TLDR:
- British Patient Capital commits £40.6m to Evolution Technology Fund III for cybersecurity
- Evolution Equity Partners secures $1.1bn for its third fund
British Patient Capital, a venture capital investment subsidiary of the UK government-owned British Business Bank, has committed £40.6m to a new cybersecurity fund. The Sheffield-based investor will supply the funds to the Evolution Technology Fund III, the third iteration of Evolution Equity Partner’s enterprise software and cybersecurity fund. Evolution Equity Partners has secured a total of $1.1bn for its third fund and will make investments ranging from $20m to $150m.
Previous investments from Evolution funds included Quantexa, which raised £51m in 2020, and Panaseer, which raised £21.1m in 2021. Robert Greenwood, investment director of funds at British Patient Capital, highlighted the importance of cybersecurity innovation in the UK and its role in leading the sector. Richard Seewald, founder and managing partner of Evolution Equity Partners, emphasized the critical nature of cybersecurity for UK-based enterprises, government, and consumers.
This investment demonstrates the UK’s expertise in cybersecurity and its commitment to supporting next-generation technology in defending and protecting society. The collaboration between British Patient Capital and Evolution Equity Partners aims to build European champions in the cybersecurity sector.
