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British Patient Capital invests in Thought Machine’s Series C funding round

Press release 29 November 2021

British Patient Capital announces a follow-on investment to Thought Machine, as the company announces the close of its Series C funding round at $200m. The new funding round raises Thought Machine’s valuation to more than $1bn. The round was led by Nyca Partners.

Thought Machine’s core banking platform, Vault, is now in production with major banks and fintech companies around the world. This announcement follows a period of accelerated growth, which has seen Thought Machine add more than 200 employees since the beginning of 2020.

British Patient Capital first invested in Thought Machine in its $125m Series B round in July 2020. This was as part of British Patient Capital’s long-term co-investment strategy that identifies and supports high-potential later stage UK companies in its underlying portfolio. In the case of Thought Machine, British Patient Capital had prior exposure via its commitment to Draper Esprit, who led the Series B round, and the IQ Capital Growth Fund. IQ Capital led the Seed round in the company in 2016.

We’ve closely followed Thought Machine’s development and are delighted to see the company achieve unicorn status with this new funding round. This follow-on investment is a demonstration of our on-going commitment to Thought Machine and the company’s continued future growth. - Judith Hartley CEO British Patient Capital

Further Information

Notes to editors

About British Patient Capital

British Patient Capital is the trading name of British Patient Capital Limited, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.

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 £2.5bn to invest over 10 years 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 at britishpatientcapital.co.uk.

British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. Neither British Business Bank nor its principal operating subsidiaries are 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 investment from British Patient Capital into Thought Machine Group Limited does not amount to any endorsement or warranty from British Patient Capital, the British Business Bank plc, or the government of the UK.

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