The new NESTA (National Endowment for Science, Technology & the Arts) £50m fund for start-ups is to be overseen by a team drawn primarily from the private sector. The committee, which includes Apax partner, Adrian Beecroft and MTI CEO and managing partner, Ernie Richardson, reflects NESTA CEO Jonathan Kestenbaum’s desire to bring a commercial ethos to the way public funds are invested. Joining Beecroft and Richardson is former Deloitte partner, Ian McIsaac, an expert in global risk management and the current finance director and registered treasurer of the Conservative Party; Sherry Coutu, a serial entrepreneur and well-known early-stage technology investor, and NESTA chairman, Chris Powell.
Managing director Craig Ferguson discusses accelerated deployment activity during the pandemic and plans to scale up the PE allocation by 2025
Fund has a target of $600m, which it plans to reach by next year, according to Kommersant
Existing investors including Institut Català de Finances also take part in the financing
Biotech company initially raised €12m in December 2018