Accelerated Digital Ventures Legal and General
Early-stage companies that have benefited from Legal & General`s venture capital funding now have a combined enterprise value of over £10 billion. Key objectives included technology, analytics, life sciences and digital healthcare, with a particular focus on investing in companies outside london. (Curiously, Keith Teare, the founding shareholder of TechCrunch, served on ADV`s board of directors until September 2016, but is now listed as ADV`s managing partner in the U.S.)) Legal & General confirmed today that its venture capital and SME investment programme, which includes the innovative product “SE-Assist” for social enterprises, has now invested in more than 100 UK-based companies and is on track to double that number in 2018. In the UK small-cap market, Legal & General Investment Management (LGIM) is a leading provider of funding for listed technology companies under £200 million. However, while it`s easy to speculate on which side won, one source tells me that adv`s future remains uncertain, both within the company and outside of its more than 40 holding companies and broader ecosystem. A final decision might not be made public for a few months, as companies often move slowly. As always, look at this room. In addition to its venture capital investments, LGC holds a 40% stake in Pemberton, the independent alternative asset manager focused on direct lending to European mid-market companies. After the acquisition of one of the largest European private debt funds (with 1.2 billion euros). €) and the Global Fund Manager of the Year award at the 2016 Private Debt Investor Awards, Pemberton is now launching several new fund offerings, including a direct middle market lending fund in the UK.
Onto, an all-inclusive subscription service for electric cars based in London, UK, has raised $60 million in equity through a Series C financing. The round was led by Legal & General with participation from existing investors Alfvén & Didrikson, Accelerated Digital Ventures, Cerebrum Tech Limited and Jim O`Neill`s family office. The company intends to use the funds to consolidate its leading position in the UK and expand into Europe, starting with Germany, where Onto already has an office in Germany. Founded in 2017 by Rob Jolly and Dannan O`Meachair, Onto offers motorists the opportunity to join the electric vehicle revolution through an all-inclusive car subscription service. Since 2018, the company has grown rapidly, working with new charging and electric car suppliers as more and more electric vehicles become available for all budgets. Onto currently offers 18 models, with subscriptions starting at £489 per month. In 2020, the company launched Onto for Business to provide companies with a flexible and no-obligation automotive subscription solution for their employees. Both parties can benefit from tax savings and to date, more than 100 companies have more than 600 vehicles via an Onto for Business subscription.
Onto`s monthly subscription service includes 750 miles per month, insurance, maintenance and servicing, as well as free public charging at more than 12,500 points through its UK network of charging partners – Shell Recharge, BP Pulse, InstaVolt and Tesla Supercharger. FinSME`s ADV focuses on financing start-up companies. It invests in companies in the technology sector, with a particular focus on platforms, deep tech and sales engines. He also prefers to invest in companies with long-term goals for their businesses. The company finances companies based in the UK. Accelerated Digital Ventures has 3 portfolio exits. His most recent portfolio release was Push Doctor on December 7, 2021. The Future of Accelerated Digital Businesses (ADV), UK The early-stage investment firm, now majority-owned by Legal & General, is in the midst of a transformation after three of its founders lost their seats on the board, TechCrunch has learned. ADV`s investments include Push Doctor, WeFarm and Perlego, among others. We apply a co-investment model with our fund partners. If they make a follow-on investment in a holding company, the founder can quickly get to our investment committee. Unions and rounds are being built quickly, allowing founders to focus on growing companies.
Legal & General`s venture capital investment program is conducted in collaboration with seven partner managers. These include OSI (Oxford Sciences Innovation), CIC (Cambridge Innovation Capital), ADV (Accelerated Digital Ventures), a joint venture with British Business Bank, specialising in companies outside the London-Oxford-Cambridge triangle, Atomico, Anthemis, Kindred and Balderton. Meanwhile, the changes within ADV`s management team are not entirely surprising. Originally founded to bring more transparency and access to early-stage venture capital in the UK – from the perspective of both the founder and the investor – the company has presented itself as an “evergreen” investor, a co-investor and fund of funds backed by Woodford Investment Management (Neil Woodford Fame), L&G, ADV`s management team and British Business Bank, financed by British taxpayers. Last year, however, Woodford sold its stake in L&G, leaving the financial services giant as the majority shareholder.