In a partnership between British Private Equity & Venture Capital (BVCA) and UK Trade and Investment (UKTI), the entity hopes to change how British companies operate overseas and simplify the daunting challenge facing many entrepreneurs and businesses.
The agreement has been signed yesterday in London by Chief Executive of the BVCA, Mark Florman, and Nick Baird, Chief Executive of UKTI.
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“This alliance is the culmination of work lasting more than a year to link the BVCA formally to UKTI. It is an extremely important development for venture capital as it connects our sector with the UKTI’s network of embassies and consulates throughout the world. This is an alliance that could be invaluable on matters ranging from fundraising overseas, particularly sovereign wealth funds, to the promotion of homegrown venture capital-backed start-ups.”
The new entity will specifically focus on supporting businesses to engage with potential investors, encourage overseas private equity and venture capital firms to open UK offices, while promoting the UK’s own private equity and venture capital sector, and promoting applicable government initiatives.
Trade and investment Minister, Lord Green commented:
“The government is committed to making Britain the best place in Europe to start, finance and grow a business. It is essential that entrepreneurs have access to the right funding to turn their ideas into successful companies.”
The Lord concluded:
“Through this agreement, UKTI and the BVCA will work closely together to promote the UK as an international centre for venture capital, highlight the successes of UK companies and engage with overseas investors."