HG Ventures partners with Innovate UK to leverage sustainable startups in the UK
HG Ventures announced a partnership with Innovate UK to leverage HG Ventures investments in environmentally sustainable innovation in the United Kingdom. Innovate UK is part of United Kingdom Research and Innovation, which directs research and innovation funding for the UK government. HG Ventures was chosen as the only investor outside Europe to participate in the program following a competitive selection process.
Innovate UK is allocating grant funds to startups that can reduce energy and resource use or otherwise drive sustainable innovation. Startups that receive these grants must be funded by one of five investor partners and carry out a development project ranging from £50,000 to £2 million that runs between 12 and 24 months. HG Ventures has already made several European-based investments in its focus areas of environmental services, green chemistry, and sustainable infrastructure.
The UK Government has recognized the critical role that construction, materials, and chemicals industries – or "Foundation Industries" – play in powering its infrastructure and commerce. These industries contribute more than £50 billion to the UK economy, are responsible for 10% of UK carbon emissions, and consume substantial raw materials and energy. Innovate UK views innovation in these important market sectors as key to a greener, more sustainable future.
Kip Frey, Managing Director, HG Ventures: "We are honored to be chosen by Innovate UK to identify companies for our collective investment, knowing the lasting positive impact these startups will make on the environment and the economy. It is inspiring to be part of such a forward-looking vision, and exciting to participate in a program so closely aligned with our areas of investment focus and the industries in which The Heritage Group operates."
HG Ventures makes initial investments globally ranging from $1-10 million as a lead or syndicate partner, with additional capital set aside for follow-ons. To date, HG Ventures has invested in UK companies in water safety and smart infrastructure and has made investments worldwide in sustainable and advanced materials, environmental management, electrification, and infrastructure startups. UK companies can connect with HG Ventures at InnovateUK@hg.ventures.