Select audience

Choose the option that best describes your role.

Search British Business Bank
Popular Search placeholder

Silicon Valley deeptech VC Playground Global to launch in the UK with support from the British Business Bank

Press release 08 June 2026

The British Business Bank is working with Playground Global towards making a significant cornerstone commitment of up to £150m to their new UK-focused fund, subject to completion of due diligence and legal negotiations. This will be the largest commitment the Bank has ever made.

The UK’s exceptional scientific talent, world-leading research and strong entrepreneurial culture is already producing globally significant deeptech companies developing breakthrough technologies across AI, quantum, semiconductors, robotics, life sciences and clean energy. However, to compete successfully in international markets requires deeper pools of scale up capital.

The new fund will invest in deeptech scale ups to bridge the gap between technical validation, commercialisation, and global expansion. This is a first step in a broader collaboration between Playground and the UK venture ecosystem. Playground will leverage its global network and deeptech expertise to help UK founders secure international customers and scale globally, helping to expand the UK’s venture ecosystem in the long run. In return, the Bank will provide Playground with additional support to establish their UK business and introduce them to the UK founder and venture capital ecosystem.

Founded in 2015, Playground Global is an established deep tech venture capital firm based in Palo Alto, California. The firm has $1.7bn+ AUM and focuses on next-generation companies in semiconductors, quantum, optical systems, AI-hardware, automation, energy, and engineered biology.

The Bank has long-encouraged investment into the UK by making commitments to international funds but is now specifically looking to support US VCs to launch UK-centric funds. Attracting top global investors to launch UK-focused funds means UK companies benefit from their expertise, while also building the UK’s venture market.

The new UK-focused fund will have a strong emphasis on university spinouts, research-led ventures, and companies leveraging the UK’s academic and engineering talent base, to help scale UK companies domestically. There will be a particular focus on the underserved hardware companies which require larger amounts of patient capital.

Louis Taylor, CEO of the British Business Bank, said:

Having investors with a strong track record like Playground setting up in the UK to invest domestic capital in deeptech businesses will ensure more companies fulfil their potential here in the UK. Instead of referring to the “scale up gap”, we should talk about the “scale up investment opportunity” because there is an abundance of IP-rich businesses here in the UK with proven technology that need investment to commercialise.

The launch of this fund is a step forward in the Bank’s mission to create deeper pools of scale up capital in the UK. The UK has a scale up funding gap resulting in IP-rich companies migrating to sources of capital abroad or being acquired by overseas buyers just at the point they become economically significant. 

As part of its strategy to close the scale up funding gap, the Bank aims to support the launch of 10 new growth-stage funds over the next five years and is making significant targeted investments into specialist funds to crowd in private capital. Most recently, the Bank made a £100m commitment to Apposite Capital Healthcare Growth I, a fund specialising in backing high growth innovative life sciences businesses.

Leandros Kalisperas, Chief Investment Officer at the British Business Bank, said:

Everything we do is aimed at expanding the UK’s venture capital ecosystem and creating deeper pools of capital for high potential companies. While mobilising domestic institutional capital is the major priority, we also want the world's best investors to build businesses here. Playground has spent more than a decade backing frontier technologies and brings knowledge that is scarce not only in the UK, but across Europe. Their decision to establish a dedicated UK presence is a strong vote of confidence in the quality of British science and engineering.

Pat Gelsinger, General Partner of Playground Global, said:

The UK is home to some of the world's most talented researchers, technologists, and entrepreneurs. We believe breakthrough innovation can happen anywhere and that the next generation of enduring deep tech companies can be built here. As a global firm, Playground serves as a bridge between local innovation and customers, supply chains, partners, and global markets. This partnership is just the beginning of our long-term commitment to developing a robust ecosystem within the United Kingdom and more broadly the EU.

Chancellor of the Exchequer, Rachel Reeves, said:

This is a vote of confidence in Britain’s world-class science and engineering talent and a sign that our plan to make the UK the leading destination for AI and innovation investment is the right one. We want the companies of the future to be built here, scale here, and to create jobs here. That means making sure our most promising businesses have access to the capital they need to go the distance.

Secretary of State for Business and Trade, Peter Kyle, said:

This investment is a strong vote of confidence in the UK’s world leading deeptech sector. Through our Industrial Strategy, we have strengthened the role of the British Business Bank so it can deploy more capital, make bolder investments, and attract global investors like Playground to back British innovation. Our aggressive ambition will help more breakthrough businesses start, scale and stay here in the UK — closing the scale-up funding gap, supporting high-value jobs, and driving long-term growth.

This is a landmark investment - the largest the British Business Bank has ever made - and a clear signal that Britain is backing its world-class AI hardware sector to compete on the global stage. From university spinouts to cutting-edge engineering firms, the UK is home to extraordinary ideas - but too often promising UK companies have lacked access to the scale-up capital they need to grow. This fund will change that, backing the next generation of British companies with the long-term investment they need to expand and succeed here at home. Playground Global choosing to open its first office outside the US in Britain is a major vote of confidence in our talent, research base and ambition. By pairing global expertise with British innovation, we’re giving our companies the platform they need to lead in the technologies that will define the future.

Further Information

If you are a journalist and have a media enquiry, please contact [email protected].

Notes to editors

About British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. In doing so, we help capture the economic value of innovation for the UK and create jobs and prosperity for people across the country.

The British Business Bank’s core programmes support £23bn 1  of finance to almost 64,000 2  smaller businesses.

British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. With the exception of BBB Investment Services Limited they are not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. A complete legal structure chart for the group can be found at british-business-bank.co.uk.

British Patient Capital Limited is registered in England and Wales with company number 11271076, and registered office at Steel City House, West Street, Sheffield, S1 2GQ. British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party in respect of Playground Global or its products or services.

About Playground Global

Playground Global is a venture capital firm backing the most technically ambitious founders of working at the edge of engineering and science. With $1.7 billion under management, Playground invests in early-stage companies defining the future of next-generation compute, automation, energy, and engineered biology.

Founded in 2015 and based in Palo Alto, California. Playground’s portfolio includes PsiQuantum, MosaicML (acquired by Databricks), d-Matrix, Agility Robotics, Ultima Genomics, and Strand Therapeutics.

Learn more at playground.vc.

Quick links

Latest news