The UK's largest business services group is discontinuing its corporate venture capital arm after the parent company reported financial losses in 2023.
Capita is discontinuing its corporate venture capital investment arm, Capita Scaling Partner, as part of a restructuring at the UK business services group, according to people close to the company.
Founded in 2018, Capita Scaling Partner invested in business-to-business tech companies in customer services, artificial intelligence and augmented reality. Portfolio investments include OBRIZUM, a B2B digital learning platform that allows organisations to create and monitor online learning; and WithYouWithMe, a skills-based hiring and workforce management platform. Capita Scaling Partner has 11 portfolio companies listed on its website.
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The winding down of the venture unit comes on the back of financial losses at the parent company. Capita reported a £106.6m loss before tax in its 2023 full-year financial results. Part of its losses stem from costs associated with a cyber-attack in 2023 which accessed the personal data of staff and clients.
GCV contacted Capita for a comment but had not received a reply at the time of publication.
