The British Business Bank announced it has made a new commitment of up to £10 million to Ascension Ventures through its Regional Angels Programme, aiming to expand access to early-stage equity for high-growth technology companies across the UK.
The Bank said the Regional Angels Programme, launched in 2019, was designed to address regional imbalances in early-stage equity finance by supporting angel networks and other early-stage investors operating outside London. The commitment to Ascension is intended to support founders outside London and the South East with the patient capital needed to scale.
Under the partnership, Ascension will deploy the Bank’s capital alongside its existing EIS and SEIS funds and its institutional impact fund, Ascension Fund III. The Bank said Ascension has been among the UK’s most active technology investors since 2015 and noted the firm was named 2022 Seed VC of the Year, was a finalist in 2025, and was an Impact Leader runner-up at last year’s EUVC Awards.
Ascension described its approach as backing early-stage tech and impact founders across the UK. The firm said it has more than £100 million in assets, has backed more than 150 early-stage companies, and has completed 15 exits.
KEY QUOTES
“We’re delighted to partner with Ascension, which has an incredible founder-friendly reputation. This reputation, coupled with how they have demonstrated their commitment to invest commercially with impact across the UK, makes this an exciting commitment through our Regional Angels Programme.”
Mark Barry, Senior Investment Director, British Business Bank
“We have long believed that talent is distributed across the UK, but opportunity is not. This up to £10m commitment from the British Business Bank allows us to double down on our mission to back exceptional founders regardless of their postcode.”
“Crucially, this partnership bolsters our commitment to the regions, allowing us to deploy capital alongside our other funds. It reinforces our strategy to write high-conviction cheques, providing the patient, long-term support that regional founders need to build category-defining companies.”
Jean de Fougerolles, Managing Partner, Ascension
