Ascension And British Business Bank Announce €11.5m Co-Investment Partnership

The funding comes from the British Business Bank via its Regional Angels Programme, launched in 2019 to address regional disparities in early-stage equity finance and support angel networks and investors outside London.

This follows the 2024 close of Ascension Ventures’ €19.8 million Tech4Good pre-Seed fund, as reported by EU-Startups.

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Jean de Fougerolles, Managing Partner at Ascension, says: “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.”

Founded in 2015, Ascension Ventures is an early-stage VC built by exited operators to support the next generation of tech and impact founders. With €115M+ (£100M) in assets, it has backed over 150 early-stage companies, achieving 15 exits.

The new strategic partnership will see Ascension deploy the British Business Bank’s capital alongside its existing EIS/SEIS funds and Ascension Fund III, its institutional impact fund.

Mark Barry, Senior Investment Director at British Business Bank, adds: “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.”

About Ascension Ventures

Ascension Ventures accelerates innovation by strategically investing in early- to late-stage companies across healthcare services, technology, and medtech/devices. By combining sector expertise with patient capital Ascension supports founders in scaling impactful healthcare solutions.