Woodford IM and L&G back venture to 'supercharge' growth in UK digital start-ups

Aiming to invest upwards of £200m per year

Legal & General Capital, Woodford Investment Management and the British Business Bank have confirmed their backing of a new venture platform that will help fund digital businesses in a bid to "supercharge growth" in the UK's digital infrastructure.

As previously reported, Woodford IM, run by Neil Woodford (pictured), has invested in Accelerated Digital Ventures (ADV), a company that plans to invest an initial £150m in digital start-ups across all stages of the funding cycle through its platform, alongside L&G Capital and the British Business Bank. Targeting existing digital technology regions, including Belfast, Bristol, Cambridge, Cardiff, Edinburgh, Glasgow, London, Manchester, Newcastle, Oxford and Sheffield, it aims to provide equity capital to help thousands of business start-ups to become "globally successful UK scale-ups" by...