21 Jan BioCity receives investment from BGF and BSI
21 January 2019: BGF has made its fourth life sciences investment in the last few months, providing Nottingham-based business incubator BioCity with development capital, alongside Blue Skies Investments (BSI).
Founded in 2002 and a pioneer in the field, BioCity is the UK’s largest life science incubation business, providing specialist workspace for growing life science companies, including access to high-end equipment, shared services and training, as well as business advice through its expert network.
BioCity enables entrepreneurs to turn ideas into businesses that help address the world’s health and environmental needs by providing advice and funding in an environment that maximises a company’s chances of success. The development of new companies is the focus of BioCity’s Venture Development team, which each year support hundreds of entrepreneurs to create robust and scalable businesses through its Accelerator Programmes and hands-on involvement in company formation.
The company also provides funding for the high-potential graduates of its Accelerator Programmes and for businesses based at the sites at which BioCity operates: Nottingham; Glasgow; and Alderley Park.
BioCity will use BGF and BSI’s funding to expand this activity, allowing it to develop even more promising young life science companies in the UK.
BioCity works with businesses from all areas of the life science industry, including cutting-edge therapeutics, medical devices, diagnostics, contract research, digital health and industrial and environmental biotechnology.
Dr Glenn Crocker MBE, Chairman of BioCity, commented: “We’re delighted to welcome BGF as a partner to the BioCity group alongside BSI as we continue to expand our offering to the UK’s life science community. BGF’s ability to provide long-term capital and support, with the potential for additional investment, made them the right choice for us. BSI also has a wealth of experience in the life sciences sector and we’re also looking forward to drawing on both organizations investment expertise for our own plans to bring promising life science businesses the funds they need to develop.”
Jonathan Earl, BGF investor, comments: “We’re excited to be making another investment in the UK’s thriving life sciences sector. BioCity provides a unique platform for many high potential companies, giving them the support and facilities to grow and thrive. It’s also uniquely placed to invest in some of its resident companies, knowing the businesses and their management teams extremely well.
“This deal allows us not only to invest in the growth and development of BioCity, but it also extends our reach into younger, earlier stage companies in the life science industry. We are backing a team with a deep understanding of the market and a strong industry network – we’re looking forward to working with them to further support the life sciences industry in the UK.”
Dr Nik Kotecha, OBE, of Blue Skies Investment, said: “I’ve known BioCity for many years and have long been impressed by what the team has achieved. I am very pleased that Blue Skies will be joining the next stage in the growth of the company. I’m very much looking forward to seeing the exciting new businesses that BioCity will be supporting and to following their success.”
This is BGF’s fourth life sciences investment since June 2018, having already invested in pharmaceutical research and development company Arcinova, protein analytics business Fluidic Analytics and remote diagnostics business genedrive.
The investment was led for BGF by Jonathan Earl and Olly Cutting out of BGF’s East Midlands office.
The advisors to the transaction were:
For BGF – Browne Jacobson (legal), Claritas (tax DD), James Davies (Financial DD)
For Blue Skies – Howes Percival (legal)
For BioCity – Geldards (legal)