Mandy writes cheque for UK tech biz

Lord Mandelson of Foy has announced a £30m fund to invest in small and medium UK technology firms.

The money will be managed by TTP Ventures. Development money is available to small and medium-sized IT, electronics and instrumentation firms. The money, part of the Enterprise Capital Funds scheme, is aimed at high-growth firms looking for funding up to a maximum of £2m.

Mandelson, in his guise as Minister for Business, Enterprise and Regulatory Reform, said: "It is crucial small and medium sized firms looking to invest in and grow their businesses are able to access the finance they need."

The government has pledged £60m a year for investment in ECFs.

More info here on a worryingly unready website.®