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British Patient Capital closes $50.8M in Evolution Technology Fund III

British Patient Capital
Picture credits: British Patient Capital

The UK is a leading cybersecurity hub in Europe, and Evolution’s investment strategy will capitalise on the strong investment opportunity that growing British companies within the sector offer. Now, Evolution Equity Partners, a specialist technology investor focused on cybersecurity and enterprise software companies, has announced a $50.8 million commitment to their third fund from British Patient Capital.

The firm is managed by a team of investment professionals and technology entrepreneurs with deep technical and operational experience, enabling them to identify and support innovative, growing technology companies at an inflexion point.

Investments to date by the firm have included Quantexa, a global data and analytics software company that achieved unicorn status in 2023.

Focuses on building large-scale businesses

With more than £3 billion of assets under management, British Patient Capital works with the mission to enable long-term investment in innovative UK companies led by ambitious entrepreneurs who want to build successful, world-class businesses.

Focusing on the late-stage funding gap, the investor helps ensure high-growth UK companies have access to the right type of funding at the right time in their life cycle, supporting them as they expand, create jobs, develop products, and enter new markets.

A subsidiary of British Business Bank, British Patient Capital invests on a commercial basis to deliver competitive returns and manage risk. As a long-term, responsible investor in venture and venture growth funds, it builds the UK patient capital ecosystem while demonstrating that a patient capital investment approach can produce commercially attractive returns.

Christine Hockley, Managing Director, Funds, British Patient Capital, said: “Evolution Equity Partners’ cybersecurity specialism coupled with proven investment credentials positions them to successfully support the UK’s leading technology companies as they scale. We are delighted to invest in this fund, which aligns with our objective of supporting promising companies to access the long-term financing they need to fulfil their growth potential.”

Robert Greenwood, Investment Director, Funds, British Patient Capital, said: “Cybersecurity started as a niche subsector of technology. With wide adoption and advancement of technology, we have seen it evolve over the last twenty years as attack surfaces have expanded to become a key application across all sectors as businesses aim to protect themselves, their customers, and their products. This investment demonstrates the UK’s role in leading cybersecurity innovation and demonstrating its expertise within this valuable technology. We are delighted to commit to Evolution’s new Fund and support this rapidly growing sector that will provide vital services to all business sectors.”

Richard Seewald, Founder and Managing Partner, Evolution Equity Partners, said: “We are thrilled to be partnering with British Patient Capital and NSSIF to support UK-based cybersecurity companies with capital and to equip them with the knowledge, tools, and strategy to drive performance and outcome in the global market. Cybersecurity is mission critical to the safety of UK-based enterprises, governments, and consumers, and the current environment demonstrates the importance of next-generation technology that defends and protects our society and way of life. We look forward to working with best-of-breed entrepreneurs and building European champions.”

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