British Business Investments today announces an initial commitment of €30 million to Atempo Growth’s inaugural venture debt fund, which will target VC-backed businesses in the UK and Europe.

With the venture debt market increasing exponentially between 2015 and 2021, Atempo’s debut fund has been launched at a key time for the European tech ecosystem, with record investments and acceleration in the sector. With this commitment to Atempo Growth, British Business Investments will support fast-growing technology companies across the UK.

British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, aims to increase the supply and diversity of finance for smaller businesses across the UK by boosting the lending capacity of a range of finance providers. Since it was established in 2014, British Business Investments has committed more than £3.0bn to providers of finance to UK smaller businesses.

British Business Investments joins other large institutional investors in the fund, the European Investment Bank and Santander.

Judith Hartley, CEO, British Business Investments, said: “This commitment to Atempo Growth’s new fund helps smaller businesses access a more diverse range of finance options. By supporting venture debt providers like Atempo Growth, British Business Investments helps businesses across the UK to acquire the finance they need to unlock rapid growth.’’

Luca Colciago, Co-founder & Investor at Atempo said: “We are delighted to have the significant backing of the British Business Bank, further strengthening our debut fund, and we look forward to supporting high-growth technology companies across the UK and Europe.”