
Cambridge Innovation Capital raises GBP 225m for Fund II
Venture capital firm Cambridge Innovation Capital (CIC), which targets growth investments in the Cambridge ecosystem, has closed its second fund on GBP 225m.
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.
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Czech Republic-headquartered family office is targeting DACH and CEE region deals
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Ex-Rocket Internet leader Bettina Curtze joins Swiss VC firm as partner and CFO
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Estonia-registered VC could bolster LP base with fresh capital from funds-of-funds or pension funds