British Business Bank backs Ascension for UK regions

The British Business Bank has made an up to GBP £10 million commitment to Ascension Ventures through its Regional Angels Programmeme, marking a new tranche of capital aimed at early-stage investment activity outside London.

The commitment links the government-owned economic development bank with Ascension, an early-stage venture capital firm that invests at pre-seed and seed stages. The funding sits within the Bank's Regional Angels Programmeme, which targets angel networks and other early-stage investors based outside the capital.

Regional focus

The Regional Angels Programmeme launched in 2019. The Bank has positioned it as a response to differences in access to early-stage equity finance across the UK. It directs capital towards investors that back companies in regions that historically attract less venture funding than London and the South East.

Under the arrangement, Ascension will deploy the Bank's capital alongside its existing investment vehicles. These include its EIS and SEIS funds and its institutional impact fund, Ascension Fund III.

The announcement comes as investors and policymakers continue to debate how to widen the pipeline of venture-backed companies across the UK. The Bank has played a central role in the market through a mix of direct and indirect programmes that channel funding through private sector managers.

The British Business Bank said its core programmes support GBP £23 billion of finance to almost 64,000 smaller businesses, based on figures up to the end of March 2025.

Ascension record

Ascension has invested in early-stage technology companies since 2015. The firm said it has more than GBP £100 million in assets and has backed more than 150 early-stage companies. Ascension also said it has recorded 15 exits.

The firm cited industry recognition in recent years, including a 2022 Seed VC of the year award and a finalist position in 2025. It also referenced an Impact Leader runner-up placing at the EUVC Awards.

Programmeme deployment

The commitment adds to a set of initiatives that mix public funding with private capital at the early stage. The Regional Angels Programmeme typically invests through established investor groups and fund managers, rather than investing directly into startups.

Ascension will invest the Bank's commitment alongside its own capital sources. That structure can increase the total amount available for cheques into individual companies. It can also change the firm's pace of deployment across regions, depending on deal flow and portfolio needs.

"We're delighted to partner with Ascension, who have an incredible founder friendly reputation. This reputation, coupled with how they have demonstrated their commitment to invest commercially with impact across the UK, makes this an exciting commitment through our Regional Angels Programmeme," said Mark Barry, Senior Investment Director, British Business Bank.

Ascension said it plans to use the additional headroom to increase activity in early-stage technology businesses across the UK's regions. The firm framed the commitment as part of its investment approach, which it said includes backing founders outside London and the South East.

"We have long believed that talent is distributed across the UK, but opportunity is not. This up to £10m commitment from the British Business Bank allows us to double down on our mission to back exceptional founders regardless of their postcode." said Jean de Fougerolles, Managing Partner at Ascension

"Crucially, this partnership bolsters our commitment to the regions, allowing us to deploy capital alongside our other funds. It reinforces our strategy to write high-conviction cheques, providing the patient, long-term support that regional founders need to build category-defining companies," said de Fougerolles.

The investment activity under the commitment will focus on pre-seed and seed rounds. Those rounds often include angels, seed funds, and early-stage venture firms. The Regional Angels Programmeme's design aims to increase the amount of equity finance available at that stage outside London.

The commitment also sits alongside a broader policy agenda that has put early-stage investment, scale-up finance and regional growth in focus. The Bank has operated across these areas through various programmes and partnerships with private investors.

Ascension and the British Business Bank did not disclose the expected timing of deployments or the number of companies that could receive investment under the commitment.