IP Group, a commercialisation firm which works with multiple UK universities, has revealed a £30m ($46m) venture fund, in partnership with the European Investment Fund (EIF).
IP Venture Fund II follows a similar £31m fund established by IP Group in 2006. To date, that fund has invested £21m into 26 of the group’s portfolio firms. As with its predecessor, IP Venture Fund II will invest in new spin-outs from the group’s university partners, which include York, Manchester, Leeds and Cardiff.
Alan Aubrey, chief executive of IP Group, told news provider Yorkshire Post: “We are delighted to have agreed a second fund with the EIF. It is a key partner for the group they share a similar view on the importance of providing long-term patient capital to intellectual property commercialisation. Finding like-minded partners to invest alongside us remains an important component of our model; ensuring our most promising companies have access to patient capital as well as delivering value to both shareholders and partners.”
