Finance Business Bank seals 150th deal in the region

More South West firms plan to use Al over the coming year

- Alistair HOUGHTON

THE British Business Bank's South West Investment Fund has hit the 150-deal milestone - and the bank says it has driven £66m of investment into the region.

Meanwhile the fund has also announced investments in a Devon medical tech business and in a Somerset social enterprise that supports neurodiverse people.

The £200m fund was launched in 2023 to offer new financing options to early-stage smaller businesses across the South West. It offers loans from £25,000 up to equity investment of £5m.

The government-backed British Business Bank says the fund has delivered £33.3m of direct investment that has leveraged a further £32.4m from the private sector via 150 deals. In total 135 businesses have received funding, as some have received more than one round of investment.

Some 26 businesses have received £18.4m of equity finance, while 25 businesses have received debt finance totalling £9.6m. Smaller loans, worth a total of £5.4m, have been made to 84 companies.