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24Haymarket secures £10m commitment from British Business Investments

Press release 22 December 2021

  • Funds will be deployed alongside 24Haymarket’s Enterprise Investment Scheme (EIS) fund and Investor Network
  • British Business Investments’ commitment, made through its Regional Angels Programme, will support early-stage businesses across the UK

24Haymarket, the London and Edinburgh-based private capital group, today announces that it has secured a £10m commitment from British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, to accelerate funding of early-stage, high-growth businesses across the UK.

This £10m commitment from British Business Investments’ Regional Angels Programme will be invested alongside 24Haymarket’s own funding over the next three years. The Programme is designed to reduce regional imbalances in access to early-stage equity finance for smaller businesses across the UK.

The Programme will match funds raised via 24Haymarket’s private investors, including the 24Haymarket Managed Portfolio Service (MPS), an EIS fund which enables private investors to access a portfolio of early-stage companies across the UK.

By using its specialist knowledge, expertise and understanding of how investee companies operate, 24Haymarket is able to better support, mentor and manage those businesses from late seed and Series A stages, through commercial acceleration and growth funding. Since 2012, over 51 companies have benefited from 24Haymarket’s funding. These include Cambridgeshire-based Dogtooth Technologies, creator of a robotic fruit harvester for the agricultural industry, and myGWork, a recruitment and networking platform for LGBTQ+ people, which are the first two companies to be invested in by 24Haymarket through this commitment from British Business Investments.

Our Regional Angels Programme is designed to address imbalances in access to early-stage finance in the UK and to increase the overall amount of capital available to smaller businesses through early-stage investors such as 24Haymarket. With this £10m commitment from British Business Investments, 24Haymarket will be able to increase its support for early-stage businesses across all regions of the UK, so they can flourish and grow. Judith Hartley CEO, British Business Investments
We are delighted to work with British Business Investments, one of the major investors supporting up-and-coming venture and growth equity managers in the UK. This investment supports the role that 24Haymarket plays as a leading player in the rapidly evolving business angel ecosystem. It is also consistent with our long-term strategy of complementing the powerful insights and post-investment engagement that our 24Haymarket Investor Network provide us with the scalability of a committed capital source – both from private and institutional sources. Paul Tselentis CEO at 24Haymarket

Further Information

Notes to editors

About British Business Investments

British Business Investments is the trading name of British Business Investments Ltd, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.

British Business Investments aims to earn a commercial return by investing – through finance providers – in smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any economic advantage from the government. Find out more at bbinv.co.uk.

British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such.  They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

The funding from British Business Investments to 24Haymarket does not amount to any endorsement or warranty from British Business Investments, the British Business Bank plc, or the government of the UK.

About 24Haymarket

Headquartered in London and with a regional office in Edinburgh, 24Haymarket follows a strict investment thesis with a focus on verticals in the nascent stages of high growth where they are able to leverage proprietary insight from their Investor Network.

24Haymarket focus on early-stage equity and venture capital investments in companies that have demonstrated initial commercial traction. It adheres to an active investment philosophy with a right to a board seat in each investment combined with an involved post-investment model.

By seeking investment opportunities underserved by institutional venture capital firms (i.e., transaction sizes of less than £5 million) but beyond traditional incubators, accelerators, friends and family or other angel syndicates (i.e., transaction sizes generally above £1 million), 24Haymarket are able to assist young companies at a crucial point in their “scale up” journey.

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