Founder-led venture capital firm Sure Valley Ventures has completed a £85 million first close of a £95 million UK software technology fund.

The fund includes a £50 million investment from the British Business Bank through its enterprise capital funds programme.

Sure Valley, which invests in software companies in a number of sectors including the metaverse, AI, and Cybersecurity, plans to invest in 25 business from across the UK via its new fund.

Currently based in London, Dublin, and Cambridge, the Sure Valley team will also be opening an office in Manchester to help access deals in the significant and exciting innovation clusters that have developed around creative technologies in the North of England.

“We are delighted to partner with the British Business Bank and existing and new investors on this new £95m UK software technology Fund,” said Sure Valley Ventures managing partner and co-founder, Barry Downes. “We are excited to expand on our existing London and Cambridge hubs, by opening a new office in Manchester. Many cities, including Manchester, as well as Leeds, Sheffield and Newcastle, have become dynamic tech hubs for start-ups. As entrepreneurs and founders ourselves, we have been on the other end of the table and therefore understand the challenges that start-ups face for funding.

“A local presence will ideally position us to execute on exciting deals in this region and we are always willing to travel across the UK to meet exceptional leaders, to invest in their businesses and help them scale and grow in international markets.”

Ken Cooper, managing director, venture solutions, British Business Bank said: “The British Business Bank’s Enterprise Capital Funds programme plays a significant role in developing and maintaining effective venture capital provision in the UK, lowering the barriers to entry for emerging fund managers and for those targeting under-served areas of the market. Our cornerstone commitment to Sure Valley will support investment into high potential, early stage software companies that are leading change in the disruptive tech sector, across the UK.”

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