London-based venture capital company Atempo Growth has reportedly acquired an initial commitment of €30 million ($30 million) from the commercial arm of state-backed British Business Bank, British Business Investment, for the firm’s first venture debt fund.
According to credible sources, Atempo Growth’s venture debt will be making investments in the high-growth technology firms of the UK and Europe.
Luca Colciao, co-founder and investor of Atempo, said that the firm is delighted to receive significant support from the British Business Bank, and it will further strengthen its debt fund.
Along with BBI, European Investment Bank and the Spanish banking and financial firm, Santander also invested in the venture debt of Atempo Growth.
Atempo provides lending to companies from the starting stage of Series A until they become public. Currently, the company’s portfolio includes Uncapped, Trucksters, Ironhack, and Acin.
Earlier this year, in January, the company announced the launch of its debt fund in London, with commitments of more than $200 million, targeting tech firms in the EU.
Judith Hartley, CEO, British Business Investments, stated that the investment bank’s commitment to Atempo’s new fund will help small businesses get a more diverse range of financing options. In addition, by providing resources to venture debt providers, like Atempo Growth, BBI is able to aid businesses in the country access the finance they need for scaling up.
Recently, BBI invested up to £10 million ($11.6 million) in the Lincolnshire-based early-stage investor Haatch Ventures.
The investment company also committed £25 million ($29 million) into the lending reserve of Agtech bank Oxbury, with which it will be able to lend £250 million ($290 million) to small and medium-sized businesses focused on agriculture till next year.
The news of the funding came at the time as the UK government last month announced an additional investment of £16.5 million ($19 million) for funding the research and development of agriculture tech.