Pathways

Direct Investment:

We invest directly on commercial terms, taking minority stakes in companies through syndicated rounds - typically from Seed to early growth stages. Our investment approach is guided by both strategic and financial objectives:

• We are conviction-driven investors, targeting technologies with the potential to deliver transformational capabilities for the NS&D community.
• We typically invest from Seed through early growth stages,
• We invest directly on commercial terms, taking equity-only positions through syndicated rounds.
• Our strong ties to the NS&D community enable rigorous technical evaluation and early user insights, making us a valued partner in any syndicate.
• We primarily invest in UK-based companies and those in strategically allied countries.
• We focus on opportunities where our involvement can create outsized impact, for example, by accelerating breakthroughs and validating product-market fit via early NS&D adoption.
• We collaborate closely with other public investment vehicles, including the British Business Bank, to help companies access growth capital and secure future funding rounds.

Indirect Investment:

Through our fund-of-funds programme in partnership with the British Business Bank, we invest in leading venture capital funds whose strategy and investment philosophy is strategically aligned with our portfolio goals and mission.

In coordination with the British Business Bank, we conduct thorough due diligence on potential underlying funds, including, evaluating their past performance, risk levels, and the expertise of the fund's managers.

• Deploy capital at scale across relevant sectors
• Access market-leading companies through trusted fund managers
• Strengthen the UK’s innovation ecosystem and NS&D’s ability to tap into it

Our indirect investments complement our direct activity, giving us diversified exposure and access a large number of companies to support cutting-edge technologies critical to NS&D.