London-headquartered venture capital funds LocalGlobe and Latitude have been rebranded under new parent company Phoenix Court Group, which has closed $500m (£407m) in capital to invest from the seed stage to IPO and beyond.
Phoenix will invest in the northwest London area of Somers Town, or “New Palo Alto”, a term coined by Phoenix Court Group.
According to the firm, it’s the world’s third-largest innovation ecosystem and follows the San Francisco Bay Area and Beijing for building technology companies.
“Despite being the third-best producer of high growth private companies globally, this geography is still underserved by investors, especially at the breakout and scaleup stages,” said Saul Klein, co-founder, Phoenix Court Group.
The group now manages four funds: pre-seed/seed fund LocalGlobe, early growth fund Latitude, tech scaleup fund Solar, alongside early-stage funds, angels and solo general partners who are part of its Basecamp group.
Solar and Basecamp formerly were previously only funded internally.
Previously LocalGlobe and Latitude have backed British companies such as Cazoo, Citymapper, Improbable, Lovefilm, Moo, Monzo, Robinhood, Transferwise, Tide, Wise, Yapily and Zoopla.
“We have a 10-year view on investing and given the access, insight and engagement that we have through our LocalGlobe, Latitude, Solar and Basecamp funds, we continue to think that this is a great place to build innovative companies and also pioneer a new era of ethical innovation. We’re not building the next Palo Alto, it’s a different one,” added Klein.
Somers Town isn’t the only regional area to receive investment, with Bruntwood SciTech today opening its £21m tech hub, part of its one million sq ft plan for Manchester Science Park.
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