CE is currently putting together its second enterprise fund, allocating $2.2m for the 2013/14 tax year.

Cambridge Enterprise (CE), the commercialisation unit of UK-based Cambridge University, has hit its £1bn ($1.55bn) external fundraising target, raised over the past 18 years, bringing it into a select group of universities to crack the billion barrier.

The follow-on funding announcement came in CE’s annual report, and adds strength to Cambridge’s claim to be the most successful technology cluster in Europe.

The university has more than 1,500 technology companies with a combined turnover of £11.8bn in 2011 and employs…