The British Private Equity & Venture Capital Association (BVCA) has signed a strategic partnership agreement with UK Trade and Investment (UKTI).
With this formal alliance, the BVCA and the UKTI, through its newly established venture capital unit, will work with the venture community to help British companies expand globally and access new markets.
The UK is the European centre for venture capital yet the funding environment remains challenging for many UK-based entrepreneurs, said Mark Florman, chief executive of the BVCA.
“This alliance is the culmination of work lasting more than a year to link the BVCA formally to UKTI. It is an extremely important development for venture capital as it connects our sector with the UKTI’s network of embassies and consulates throughout the world. This is an alliance which could be invaluable on matters ranging from fundraising overseas, particularly sovereign wealth funds, to the promotion of homegrown venture capital-backed start-ups. This partnership is good for venture capital and good for Britain and I look forward to a long and fruitful relationship between the BVCA and the UKTI.”
Trade and Investment Minister Lord Green added, “The government is committed to making Britain the best place in Europe to start, finance and grow a business. It is essential that entrepreneurs have access to the right funding to turn their ideas into successful companies. Through this agreement UKTI and the BVCA will work closely together to promote the UK as an international centre for venture capital, highlight the successes of UK companies and engage with overseas investors.
“I am excited by the possibilities of what the new venture capital unit can achieve, and I am pleased to welcome Chris Wade as its new Director. Chris is a serial entrepreneur who has secured significant venture funding and chairs companies in the UK and the US, bringing this expertise to his UKTI role.”
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