SEP announces close of new £260 million technology-focused fund

SEP V, which is one of the largest venture capital funds raised in Europe this year, was over-subscribed and closed above target, SEP, which operates from offices in London, Glasgow and Edinburgh, said.

It will be invested in high growth technology and technology-enabled companies based mainly in the UK and Ireland, although investments in companies in other European countries will also be considered.

Investors in previous SEP funds account for almost 90 per cent of commitments to the new fund, endorsing its strong investment track record and reputation.

UK investors account for approximately 40 per cent of the fund, with the remaining 60 per cent contributed by investors based in Europe and the United States.

SEP V will follow a strategy that is consistent with previous SEP funds, making investments of up to £20 million in growth-stage technology companies led by ambitious management teams, and playing an active and supportive role in their development.

SEP Managing Partner, Calum Paterson, said: “This is another great milestone for us and reflects extremely well on the calibre of our team. The new fund gives us a very strong platform to continue to invest in companies with world class potential and we thank all of our investors for their support.”

Current SEP portfolio companies employ more than 5,500 people and have aggregate revenues of over £1 billion.

They include Edinburgh-based travel search company Skyscanner, London-headquartered high-end fashion business Matchesfashion, and online car finance specialist Zuto, which is based in Manchester.

Non-UK companies in the portfolio include online eyewear company Mr Spex and language learning company Babbel, which are both based in Berlin, and Dublin-based e-commerce analytics company Clavis Insight.

Total funds under management by SEP now exceed £1 billion.

The firm has 45 partners and employees across its London, Glasgow and Edinburgh offices.