Future Planet Capital has acquired U.K. venture capital firm Midven in a move that will enhance FPC's access to U.K. government-funded scientific research.
Spokesmen for both firms said terms of the deal were not disclosed.
Venture capital and impact investor FPC will grow its global innovation network, which includes the University of California, Berkeley, the University of Cambridge and Harvard University, through the deal. The firm invests in growth companies from the world's top universities, working with university spinoffs.
Midven, which has £110 million ($152 million) in assets under management, was acquired from management, the FPC spokeswoman said. The whole team will join from Midven, which will not be rebranded.
Midven runs funds including the £35 million MEIF West Midlands Growth Fund.
"By incorporating Midven, Future Planet Capital will become an important player in the U.K.'s impact and university venture industry, with more reach, more investors and more capital to invest in companies working to tackle global challenges," Douglas Hansen-Luke, FPC executive chairman, said in a news release.
FPC has deployed more than $100 million on behalf of institutional investors.
