UK investment firm Hambro Perks is targeting growing SaaS firms after closing a £100m fund.
The Hambro Perks Growth Debt Fund will support UK and European high growth scale-up companies with non-dilutive growth capital, with a focus on B2B SaaS and patented hardware companies.
A number of high-profile investors have committed capital to the fund, with British Business Investments and Phoenix Group acting as co-anchors to the fund, and Foresters Friendly Society also joining the first close.
The launch of the fund comes after several years of strong growth by Hambro Perks, which has seen the raising and deployment of several new funds.
Dominic Perks, co-founder and chief executive of Hambro Perks, said: “Following a period of strong and sustained growth by Hambro Perks, establishing a new venture debt franchise and launching our first fund is the obvious next step for the firm.
“Feedback from our investors and entrepreneurs alike is that venture debt is an underserved market within the UK and Europe, so we believe the new fund will hugely benefit the UK start-up ecosystem. We are grateful for the show of support from our investors and look forward to updating the market on the fund’s progress in due course.”
David Hayers, head of Hambro Perks Growth Debt, said: “I am excited to establish the new venture debt team at Hambro Perks. The firm is known for its innovative and pioneering work to support entrepreneurs and founders and I am delighted that myself and the team are a part of that.
“The growing market presents a strong opportunity for investors, especially in the current venture landscape. The new fund will enable management teams and existing investors to accelerate growth without needing to commit more capital or introduce new investors. The fund is also a good hedge against inflation and the more cautious equity investment environment.”
British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, aims to increase the supply and diversity of finance for smaller businesses across the UK by boosting the lending capacity of a range of finance providers.
Judith Hartley, CEO of British Business Investments, said: “Our commitment to Hambro Perks Growth Debt Fund will facilitate additional growth capital to scale-up technology and manufacturing businesses.
“British Business Investments’ mission is to increase the diversity and supply of finance for smaller businesses in the UK, and venture debt funds like Hambro Perks Growth Debt Fund, can help businesses across the UK to achieve growth without reducing control of their business.”