Cambridge Innovation Capital raises GBP 225m for Fund II

The fund is CIC's first closed-end fund, with three earlier capital raises being completed via a balance sheet model. Its last capital raise came in at GBP 150m in 2018. 

It has a ten-year life span, investing an average ticket size of GBP 5m at Series A rounds in the deep-tech and life sciences businesses connected to the Cambridge ecosystem. 

The growth investor likes "IP rich, knowledge-intensive" businesses, said Andrew Williamson, managing partner of CIC. The has raised over GBP 500m to date.

Fund II has already made six investments, including quantum computing software provider Riverlane; mitochondrial therapeutics developer Pretzel Therapeutics; photonic computing company Salience Labs; and cancer immunotherapeutic company Epitopea.

Its first fund, which it counts as the three earlier capital raises, is now fully committed except for follow investments in portfolio companies.  

"For every pound, we like to reserve two for Series B, Series C, etc.," said Williamson. 

Sub-sectors of interest in deeptech include the future of compute, digital health, and net zero; life sciences includes therapeutics, diagnostics and devices. 

LPs
Investors in Fund II include around 50 global institutional and strategic investors with half of the capital coming from UK-based investors. 

British Patient Capital has committed GBP 20m to the fund. It also counts M&G through its Catalyst fund, as well as CCLA and funds connected to the University of Cambridge and its colleges. 

CIC said in its annual report that around a quarter of its committed capital comes from the University of Cambridge and its endowment funds.

 

 

 

 

 

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