Albion Capital, a London-based VC firm, has secured £80m of funding just over a year after announcing it was seeking finances.
The firm said it will deploy the £80m across its existing portfolio, which is made up of six venture capital trusts (VCTs).
“VCTs play an important role bringing British innovation to life and supporting entrepreneurs on their growth journey,” said Albion Capital lead investor Will Fraser-Allen.
“This results in positive economic and social benefits for the UK and valuable returns for patient VCT investors.”
The Albion lead investor pointed to the recent success of Quantexa, a data company and part of the Albion portfolio, which this month became secured a unicorn valuation of £1.5bn after a £104m Series E round.
“Given the ongoing global economic and geopolitical challenges, we believe that the funding provided by VCTs is more important than ever and this well supported fundraise makes it possible to continue backing talented entrepreneurs to accelerate growth,” Fraser-Allen added.
Albion invests predominantly in the software and healthcare/health tech markets. The firm said it holds £630m in assets.
Other notable tech firms that have been backed by Albion Capital include the adtech firm Grapeshot, valued at $325m, speech recognition software developer Speechmatics, valued at $372m, and cryptoasset company Elliptic, valued at $360m.
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