The Prime Minister, Gordon Brown, has announced £200 million to be allocated by the UK Innovation Investment Fund (UKIIF) to manufacturers operating in the life sciences, digital and advanced manufacturing sectors.
The UKIIF fund was announced last year as a government initiative as part of its “Building Britain’s Future” strategy.
The £200 million funding round has been stopped this week with fund managers from the European Investment Fund (EIF) who managed to raise £100 million to match the government’s contribution.
Richard Pelly, the Chief Executive of the EIF, stated:
“The leveraging of the UK government’s funds and expertise coupled with our experience in the EU venture capital market will help us to support the next generation of high growth, high tech businesses.”
Gordon Brown, speaking at the Global Investment Conference, said that the fund displayed the UK government’s commitment to industries and technologies that are expected to create further skilled jobs in the future.
This welcome news has come after last month’s announcement that £125 million of the investment fund will also be used for low carbon and clean tech sectors in the manufacturing industry.