Edinburgh University has topped up its university venturing fund Old College Capital (OCC) with an additional £6m ($9.4m), bringing its total to £8m.
Launching in 2011, OCC has been operating a co-investment strategy alongside angel groups, venture capitalists, and corporate backers, typically investing around £250,000 into Edinburgh spin-outs and startups. To date, the fund has backed 10 companies originating from the institution which have secured an additional £18m from external sources. OCC operates with an investment committee that’s independent from Edinburgh’s structure, and is acting on a fully commercial basis.
One of its portfolio companies, light-based communications spin-out PureLiFi, tipped as one of Global University Venturing’s spin-outs to watch in 2015, started the year with a £1.5m venture round and has plans to hold another later in the year. It has also recently been named one of the UK’s most innovative cyber security companies by a collective of Infosecurity Europe, TechUK, and the UK government alongside three others. The overall winner of the search is due to be announced early next month.
Hamish Mair, chair of OCC’s investment committee, said: “External investors have welcomed the fund and take confidence that the University is backing its own companies and sharing the risk. OCC’s investment partners can work with a trusted partner with the ability to follow-on its investments and benefit from the University’s in-depth knowledge of our investee businesses.”
