Redrice primarily invests across media, sport, health and wellness.
The British Business Bank is investing up to £45m in a VC fund which makes seed-stage investments in consumer brand startups and B2B tech that supports them.
The UK state-backed bank is investing the funds in Redrice Ventures, saying it will help promising startups scale, commercialise research and attract follow-on investment.
It is investing in Redrice’s £75m Fund II. The BBB previously backed Redrice’s Fund 1 in 2021 with a £36m investment. The BBB calls its investment a “cornerstone commitment”, designed to help the fund reach its close and attract other investors.
London-based Redrice, founded in 2018, primarily invests across media, sport and health and wellness.
The BBB’s investment forms part of its Enterprise Capital Funds programme, which aims to increase the supply of equity capital to early-stage UK companies with long-term growth potential.
The programme has backed 51 funds to date, representing more than £3bn of finance, the BBB said.
Christine Hockley, managing director & co-head of funds, British Business Bank, said: “The creative industries are central to the UK’s growth mission, employing 2.4 million people and contributing £124bn of Gross Value Added to the economy. As a cornerstone investor we hope to crowd in capital to provide additional finance options for companies looking to scale. This will ultimately create more jobs in an already-thriving sector and support the UK to reach its full commercial potential.”