British Business Bank invests €11 million in multi-fund VC Fuel Ventures

The British Business Bank has announced an €11 million (£10 million) investment into the funds of venture capital firm Fuel Ventures. The funding was provided through the Bank's Regional Angels Programme.

Purpose of the programme

The Regional Angels Programme was launched in 2019 to address imbalances in access to early-stage equity finance across different parts of the UK. It is designed to help startups outside traditional financial hubs secure investment during their early development stages.

About Fuel Ventures

Fuel Ventures is a venture capital firm originally set up to back the next generation of ambitious tech founders. Over time, the firm has evolved and now operates multiple funds focused on financing technology companies at various stages of growth.

The British Business Bank's latest investment forms part of a broader state-backed effort to strengthen the venture capital ecosystem across UK regions, ensuring that tech startups can access necessary capital regardless of their location within the country. Such funding allows venture capital firms like Fuel Ventures to continue backing promising early-stage companies that might otherwise struggle to reach traditional funding sources.

The announcement reaffirms the role of state development banks in complementing private venture capital, particularly in sectors and regions where private investment has historically been less accessible.