Security services have dramatically increased the amount they invest in UK tech companies by backing £ 100m in seven venture capital funds.
The National Security Strategic Investment Fund (NSSIF), which invests for both espionage agencies and the armed forces, has increased the number of funds it supports from a single well-known fund over the past year to a total of seven investment firms.
Albion VC, GoCardless backers Notion Capital, Dawn Capital, Longwall Ventures, Oxx Capital, Evolution Equity Partners and Amadeus Capital have all received significant funding from NSSIF.
NSSIF was instrumental in the government’s purchase of a £ 400 million stake in the collapsed satellite OneWeb business and has begun direct investments in UK startups in recent years.
The seven venture capital funds will each raise more than £ 10million on behalf of the security services in startups in areas such as quantum computing as well as chip manufacturing and …