Albion Capital seeks £80m in latest VCT fundraise

The fundraise also includes over-allotment facilities of up to a further £20m in aggregate through top up offers across its six existing VCTs.

The fundraise launch follows Albion’s VCT fundraise of £58.5m in 2021 and is said to reflect the business’s ongoing objective of “delivering sustainable growth” and new investment across its target sectors of B2B software, healthcare and “mission critical” enabled services.

VCT industry cautiously hope for budget boost

Will Fraser-Allen, managing partner at Albion Capital, said: “This new fundraise demonstrates Albion Capital’s ongoing commitment to supporting the UK’s most ambitious, innovative companies which are at an inflection point in their development, requiring additional funding to accelerate growth.

“Despite the incredible progress and acceleration of digital adoption in recent years there is no slowing of investment opportunities and we remain extremely optimistic about the future.”

Albion highlighted that VCTs provide a “vital” source of patient capital and support to innovative and early-stage companies as they enter new markets and develop new products.

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The companies supported through Albion’s VCTs currently employ around 3,500 people. The 15 largest healthcare and tech companies in the portfolios grew their revenues by 35% to a combined total of over £120m over the last year, according to the firm.

The VCT ‘top up’ offers are said to reflect Albion Capital’s confidence in its investee companies’ pipeline of products and opportunities.

According to Albion, there is the prospect of growth from “rising stars” within the existing portfolio of around 70 businesses across various stages of development.

It highlighted companies such as Quantexa, one of the UKs fastest growing private tech companies in the data analytics segment of the market, and also Proveca, a developer of children’s medicine.

The amount to be raised under each offer and over-allotment facility across the six Albion VCTs are:

• Albion Development VCT Plc – £15m/£6m
• Albion Enterprise VCT Plc – £20m/£3m
• Albion Technology & General VCT Plc – £20m/£4m
• Albion Venture Capital Trust Plc – £10m/£0m
• Crown Place VCT Plc – £7m/£5m
• Kings Arms Yard VCT Plc – £8m/£2m

Albion Capital has been investing in early-stage technology companies for over 20 years. The team is currently led by Will Fraser-Allen.