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British Business Bank commits £10m to Odyssey Ventures to back the UK’s boldest AI and Deeptech founders going global

Press release 23 July 2026

  • The UK produces world-class AI and Deeptech founders, but too many lose ground to better-capitalised US peers before they can scale globally.
  • Odyssey Ventures — backed by the British Business Bank — is the transatlantic bridge taking the UK’s most ambitious founders global from day one, with US capital, customers and operating support.

The British Business Bank today announces a £10 million commitment to Odyssey Ventures, the transatlantic venture capital firm investing in AI and Deeptech. The commitment is to invest alongside its early-stage fund, Odyssey Discovery I, and is made through the Bank’s Regional Angels Programme.

This investment reinforces Odyssey’s mission to back the UK’s boldest founders and help them build global category leaders from day one.

The Regional Angels Programme was launched in 2019 with the objective of addressing imbalances in access to early-stage equity finance. The programme targets angel networks and other early-stage investors, helping to enhance access to capital for early-stage businesses across diverse sectors.

Odyssey Discovery I is a $50 million seed and pre-seed fund focused on UK founders building at the intersection of AI and Deeptech — across applied AI and automation, energy and sustainable industry, and human and planetary health. The fund is now 50% closed with investments from Thema and other blue chip LPs, and is on track for a final close after the summer.

The UK leads Europe in AI and Deeptech entrepreneurship, yet many high-potential founders are outpaced by better-capitalised US competitors. UK and European early-stage businesses typically attract valuations significantly below US peers, while Europe’s funding gap exceeded $375 billion between 2015 and 2024. Odyssey was established to address this challenge by helping ambitious UK founders scale internationally from day one through seed capital, US market access and hands-on operational support.

Odyssey is led by former founder-operators Ali Mitchell and Michelle Robson, who together have backed five unicorns and many more valued above $500m. Fewer than 8% of UK and European VCs are run by founder-operators, yet operator-led funds deliver exits at 1.6x higher multiples — a structural advantage Odyssey brings to a new generation of UK founders.

Mark Barry, Senior Investment Director at the British Business Bank, said:

We are pleased to commit £10 million to Odyssey Ventures. The Odyssey team have built a differentiated fund designed to help ambitious UK AI and Deeptech founders access the capital, market connectivity and operator-led support needed to scale internationally. By combining institutional seed capital with strong San Francisco links, Odyssey is helping convert UK innovation into globally competitive businesses. This commitment will help ensure the UK’s most promising founders have the backing required to build category-leading companies from a UK base.

Ali Mitchell, Managing Partner at Odyssey Ventures, added:

The British Business Bank has been an exceptional partner from the outset, and this commitment is a powerful endorsement of Odyssey’s strategy. The UK is producing some of the world’s most extraordinary AI and Deeptech founders, but too many lose ground to better-capitalised US competitors before they have the chance to compete. Odyssey was built to close that gap — taking the boldest UK founders global from day one with the capital, customers and operating support they need to win. The Bank’s backing comes at a critical moment, as the UK has a once-in-a-generation opportunity to build the next wave of category-defining AI and Deeptech companies. We are proud to have the British Business Bank alongside us on that journey.

Further Information

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Notes to editors

About Odyssey Ventures

Odyssey Ventures is a transatlantic venture capital firm with a mission to turn the UK’s deep R&D and entrepreneurial excellence into global tech champions.

Founded by successful founder-operators turned investors from EQT Ventures and AP Ventures, the firm backs the UK’s boldest AI and Deeptech founders. With headquarters in London and a dedicated office in San Francisco, Odyssey is the transatlantic bridge between the UK and US ecosystems.

The firm deploys institutional-scale capital and combines hands-on operating support and unrivalled access to US capital, customers and networks. Odyssey manages $87 million in AuM across two strategies: an AI global growth strategy (Access) and an AI + Deeptech UK-to-US early-stage strategy (Discovery).

For more information, visit: odyssey.ventures

Odyssey VC LLP (FRN: 1034822) is an Appointed Representative of Gen II Management Company (UK) Limited (FRN: 438890) which is authorised and regulated by the Financial Conduct Authority.

About the 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. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

In 2025/26 1 , the Bank supported UK smaller businesses to access £9.4bn of finance, made up of £1.3bn of public funding, £4.3bn of private capital crowded in by the Bank and £3.7bn of lending the Bank guaranteed. The funding benefited 38,000 UK businesses, including around 30,000 businesses the Bank had not previously helped to fund.

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.

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 of Odyssey Ventures or its products or services.

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