British Business Bank backs EQT Health’s new life sciences fund to support next generation of UK health innovators
The British Business Bank has agreed a €25m commitment to EQT Life Sciences’ EQT Health Economics 3 Fund (EQT HE3), a multi-stage life sciences and medtech-dedicated fund.
EQT Life Sciences is one of Europe’s leading life sciences investors, backing companies focused on the development of therapeutics, medical devices, diagnostics and healthtech. With a 30-year track record EQT Life Sciences has raised over €3.7bn across 13 private funds and supported more than 150 companies from early clinical development through to commercialisation.
The British Business Bank is the largest investor in UK venture and venture growth capital funds and regularly makes commitments to European-based funds to encourage investment in UK companies. This commitment is the latest in the British Business Bank’s ongoing work to back the UK’s high-potential life sciences companies, which is one of the eight growth sectors of the UK Industrial Strategy.
The Bank has an existing relationship with EQT Life Sciences, having co-invested in both Phagenesis’ (2023) $42m Series D and Cyted Health’s (2025) $44m Series B funding round.
EQT HE3 is targeting commercial stage, de-risked medtech and digital health technologies driving innovation and transforming healthcare delivery.
Christine Hockley, managing director and head of Commercial Equity Funds at British Business Bank, said, “The UK is home to a world-class life sciences sector, but scaling companies in the sector requires specialist investors. By investing in high-quality international funds, we encourage greater investment to flow back into the UK and ensure UK companies benefit from the capital and expertise of leading investors.”
Mark Andrews, senior director, Life Sciences Funds at British Business Bank said, “EQT Life Sciences is an established European specialist investor with a track record of backing companies from early development through to commercialisation. This commitment allows the Bank to access high quality investments and supports UK companies developing new treatments and technologies.”
Drew Burdon, partner at EQT Life Sciences said, “Over recent years we have built an excellent relationship with The Bank through co-investments in leading UK health tech companies. The Bank’s investment will further contribute to our commitment to tap into the attractive UK health tech ecosystem and grow strong companies together. “