilitate additional early-stage investment to smaller businesses across the UK.
“The Regional Angels Programme plays a vital role in developing the early-stage funding eco-system across the UK regions and nations, bringing together patient capital, business experience and skills to support the growth of high-growth smaller businesses.”
Haatch partner and co-founder Fred Soneya said: “We are thrilled to be working with British Business Investments and to have their support.
“Their commitment enhances our financial offering to our portfolio companies and recognises the critical impact that entrepreneurs have on our economic future.
“Our clear focus on digital transformation businesses has meant that we have been able to capitalise on the adoption of digitisation faced by consumers and enterprises at a pace that has accelerated over the last few years.”
