LONDON (Reuters) - Members of Sweden’s Nobel family, best known for the prizes bearing their name, and the billionaire co-founder of Hargreaves Lansdown are backing a venture capital fund to invest in “sustainable” technology, manufacturing and service companies in Britain.
Monday’s launch comes days after Britain announced measures to develop growth companies, seeking to boost private and public investment by 20 billion pounds.
The Nobel Sustainability Growth Fund is being launched by Sustainable Technology Investors Ltd (STIL) in partnership with the Nobel Sustainability Trust (NST), which was founded by members of the Nobel family to respond to climate change.
NST has lent its name in return for a slice of the profit.
Initial backing of 10 million pounds ($13.3 million) will be provided by SET3, the investment group founded by Gordon Power and Stephen Lansdown, and Monaco’s sovereign wealth fund.
The fund aims to grow to 100 million pounds and make 10-12 investments of between 3 and 10 million pounds.
“The UK continues to offer a strong pipeline of investments post Brexit,” STIL managing partner Jim Totty said.
The fund will be followed by other regional ones focused on resource efficiency, clean energy and sustainable technology.
(This story was refiled to clarify Nobel backing in headline, first paragraph.)
Reporting by Simon Jessop; editing by Alexander Smith and Keith Weir