British Patient Capital, a subsidiary of the British Business Bank, has made a cornerstone commitment to Kennet’s fifth fund as it announces its €223m ($250m) close.

Kennet specialises in investing in established, high growth technology companies which are founder-owned and ‘bootstrapped’ – built without significant external capital. Typically, investment from Kennet is the first external funding that companies receive and is primarily used to support international expansion, enabling companies to meet the global market opportunities often associated with Software as a Service (SaaS) business models.