British Patient Capital commits $35m to invest in cyber security companies

British Patient Capital has announced a $35m commitment to The Evolution Technology Fund II. The Fund is expected to achieve a targeted $250m final close in the coming months and is already investing in growing cyber security and enterprise software companies.

Evolution Equity Partners has been investing in cyber security companies over the past 20 years, building global leaders over several economic cycles, including to IPO. Their strategy targets companies that are making use of big-data, machine learning, artificial intelligence, and SaaS.

Fund II portfolio companies include Quantexa, a London based big data intelligence and risk analysis firm where Evolution led a £51m Series C funding, and Arqit, a London-based cyber security company protecting against quantum cyber threats. 

Judith Hartley, CEO, British Patient Capital said: “The growth in cyber is being driven by several factors including the move to virtual working and an increasing demand for secure and private systems for online transacting and communications. Evolution Equity Partners, with a team including former CEOs and CTOs of leading cyber security companies, are well placed to identify and back the scale-up businesses set to capitalise on this opportunity.

"We have already worked closely with the Evolution team on one of our first co-investments - Quantexa - and I look forward to seeing how their portfolio develops as we work to achieve our vision for more home-grown fully funded companies to fulfil their potential to be players on the global stage.”

Richard Seewald, Founder & Managing Partner, Evolution Equity Partners said: “In the current environment, cyber security is a high priority for every organisation. Increased risk to corporate ecosystems, rising geopolitical risk, and a realignment of budgetary spend towards advanced security issues are all expected to increase demand - this presents significant opportunity for next generation cybersecurity companies.

"The UK is the largest, most concentrated and accessible cyber security market in Europe with over 1,000 cyber security companies. It’s early growth and growth stage cyber security businesses are well positioned to benefit from the increased demand for cyber security, offering a solid pipeline for talent and investment.” 

Startup Details

Startup Details


British Patient Capital

British Patient Capital is the trading name of British Patient Capital Limited, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.

Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large scale businesses. Launched in June 2018, British Patient Capital has £2.5bn to invest over 10 years in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up.

  • Headquarters Regions
    Sheffield, UK
  • Founded Date
    June 2018
  • Founders
    Christine Hockley
  • Operating Status
  • Number of Employees