Ascension secures £10 million funding boost

An early-stage technology investor is set to increase regional funding after securing significant backing aimed at supporting high-growth businesses outside London.

Ascension Ventures has secured an up to £10 million commitment from the British Business Bank through its Regional Angels Programme. 

Bosses say the funding will be deployed alongside Ascension’s existing EIS and SEIS funds and its institutional impact vehicle, Ascension Fund III.

Mark Barry, senior investment director at British Business Bank, said: “We’re delighted to partner with Ascension, who have an incredible founder friendly reputation. 

“This reputation, coupled with how they have demonstrated their commitment to invest commercially with impact across the UK, makes this an exciting commitment through our Regional Angels Programme.” 

The commitment is designed to address regional imbalances in access to early-stage equity finance, helping technology founders across the UK to scale. 

Active since 2015, Ascension focuses on pre-seed and seed investments and has built a strong track record backing early-stage tech companies across a range of sectors.

Jean de Fougerolles, managing partner at Ascension, added: “We have long believed that talent is distributed across the UK, but opportunity is not. 

“This up to £10 million commitment from the British Business Bank allows us to double down on our mission to back exceptional founders regardless of their postcode.

“Crucially, this partnership bolsters our commitment to the regions, allowing us to deploy capital alongside our other funds.

“It reinforces our strategy to write high-conviction cheques, providing the patient, long-term support that regional founders need to build category-defining companies.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →