British Patient Capital injects $50.8 million into Evolution Technology Fund III

British Patient Capital has announced a commitment of $50.8 million to Evolution Equity Partners’ third fund, a specialist technology investor focusing on cybersecurity and enterprise software companies. Evolution Equity Partners has previously invested in companies like Quantexa, a global data and analytics software company that reached unicorn status in 2023, and Panaseer, an enterprise security platform.

This investment from British Patient Capital follows a $35 million commitment to Evolution’s second fund in 2020. Robert Greenwood, Investment Director of Funds at British Patient Capital, highlighted the evolution of cybersecurity from a niche subsector to a key application across all sectors as businesses strive to protect themselves, their customers, and their products. He emphasized the UK’s leadership in cybersecurity innovation and expertise in this valuable technology.

Richard Seewald, Founder and Managing Partner of Evolution Equity Partners, expressed excitement about partnering with British Patient Capital and NSSIF to support UK-based cybersecurity companies with capital. He underscored the importance of cybersecurity in safeguarding UK-based enterprises, government entities, and consumers. Seewald emphasized the need for next-generation technology that defends and protects society and our way of life in the current environment.