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British Patient Capital announces $50.8m commitment to Evolution Technology Fund III

Press release 25 April 2024

British Patient Capital today announces a $50.8m commitment to the third fund by Evolution Equity Partners, a specialist technology investor focused on cybersecurity and enterprise software companies.

The firm is managed by a team of investment professionals and technology entrepreneurs with deep technical and operational experience, enabling them to identify and support innovative, growing technology companies at an inflexion point.

The UK is a leading cybersecurity hub in Europe, and Evolution’s investment strategy will capitalise on the strong investment opportunity that growing British companies within the sector offer.

Investments to date by the firm have included Quantexa, a global data and analytics software company that achieved unicorn status in 2023, and Panaseer, an enterprise security platform.

British Patient Capital’s investment follows a $35m commitment to Evolution’s second fund in 2020.

Evolution Equity Partners’ cybersecurity specialism coupled with proven investment credentials positions them to successfully support the UK’s leading technology companies as they scale. We are delighted to invest in this fund, which aligns with our objective of supporting promising companies to access the long-term financing they need to fulfil their growth potential. - Christine Hockley Managing Director, Funds, British Patient Capital
Cybersecurity started as a niche subsector of technology. With wide adoption and advancement of technology, we have seen it evolve over the last twenty years as attack surfaces have expanded to become a key application across all sectors as businesses aim to protect themselves, their customers, and their product. This investment demonstrates the UK’s role in leading cybersecurity innovation and demonstrating its expertise within this valuable technology. We are delighted to commit to Evolution’s new Fund and support this rapidly growing sector that will provide vital services to all business sectors. - Robert Greenwood Investment Director, Funds, British Patient Capital
We are thrilled to be partnering with British Patient Capital and NSSIF to support UK based cybersecurity companies with capital and to equip them with the knowledge, tools and strategy to drive performance and outcome in the global market. Cybersecurity is mission critical to the safety of UK based enterprise, government and consumers and with the current environment demonstrating the importance of next generation technology that defends and protects our society and way of life. We look forward to working with best of breed entrepreneurs and building European champions. - Richard Seewald Founder and Managing Partner, Evolution Equity Partners,

Further Information

Notes to editors

About British Patient Capital

British Patient Capital Limited is a wholly owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large-scale businesses. Launched in June 2018, British Patient Capital has more than £3bn of assets under management, investing in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more about British Patient Capital.

British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party in respect of Evolution Equity Partners or its products or services.

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