British Business Investments commits £10m to Haatch
In 2022, Haatch secured a £10 million commitment from British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, to fund early-stage businesses across the UK as part of its Regional Angels Programme.
British Business Investments aims to increase the supply and diversity of finance for smaller businesses across the UK by boosting the lending capacity of a range of finance providers. Since it was established in 2014, British Business Investments has committed over £3bn to providers of finance to UK smaller businesses.
Investing Alongside Haatch SEIS & EIS Funds
The British Business Investments commitment invests alongside the Haatch SEIS & EIS funds for an expected investment period of 3 years, starting in September 2022.
Every investment made from the Haatch SEIS or EIS fund benefits from the additional capital provided by British Business Investments and all investors in the Haatch EIS & EIS funds benefit from investing alongside British Business Investments.
Judith Hartley, CEO, British Business Investments, 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.’’
Fred Soneya, Partner & Co-founder, Haatch, 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.”
Supported by British Business Investments Ltd, a commercial arm of the British Business Bank, a development bank wholly owned by the UK Government. Neither British Business Bank plc, nor British Business Investments Ltd is authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
The Investment Agreement with British Business Investments Ltd and Haatch Ventures LLP does not amount to any endorsement or warranty from British Business Investments Ltd, the British Business Bank plc or the government of the United Kingdom.