Cable announces ?25m boost for small innovative tech firms

Business secretary Vince Cable today announced ?25m of government funding for small, innovative UK businesses.

Alongside ?12.5m from the private sector, the funds will make up Episode 1, a ?37.5m Enterprise Capital Fund.

Cable said: ?We are determined to give entrepreneurs the financial support they need to grow. This new ?37.5m Enterprise Capital Fund will target a serious gap in the equity market for high growth small firms.?

The investments will be overseen by Dr Simon Murdoch, an experienced investor who has made successful investments in the likes of LoveFilm and Zoopla.

Murdoch said: ?I know from personal experience, it is hard to start and grow a business, even without the added difficulties of the current economic climate. Raising venture funding is even harder.?

?We?ve raised the money for the fund from other entrepreneurs and successful business people, and this has been supplemented by the finance matching from the UK government which enables us to invest and help more high growth UK businesses with global-market aspirations.?

Episode 1 will invest the money in amounts between ?250,000 and ?2m in 20 to 30 early stage tech firms.

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