Investment in Venture Capital

The British Business Bank (BBB), a UK state-backed bank, is investing up to £45m in Redrice Ventures. This VC fund focuses on seed-stage investments in consumer brand startups and B2B technologies that support them.

Investment Objectives

The BBB's investment aims to support the growth of promising startups, promote the commercialization of research, and attract further investment. The BBB previously backed Redrice's Fund 1 in 2021 with a £36m investment.

Redrice Ventures Focus

London-based Redrice Ventures, founded in 2018, primarily invests across media, sport, health and wellness.

Enterprise Capital Funds Programme

The BBB's investment is part of its Enterprise Capital Funds programme, which aims to increase the supply of equity capital to early-stage UK companies with long-term growth potential. To date, the program has backed 51 funds, representing more than £3bn of finance.

Supporting the Creative Industries

Christine Hockley, managing director & co-head of funds at the British Business Bank, stated that the creative industries are central to the UK's growth mission, employing 2.4 million people and contributing £124bn of Gross Value Added to the economy. The investment aims to create additional financing options for growing companies and support the UK's full commercial potential.