British Business Bank boosts Empirical Ventures by GBP £10m

The British Business Bank has increased its commitment to Empirical Ventures by £10 million, bringing its total support for the specialist deeptech investor to £15 million.

The funding, provided through the Regional Angels Programme, is intended to support Empirical Ventures’ investments in science-led start-ups across the UK. The firm focuses on founders it calls “venture scientists” – researchers and technical specialists seeking to commercialise work in areas including energy, advanced materials and life sciences.

The additional commitment will allow Empirical Ventures to make larger pre-seed and seed-stage investments. The firm backs businesses built on scientific or engineering breakthroughs, with a portfolio spanning AI and computing, quantum, biotech, climate technology and robotics.

The deal aligns with the British Business Bank’s efforts to address funding gaps for smaller businesses outside London. The Regional Angels Programme is designed to increase the supply of early-stage equity finance for firms with growth potential across the UK’s nations and regions.

Funding gap

Deeptech has become a growing focus for public and private investors as the UK looks to turn more of its research base into commercial businesses. Companies emerging from laboratories and universities often face longer development cycles and higher technical risk than software start-ups, making early backing harder to secure.

Empirical Ventures argues that specialist investors are needed because many scientists lack access to backers who understand the technical and commercial path from research to market. Its approach centres on founders with deep expertise in a specific field, rather than entrepreneurs with broader operating backgrounds.

Mark Barry, Senior Investment Director at British Business Bank, said: “We are delighted to expand our commitment to Empirical Ventures. Their team has identified a powerful untapped resource in the UK economy: the ‘Venture Scientist’. By backing technical founders who are solving hard problems, Empirical is helping to bridge the critical funding gap for science-led businesses outside London. This partnership ensures that the UK’s brightest scientific minds have the support they need to turn research into category-defining global companies.”

The investment also reflects wider policy interest in sectors such as deeptech and life sciences. The announcement linked the commitment to the government’s industrial strategy, with an emphasis on commercialising research and supporting regional economic activity tied to high-skilled jobs.

Science focus

Empirical Ventures is a UK-based fund specialising in pre-seed and seed investment in deep science companies. It says it is led by PhD-trained operators and investors and seeks to back companies built around fundamental scientific and engineering advances.

Its investment thesis is that some of the most valuable future businesses will be created by founders with direct domain expertise who can operate at the intersection of research and commerce. That focus distinguishes it from generalist early-stage funds, which may prioritise consumer internet or software-led business models with shorter paths to revenue.

Dr Johnathan Matlock, Co-Founder and General Partner at Empirical Ventures, said the new funding would help the firm invest with greater conviction in scientific founders across regional centres.

“The greatest companies of the next 30 years will be built by scientists. We call them ‘Venture Scientists’ – founders who bring rigorous scientific methodology to company building. But for too long, these founders have been underestimated or misunderstood by generalist investors. This £10 million commitment from the British Business Bank allows us to back these Venture Scientists with the conviction they deserve. Whether they are in Bristol, Manchester or Edinburgh, we are here to ensure that the founders capable of rewriting the rules of what’s possible get the resources to do so,” Matlock said.

The British Business Bank’s core programmes support £23 billion of finance to almost 64,000 smaller businesses, underscoring the scale of public intervention in the UK market for early-stage and growth funding.