London-based venture firm Crane bags £112m for new ‘deeptech’ fund
London-based venture firm Crane has bagged $140m (£112m) for a fresh ‘deep-tech’ fund today with £30m backing from British Business Bank-owned investor British Patient Capital.
Crane, which closed its first $90m fund in 2019, said it is now on the hunt for founders building technology across open source, artificial intelligence, data and developer tools.
Around half of the new fund is expected to be injected into UK firms with the remainder spread across firms in Europe, Israel and the US, bosses said yesterday.
“”The future is being built today by passionate and diverse entrepreneurs from every corner of the world, and our funds focus on exactly those humans,” said Krishna Visvanathan, co-founder and general partner at Crane Venture Partners.
“We are in service of our founders and understand that entrepreneurship is a path to professional and personal realisation. When we focus there, the returns naturally follow.”
British Patient Capital, which also backed Crane’s first fund, said it has been “impressed” by Crane’s investment strategy.
“Crane has established itself as one of the leading investors in UK and European deep-tech, and we are excited to continue our support as they back the businesses which will ensure the UK remains at the forefront of technology and innovation,” Judith Hartley, CEO of British Patient Capital.