A team at Spearing Waite led by corporate partner Jahid Ali advised Longwall Venture Partners on the new £75 million venture capital fund raise known as Longwall Ventures 3 ECF LP. The fund was backed by a number of institutional and private investors including the British Business Bank which made a commitment of £50 million.
Longwall Venture Partners is based in Harwell, Oxfordshire and is a venture capital provider specialising in growth capital, early stage and start-up investments. It targets investing in science including physical science, life science, healthcare, security, media, business software, engineering and technology companies based in United Kingdom.
Longwall Venture Partners also manages two earlier funds: the £30 million Oxford Technology ECF LP launched in 2008 and the £40 million Longwall Ventures ECF LP launched in 2012.
Ken Cooper, Managing Director, Venture Solutions, British Business Bank, said: “This investment into Longwall’s third fund – our 25th ECF – highlights our ambition to build on our position as the largest UK-based LP investing in Venture Capital, to enable the provision of this critical funding to support scale-up businesses across the UK. Our Enterprise Capital Funds Programme is a key tool to allow us to support venture capital funds that will operate in parts of the market where smaller businesses might not otherwise be able to access the growth capital they need. The Longwall Ventures 3 ECF LP fund, focusing on start-ups in the critical science, engineering and healthcare sectors, is a great example of our commitment to helping such businesses achieve rapid growth and benefit the wider economy.”
Matthew Frohn, Partner at Longwall Venture Partners commented: “We are delighted to continue our excellent relationship with British Business Bank as we launch our third fund. The enterprise capital fund programme has a proven track record in attracting new investors to this crucial sector for the UK economy and we thank British Business Bank and all our investors for their continued support. The UK has a strong tradition of innovation in science and engineering and we hope to partner with founders and entrepreneurs to ensure their businesses reach their full commercial potential.”
Michael Penington, Partner at Longwall Venture Partners added: “We would like to thank Jahid and his team for their support and expertise in bringing the fund to a swift closing. We appreciate that this type of legal work is largely done out of London which is prohibitive for us for a number of reasons. We have used Spearing Waite for a number of years, including in the 2012 fund raise and for a number of investments, and know that their approach works well with ours.”
Jahid Ali, Corporate Partner, commented: “We’ve worked with Longwall Venture Partners for nearly seven years now and to be chosen as their legal adviser for this fund raise is a huge compliment to the team and reflects where we are. This type of work is very niche and requires specific expertise. We look forward to continuing our relationship with Longwall Venture Partners.”