Commercialisation firm IP Group has secured £30m ($46m) through the European Investment Bank (EIB) to boost the capital it can invest into UK spinouts.
IP’s deal with EIB is an eight-year debt facility which will be taken in two tranches, the first of which IP will be drawing down on in the near future.
Alan Aubrey, CEO of IP Group, said: “The EIB regards growth and jobs in the EU as top priorities and recognises the important role that the development of innovation and skills plays in achieving these objectives. This facility is a clear indication of the EIB’s support for the Group’s activities in working with leading UK universities to commercialise the outstanding intellectual property that emanates from their scientific research across all our sectors.”
