Imperial Innovations, the technology transfer firm of Imperial College London, has taken out a £50m ($78m) debt facility with the European Investment Bank (EIB).
Innovations previously opened a £30m facility with EIB two years ago, and the latest news mirrors similar news from commercialisation firm IP Group, which opened a £30m facility with EIB earlier this month.
Innovations expected to invest the original £30m over a four year period. Instead, the tech transfer unit has increased investments, backing 23 firms with £62m over the past two years. The new tranche of debt funding will be drawn down over the next two years, and Innovations will have nine years to repay the debt.
As of 31 January, Innovations’ company portfolio was valued at £262m, with life sciences firms representing 79.2% of the overall value.
Russ Cummings, CEO of Innovations, said: “Originally we planned to commit this expenditure over a four year period, but we have been able to execute the plan in only two, by virtue of the increasing maturity of our portfolio, as well as the rich opportunities derived from our extensive network of academics, entrepreneurs, management teams and co-investors within the “Golden Triangle” of London, Oxford and Cambridge. To secure a second facility from the EIB is a clear endorsement of the quality, maturity and breadth of our portfolio, as well as our expertise in investing and developing both early-stage and developing businesses.”
