Cambridge Innovation Capital, a University of Cambridge initiative supporting businesses and growth in the city, has raised £75 million in new capital in an oversubscribed fundraising round.

CIC is the preferred investor of the University of Cambridge and has previously committed £33 million to 13 companies in the technology and healthcare sectors, a growing industry in the Cambridge area.

The CIC’s latest investors include Woodford Investment Management, Winton Ventures and the Oman Investment Fund, with the funds raised being used to invest further into businesses in the Cambridge area, and expand the CIC team.

Victor Christou, CEO of CIC, commented on the fundraising:

“We are delighted by the support we have received in this fundraising. Since the inception of CIC and its initial fundraising in 2013, the Company has made significant progress within the Cambridge Cluster, one of the richest seams of scientific and technological innovation in the world. This additional capital will enable CIC to continue to support exciting IP-rich companies and we look forward to continuing to work very closely with the University of Cambridge and our network within the Cambridge area. We thank our existing shareholders for their continued support and welcome our new shareholders with great enthusiasm.”