VC firm Cambridge Innovation Capital is committing at least £100 million1 to invest in spinouts from the University of Cambridge as part of the launch of its £250 million2 Fund III.
Further details about CIC’s Fund III could not be ascertained. It comes less than six months after the firm launched the £100 million Opportunity Fund, anchored by British Patient Capital and Aviva Investors.
Alongside the funding announcement, CIC has also launched an entrepreneur-in-residence (EIR) programme in partnership with the university. It will maintain a rolling cohort of up to six EIRs.
“Cambridge is at the forefront of innovation in deep tech and life sciences. Our new EIR programme will provide academics and researchers with access to the £100m we are committing to University of Cambridge spinouts as they continue to develop breakthrough technologies. This expansion of CIC’s long-standing partnership with the University of Cambridge, which provides unique access to the university’s academics and research, will help support the UK’s economic growth by developing the next generation of world-class companies.”
Andrew Williamson, managing partner
CIC previously raised £225 million for its Fund II in April 2022, which brought its assets under management to more than £500 million. The firm has backed more than 40 companies to date, leveraging more than £3.1 billion in co-investments.
“In 2024, the University of Cambridge created more spinout companies than any other university. It has also produced the most unicorns of any European ecosystem and generates £23 billion in economic interest linked to research and commercialisation each year. We are determined to do even more, and faster, through initiatives such as the new EIR programme and by attracting investment into our spinout companies working with partners like Cambridge Innovation Capital.”
Diarmuid O’Brien, pro vice vhancellor for innovation at the University of Cambridge