Barclays Ventures has been selected as one of three investment partners to work with Innovate UK, the UK’s innovation agency, as part of its Healthy Ageing Investment Accelerator.
Through the partnership, funds provided by UK Research and Innovation (UKRI) via Innovate UK will match funding from Barclays Ventures to support UK businesses solving the UKRI Industrial Strategy ‘Healthy Ageing’ challenge.
The Healthy Ageing challenge is part of the government’s Industrial Strategy Challenge Fund and aims to enable businesses and social enterprises to develop products that support people as they age, assisting people to remain active, independent and self-sufficient for as long as possible. The challenge will bring together UK businesses and researchers to support people to stay in their homes for longer, tackle loneliness and increase independence and wellbeing.
The Industrial Strategy Challenge Fund is a multidisciplinary flagship programme to promote and support research and innovation across the UK. Investments under the Healthy Ageing challenge will receive a share of the £20 million Fund.
The partnership between Barclays Ventures and the UKRI (which also has corresponding funding programmes with Legal & General and Northstar Ventures), begins on 11th June and lasts for 3 years. Innovate UK will match Barclays eligible investments and provide a non-repayable grant to successful businesses, thereby allocating public grant investment to businesses that are looking to support a healthier society.
The partnership between Barclays and UKRI will provide support for early stage businesses that are aligned with the objectives of the Healthy Ageing Challenge and Barclays Ventures’ areas of strategic focus, including companies specialising in HealthTech.
Ben Davey, CEO of Barclays Ventures, said: “This partnership presents an exciting opportunity to further support investment into innovative businesses in this challenging time, particularly in the HealthTech sector, an area that we’re passionate about as we look for ways that technology and innovation can contribute to a healthy, productive society. We look forward to further collaboration with Innovate UK and UKRI, and are eager to see which solutions we can help to fund to further the Healthy Ageing challenge.”
George MacGinnis, Healthy Ageing Challenge Director at UK Research and Innovation, said: “I am delighted to welcome our new investor partners and the great opportunity this partnership provides for SME businesses through the Healthy Ageing Challenge’s Investment Accelerator.
“Working together we will support the best innovative businesses to develop novel services and products that will have a real impact for people and their carers to help them remain healthy, independent and socially connected. This is a great example of how public and private funding can work together to enhance the support available to UK innovators. UK Research and Innovation will be investing further in collaborations of this type over the next few years.”