TLDR: A venture capital firm backed by Sir Richard Branson has raised £250 million to invest in technology businesses in Britain, the United States, and the Nordic region. The fund, called Giant Ventures, has already made several investments in its portfolio, including mental health app Calm, which was valued at $2 billion in 2020. The firm plans to invest $100 million in 25 start-ups and an additional $150 million in a fund focused on growth investment for climate-focused businesses.
The new fund, Giant Ventures, has raised £250 million ($349 million) to invest in technology businesses in the UK, US, and the Nordic region. The firm has a number of high-profile backers, including Sir Richard Branson, and has brought in several industry leaders as advisory board members.
Giant Ventures plans to use the funds to invest in start-ups across various sectors, with a particular focus on climate-focused businesses. The firm believes that solving climate change and improving healthcare are two of the most urgent issues facing humanity and sees these areas as strong opportunities for technological innovation.
The venture capital firm already has some notable investments in its portfolio, including mental health app Calm, which was valued at $2 billion after a $75 million funding round in 2020. Giant Ventures has also invested in Agreena, a sustainable farming company, and Field, a British start-up focused on battery storage for renewable technologies.
The fundraising environment for technology companies has been challenging in recent years, but Giant Ventures is optimistic about the potential for growth and innovation in the sector. The firm plans to invest $100 million in 25 start-ups and an additional $150 million in a fund dedicated to supporting climate-focused businesses.
UK start-ups received a total of $15 billion in investment from venture capital firms in 2020, but the availability of funding has declined in recent years. The government has introduced measures to encourage investment in high-growth businesses, including initiatives to unlock capital from the pension fund industry.
Giant Ventures has received backing from several major investors, including BMW, RIT Capital Partners, and former directors of companies such as Rolls-Royce, Goldman Sachs, Booking.com, Intel, and BP. The firm plans to establish its global headquarters in London.
