Government to invest £30 million in tech firms

Peter Mandelson has started a new fund to kickstart development in IT and electronics in the UK.

The government is set to invest 30 million in tech companies looking to boost their business.

The money features as part of the Enterprise Capital Funds (ECFs) project, which is managed by TTP Ventures. The fund will help small and medium IT, electronics and instrumentation businesses to secure financing of up to 2 million.

Business Secretary Peter Mandelson 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.

"Enterprise Capital Funds provide an important source of capital for SMEs looking for equity investment, and this latest fund further demonstrates Government's commitment to support business through these difficult economic conditions."

The funds are part of 60 million in investment the government has committed through ECFs.

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