WestBridge III, a lower-mid market tech-focused private equity fund, has secured a £34m commitment from the British Business Bank.
With offices in London, Manchester and Cardiff, WestBridge backs high-growth tech firms across the UK with investments between £10m and £40m.
“With this new commitment, we can continue to back promising companies across the Nations and regions and unlock the UK’s full economic potential,” said Guy Davies, managing partner at WestBridge.
“We look forward to identifying new investment opportunities and supporting keen business leaders as they enter the next phase of their growth cycle.”
Its stated commitment to back companies outside of London and the South East has made it an attractive investor for the British Business Bank, which has previously backed the firm’s WestBridge II fund in 2017.
The British Business Bank’s new commitment supports the final close of the new fund’s £225m hard cap.
“We are proud to continue our partnership with WestBridge which has provided vital capital to companies across the UK’s Nations and regions,” said Adam Kelly, managing director and co-head of funds at the British Business Bank.
“Following the commercial success of WestBridge II, this new fund will look to further address regional imbalances, ensuring that businesses have the financial capability they need to scale successfully.”
