British Business Investments, a commercial subsidiary of the British Business Bank, has announced a new £15m commitment to Par Equity as the latest partner in its Regional Angels Programme.
The funds from British Business Investments will be invested by Par Equity alongside the Par EIS Fund and the Par Investor Network to deliver over £75m of new funding for scale-up businesses primarily in the North of England, Scotland and Northern Ireland.
The £15m commitment from the Regional Angels Programme will help to drive further investment into promising scale-up businesses in these parts of the UK. The Programme will also help with Par Equity’s follow-on investment activity, ensuring that the portfolio receives the capital it needs to reach critical milestones.
The Par Investor Network, with nearly 200 members, invests alongside the Par EIS Fund to create a distinct, operationally focused investment model where professional investors and experienced business angels add value to businesses throughout the investment lifecycle.
The announcement comes as Par Equity completes a £1.6m investment into EC-OG, drawing on the pledged capital from the Regional Angels Programme for the first time. EC-OG has launched Halo, a subsea power hub, providing efficient, autonomous energy management for subsea applications. The company leverages its proprietary technology with deep sector expertise to service customers at a fraction of the cost of incumbent subsea power solutions. The investment will support a scale-up phase for the business, creating up to 40 jobs in Aberdeen over the coming 12 months.
Catherine Lewis La Torre, CEO of British Business Investments, said: “Angel investors play a vital role in the economy, bringing patient capital, business experience and skills to support the growth of smaller businesses. Our Regional Angels Programme is designed to address regional imbalances in the availability of angel finance by increasing the capital available to smaller, high growth potential, businesses through angel networks.”
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