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British Patient Capital announces total $60m commitment to Atomico’s latest funds

Press release 16 September 2024

British Patient Capital has invested a total of $60m in two of Atomico’s latest funds, with $20m invested in Atomico Venture VI and $40m invested in Atomico Growth VI. The investment follows British Patient Capital’s $50m commitment to Atomico V in 2020.

The two new funds constitute Atomico’s largest ever fundraise, totalling $1.24bn, and this is the first time Atomico has raised specialist funds to support their multi-stage investment strategy. Each fund will support businesses at different stages of growth: the new $754m Atomico Growth VI fund will partner with entrepreneurs from Series B to pre-IPO whereas the $485m Atomico Venture V fund will focus on early-stage companies, predominantly at Series A, alongside occasional Seed opportunities.

Atomico is the founder-built European venture capital firm with offices in the UK, Paris, Berlin and Stockholm. They invest across the spectrum of European technology, aiming to partner with the most ambitious entrepreneurs using technology to rewire the world, better.

The firm is committed to supporting UK technology with investments from their newest funds already including UK-based including Ben, an employee benefits platform, Opna, a carbon removal financing platform, and Dexory, a robotics and data intelligence company, and tem, an AI platform for renewable energy.

Atomico and British Patient Capital are aligned in the belief that there is a huge amount of opportunity in UK technology. We are delighted to partner with Atomico as they double down on the opportunity at the growth stage with their first dedicated Series B+ fund in Atomico Growth VI. A key reason why British Patient Capital was founded is to address the lack of access to late-stage capital, allowing high-potential companies to scale and fulfil their commercial potential. Christine Hockley Managing Director, Funds, British Patient Capital
We’re pleased to continue our partnership with Atomico with our commitments to their latest funds. Atomico has an established track record in supporting UK and European technology companies and these new funds will help increase the amount of capital available to innovative technology companies and the most ambitious founders as they look to scale their businesses. Michael Laycock Investment Director, Funds, British Patient Capital
European technology is coming of age. Meeting this opportunity requires ambition, hustle and commitment from founders, who need investors with the experience and perspective to see beyond market cycles. Data shows Europe is leading the world at the early stage with a wealth of new start-ups. Our new funds bring them essential fire power to level up and achieve global scale - from Europe. Niklas Zennström Founder and CEO, Atomico

Further Information

Notes to editors

About British Patient Capital

British Pataient 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 here.

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 Atomico.

About Atomico

Atomico is the founder-built European venture capital firm. We partner with the most ambitious entrepreneurs using technology to rewire the world, better.

Skype co-founder Niklas Zennström launched Atomico in 2006 with the belief that entrepreneurs are the ultimate gamechangers for positive transformation across the most critical aspects of our society and economy. Starting in Europe, the firm’s mission is to further their global progress, with a platform offering unmatched support from the early stage to scale.

155 of Europe’s most ambitious founders have partnered with Atomico, including Aiven, Bird (formerly MessageBird), DeepL, Hinge Health, Jobandtalent, Klarna, Lilium, Pipedrive, Stripe, Supercell and Wellhub. Atomico's team of investors and operational leaders are drawn from some of the most successful technology companies in the world, including Skype, Google, Twitter and Wise.

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