Future Planet Capital acquires UK VC firm Midven
08/04/2021 - 9:25am
Future Planet Capital (FPC) has acquired one of Britain’s oldest venture capital firms, Midven Ltd.
The deal will enable Future Planet to grow its extensive global innovation network, which includes Berkeley, Cambridge, Harvard, MIT and Oxford, by combining them with Midven’s access to top-ranked UK Government funded scientific research. FPC is already a leader in this sector and was one of the first to bring sovereign wealth fund investors to British university venture.
Future Planet Capital is unique in its impact led approach, built to invest in growth companies from the world's top universities. The firm has built a track record of catalysing growth to scale university spin-outs into nascent global players, demonstrated in its backing of 23andMe, Congenica and recently Vaccitech. Through its focus on companies emerging from the founders or science of the world’s leading universities, FPC has access to opportunities with long-term value and lasting impact.
Midven, which is supported by blue chip investors including the British Business Bank and European Investment Bank, manages the highly successful UK Innovation and Science Seed Fund (UKI2S) and the GBP35 million MEIF West Midlands Growth Fund, part of the British Business Bank's GBP250 million Midlands Engine Investment Fund.
Douglas Hansen-Luke, FPC Executive Chairman, says: "Midven’s exceptional 30-year track record, its strong capital base and the UKI2S Fund’s close relationship with some of Britain’s top research establishments will offer our investors, stakeholders and our portfolio companies greater opportunities. By incorporating Midven, Future Planet Capital will become an important player in the UK’s impact and university venture industry, with more reach, more investors and more capital to invest in companies working to tackle global challenges. The UK is the world’s third most successful economy for innovation output and the ideal location to build a global impact fund.”
Andrew Muir, Director, Midven, and Investment Director & Fund Principle, UKI2S, adds: “FPC’s connections to leading universities around the world will enable us to connect and support the UK’s top scientific innovators to benchmark and nurture the best of British talent.”
Tony Stott, CEO, Midven, says: "Midven has a highly successful track record of investing government money through both UKI2S and its Midlands Engine fund. Future Planet’s relationships with global institutional investors should greatly assist all of Midven’s ambitious portfolio companies.
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