Funding from the UK Innovation Investment Fund (UKIIF) was announced by Prime Minister Gordon Brown, who claims it demonstrates a “commitment to the industries and the technologies.”

The UKIIF was announced by Brown last June and will target slow growing businesses, start-ups and spin-outs including those in the pre-profit and pre-revenue stages of development.

It was announced last month that a total of £125m from the UKIIF will be invested in clean tech and low carbon sectors.

The UKIIF has now completed first closing on the first £200m UK Future Technologies Fund with fund managers the European Investment Fund (EIF), who have in turn raised £100m.

Gordon Brown said: “This fund, seeded by the Government, is bringing private venture capital to growing enterprises. It is already providing £125 million of funding to high tech, low carbon businesses. From today, a further £200 million will be available for life sciences, digital and advanced manufacturing.”

I personally believe the leveraging of the UK government’s funds and expertise coupled with the European Investment Fund’s experience in the EU venture capital market will help the next generation of high growth, high-tech businesses.

View a previously written post by Mouli Cohen about overseas markets