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British Patient Capital commits £30m to Crane Venture Partners’ second fund
Today British Patient Capital announces it has committed £30m to Crane Venture Partners’ second fund, which has reached a final close of £110m.
Crane II will invest in seed to Series A businesses specializing in digital infrastructure, including open-source software, data and developer tools, and artificial intelligence. Fifty percent of the fund is expected to be invested in the UK, with the rest spread across Europe, Israel and the US.
British Patient Capital was a significant investor in Crane’s first fund, which saw more than 75% of its seed investments go on to raise a Series A round. Across both of its funds, Crane now has over 50 portfolio companies, with almost 20 investee businesses in Crane II.
Judith Hartley, CEO of British Patient Capital, said: “As an investor in Crane’s first fund, we have been very impressed with the expertise, passion and dedication of the team. Crane has established itself as one of the leading investors in UK and European deep-tech, and we are excited to continue our support as they back the businesses which will ensure the UK remains at the forefront of technology and innovation.”
Krishna Visvanathan, co-founder and general partner at Crane Venture Partners, said: “The future is being built today by passionate and diverse entrepreneurs from every corner of the world, and our funds focus on exactly those humans. We are in service of our founders and understand that entrepreneurship is a path to professional and personal realization. When we focus there, the returns naturally follow.”
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