Cambridge Innovation Capital has raised a further £75 million of new capital to invest in technology and healthcare companies.

CIC was founded in 2013 as an initiative by the University of Cambridge to provide growth capital to promising businesses coming out of the university and wider local cluster.

To date it has committed approximately £33 million to 13 companies seeking long-term growth.

“We are delighted by the support we have received in this fundraising,” said Victor Christou, chief executive officer of CIC.

“The company has made significant progress within the Cambridge cluster, one of the richest seams of scientific and technological innovation in the world.

“This additional capital will enable CIC to continue to support exciting IP-rich companies and we look forward to continuing to work very closely with the University of Cambridge and our network within the Cambridge area.”

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The new funds raised will be used to provide additional investment to CIC’s current portfolio, to invest in new opportunities created at the university and within the Cambridge cluster as well as to expand the CIC team.

Professor Sir Leszek Borysiewicz, vice-chancellor of the University of Cambridge, said: “Over the last three years, CIC has grown and proven itself to be an integral part of the Cambridge ecosystem.

“The University is delighted to work with CIC as it continues its critical role in providing growth capital and support for the region and the country.”