The British Business Bank, the UK’s national economic development bank, has invested $17.5m (c. £13m) in Elliptic, the UK-based blockchain analytics and compliance platform, with capital drawn from both BGP’s Fund I and the Bank’s core balance sheet.
Simmons & Simmons advised on the successful launch and first closing of BGP Fund I, which raised commitments in excess of £200m as well as on its first investment, which was into autonomous driving technology company Wayve.
Elliptic provides AI native blockchain intelligence, cross chain transaction monitoring and risk insights across the full spectrum of digital assets. Its platform is used by governments, major banks, payment providers and crypto exchanges globally to detect illicit activity, meet regulatory expectations and operate safely at scale.
BGP Fund I is a flagship investment vehicle designed to help UK pension funds increase their allocations to UK venture capital and channel long term institutional capital into high growth UK companies.
Last month, Simmons & Simmons advised on the successful launch and first closing of BGP Fund I, which raised commitments in excess of £200m.
The Simmons & Simmons team advising BGP Fund I on the investments was led by Corporate Partner Raghav Ghai, supported by Managing Associate Max Schofield and Associate Ray Lama.
Commenting on the transaction, Raghav Ghai said: “This investment highlights the role the BGP is playing in channelling long term UK institutional capital into high growth, technology driven businesses. Elliptic is a standout UK fintech at the forefront of digital asset compliance, and we are delighted to support BGP on this strategically important deal.”
