Public-backed fund makes investments
A FUND established with public and private backing to boost Guernsey’s economy has made its first investments in technology and innovation.
The news comes after the Guernsey Investment Fund was set up earlier this year to support entrepreneurial opportunities that will benefit the island through creating local jobs and economic growth.
Up to £25m. of public money will be invested, while two private investors have been confirmed so far. MXC Guernsey Ltd is putting in up to £5m. and Pula Investments an unspecified amount into the fund that will invest in existing and start-up businesses. The fund is managed by Ravenscroft and run by an independent board.
‘It is early days and because the Guernsey Investment Fund PCC Ltd is a private fund, the board has determined that no specific details of its investment activity will be made public,’ said the board in a statement.
‘However, we can confirm that the GIF Technology & Innovation Cell has made four investments so far and has a strong pipeline, which is currently being worked through.’
When the fund was unveiled earlier this year, it was announced that initially money would be available to technology and innovation companies. However, the intention is to broaden that to infrastructure and property in the future. Applications could also come from entrepreneurs requiring just a few thousand pounds to companies that need major investment.
