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Corporate Venture
nssif.co.uk

Investments

6

About National Security Strategic Investment Fund

National Security Strategic Investment Fund is a venture capital fund managed by British Business Bank.

Headquarters Location

England,

United Kingdom

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Latest National Security Strategic Investment Fund News

UK-based Episode 1 closes €88.7M fund; here’s what it plans to do with this capital

Feb 6, 2024

Read this article in: London-based VC firm Episode 1 has closed a £76M (nearly €88.72M) early-stage fund, including a £20M (nearly €23.34M) cornerstone commitment from British Patient Capital and the National Security Strategic Investment Fund. This marks their third fund, empowering Episode 1 to support B2B software startups at pre-seed and seed stages, solidifying their position as a leading early-stage investor in the UK. What to expect from the new fund? Episode 1 aims to invest £250K to £3M in pre-seed and seed-stage startups. A substantial portion is earmarked for follow-on investments. The plan is to make 10 to 15 yearly investments in UK-based software companies, emphasising AI, TechBio, open-source, software infrastructure, healthtech, and marketplaces. The firm also reserves funds for follow-on investments and considers opportunities in the US and Europe with a UK presence. Deployment of the new fund has begun. Hector Mason, General Partner at Episode 1, says, “This new fund, our biggest yet, is really a testament to the work of our portfolio founders who are building some of the fastest growing companies in Europe. It’s their tenacity, creativity, and vision which has enabled our fund to go from strength to strength and made this new fund possible.” - A message from our partner - “As a team, we never sit still. This fund gives us the ability to double down on our team and the proprietary tech that’s got us to where we are today, as well as providing more firepower to invest in the next generation of extraordinary founders.” In the future, Episode 1 aims to enhance its reputation for providing substantial value to founders and further develop operational excellence as the firm scales. The targeted founder support includes deploying Episode 1 team members to assist startups in sourcing senior hires, optimising future fundraises for Series A rounds, and offering hands-on support at crucial stages in the startup journey. Investors supporting the fund The new fund sees over one-third of its Limited Partners (LPs) as former or current founders, including 21 of them having been previously backed by Episode 1. Notable founder LPs include Alex Chesterman (Zoopla and Cazoo founder), Aidan Corbett (Wayflyer founder), Aron Gelbard (Bloom & Wild founder), and Alex MacDonald (Velocity Black and Sequel founder). British Patient Capital is accompanied by various institutional investors, including listed VC firm Molten . Episode 1’s previous funds have consistently received support from the British Business Bank’s Enterprise Capital Fund. Christine Hockley, Managing Director, Funds at British Patient Capital says, “Episode 1 has a track record of investing in UK B2B tech startups through a team of investment professionals with operational expertise.” “We are pleased to partner with them in supporting the next generation of home-grown tech startups to scale into the leading businesses of tomorrow.” The Episode 1 approach Founded in 2013, Episode 1 is a VC fund comprising entrepreneurs, operators, and technologists with 20+ years of experience in the 0-1 journey, focusing on B2B software companies at pre-seed and seed stages. The firm has invested in companies like Zoopla, Huboo, Carwow, Omnipresent, Betfair, Shazam, and Raft. Episode 1 has backed 69 portfolio companies including Carwow, Huboo, CloudNC, Raft, Robin AI, Fatmap and Omnipresent, achieving a 73 per cent Series A graduation rate, three times the industry average . The firm’s notable exits include Fatmap (acquired by Strava), Passfort (Moody’s), Feedr (Compass Group), Touch Surgery (Medtronic) and Atlas (Meta). Episode 1 claims to have established market-leading ecosystem initiatives to facilitate venture access for first-time founders. Projects include Focal , an open-access demo day with 4,000+ annual applications, and Riding Unicorns , a podcast with thousands of downloads profiling 150 founders and investors, some of whom have become fund investors.

National Security Strategic Investment Fund Investments

6 Investments

National Security Strategic Investment Fund has made 6 investments. Their latest investment was in Photonic as part of their Series A on November 08, 2023.

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National Security Strategic Investment Fund Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/8/2023

Series A

Photonic

$100M

Yes

4

11/2/2023

Seed VC - III

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$99M

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10

8/30/2023

Grant

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$99M

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10

4/24/2023

Series B

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$99M

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10

2/20/2023

Series B

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$99M

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10

Date

11/8/2023

11/2/2023

8/30/2023

4/24/2023

2/20/2023

Round

Series A

Seed VC - III

Grant

Series B

Series B

Company

Photonic

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Amount

$100M

$99M

$99M

$99M

$99M

New?

Yes

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Co-Investors

Sources

4

10

10

10

10

National Security Strategic Investment Fund Team

1 Team Member

National Security Strategic Investment Fund has 1 team member, including current Investment Partner, Jonathan Walker.

Name

Work History

Title

Status

Jonathan Walker

Investment Partner

Current

Name

Jonathan Walker

Work History

Title

Investment Partner

Status

Current

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