BRIEF—Epidarex Capital closes £102 million UK venture fund

Epidarex Capital, a transatlantic life science venture firm, today announced the closing of Epidarex Capital III UK LP (the Fund) at £102.1 million ($126 million).

The Fund will build new life science companies based on world-class research and innovation from emerging hubs across the UK, including spinouts from highly regarded universities.

Typical initial investments will range from £2 million to £5 million.

The new Fund has been corner-stoned by the British Business Bank via a £50 million commitment from its Enterprise Capital Funds (ECF) program for early stage venture capital.

The program combines private and public money to enable equity investments in high-growth businesses, and since its inception it has committed over £1.36 billion (including third-party investment) to facilitate finance to 540 smaller UK high growth businesses.

In addition to the British Business Bank, the Universities of Edinburgh, Manchester, Glasgow and Aberdeen, alongside Strathclyde Pension Fund and several global investors have committed capital to the new Fund.