Key Takeaways:
- Major Investment in Tech: Blackfinch Ventures’ £1.3m investment round bolsters the UK’s burgeoning tech sector.
- First VCT Dividend: Announcement of the first dividend from the Blackfinch Spring VCT, payable in April 2024.
- Supporting High-Growth Firms: Blackfinch Ventures’ portfolio showcases industry-leading revenue growth, fueling the UK economy.
Introduction
Blackfinch Ventures, the venture capital arm of the Blackfinch Group, has announced its latest milestone: a £1.3m investment round in December 2023 and the intention to declare its first dividend payment from the Blackfinch Spring Venture Capital Trust (VCT), set for April 2024. This move underscores the strength and potential of the UK’s tech sector.
Driving Economic Growth through Tech Investments
Blackfinch Ventures’ recent investments continue their strategy of supporting high potential, early-stage tech companies across the UK. This aligns with the national agenda to enhance technological innovation.
CEO’s Vision for UK Economy
Richard Cook, CEO of Blackfinch, expresses pride in the company’s contribution to the UK economy through supporting VCT investee companies. “It is fantastic that our VCT is now able to target dividend payments for 2024 and beyond,” he states.
Recognition of Blackfinch Ventures’ Portfolio
The exceptional performance of Blackfinch Ventures’ portfolio has been recognized by Wealth Club, highlighting the firm’s exposure to high-growth companies by annual revenue growth in UK VCTs.
Focus on Sustainable and Scalable Growth
Dr Reuben Wilcock, Head of Ventures at Blackfinch, emphasizes the importance of nurturing a dynamic early-stage tech ecosystem. “We emphasise identifying and supporting early-stage businesses that showcase not only innovative technology but also sustainable and scalable growth,” he explains.
Enhancing Investment Strategies
Nicholas French, Chief Distribution Officer at Blackfinch, points out the impact of the VCT’s first dividend payment on advisers’ recommendations to clients. The diverse and award-winning portfolio of the Blackfinch VCT offers strong reasons for consideration within client investment objectives.
Investing in Innovative Startups
The recent investment round includes follow-on funding for existing VCT portfolio companies and a new investment in Quin. Quin’s AI technology for predicting user behaviors exemplifies the kind of innovative solutions Blackfinch Ventures supports.
Tended: A Case Study in Impactful Technology
Tended, one of the startups in Blackfinch Ventures’ portfolio, exemplifies the type of impactful technological solutions the firm aims to support. Their wearable devices for workplace safety in high-risk environments have gained international recognition, including a feature in Time Magazine’s Best Inventions of 2023 list.
Aligning with National Reforms
Blackfinch Ventures’ investment strategy resonates with the Chancellor’s Mansion House reforms aimed at bolstering the UK’s technology and science sectors. This includes the £250 million Long-Term Investment for Technology and Science (LIFTS) program.
Beyond Financial Returns
Dr Wilcock highlights the broader impact of VCT investments: “They supply vital capital to emerging companies, fueling not just their growth but also contributing to job creation and wider economic development.”
Conclusion
Blackfinch Ventures’ recent investment round and the announcement of its first VCT dividend mark significant strides in supporting the UK’s tech sector. Their focused investment strategy, along with the recognition of their high-growth portfolio, positions Blackfinch Ventures as a pivotal player in propelling the UK’s economic potential and technological advancement.
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