The Prime Minister announced today that £200m from the UK Innovation Investment Fund (UKIIF) will be used to benefit life sciences, digital and advanced manufacturing businesses.

This follows an announcement last month that £125m from the UKIIF will be invested in low carbon and clean tech sectors, bringing the total UKIIF investment to £325m.

The UKIIF today completed first closing on this £200m UK Future Technologies Fund with fund managers the European Investment Fund (EIF). EIF have raised £100m to match Government funding. They will now make their first investments in UK venture funds, investing in technology-based businesses where there are significant growth opportunities, driving the UK economy forward and creating highly skilled jobs.

Video: Prime Minister’s speech from the Global Investment Conference

Speaking to the Global Investment Conference, Prime Minister Gordon Brown said:

“Our new £325 million Innovation Investment Fund – launched as part of Building Britain’s Future – shows our commitment to the industries and the technologies that will create the skilled jobs of the future.

“This fund, seeded by the Government, is bringing private venture capital to growing enterprises. It is already providing £125 million of funding to high tech, low carbon businesses. From today, a further £200 million will be available for life sciences, digital and advanced manufacturing.”

Global Investment Conference microsite

Read a transcript of the Prime Minister’s speech

Listen to the Prime Minister’s podcast on investment

Full press release: £200m Boost for Future Technology Sectors

Press release: UK Innovation continues positive trend