Cambridge Innovation Capital plc (CIC) has promoted Senior Investment Director Victor Christou to Chief Executive effective from 1st September 2015. Peter Keen, the current chief executive, will remain a director and will manage the current funding round process.
Victor Christou (pictured above), a seasoned entrepreneur and experienced technology investor, comments: “Over the past 18 months we have built an exciting portfolio of investments across the life science and technology sectors. I am looking forward to building on that solid base as we continue to invest in new opportunities and shape our own business for the next stage of its evolution."
CIC was established to overcome the shortage of capital or ‘valley of death’ that historically forced many early-stage potential high-growth Cambridge companies to sell-up before they gained maturity. CIC provides long-term growth investment capital, is a preferred investor for University of Cambridge spinouts and its current portfolio includes a mix of high tech and life science businesses at various stages of development.
In October 2013 CIC raised an initial £50m with support from cornerstone investors Invesco Perpetual and Lansdowne Partners, and with further capital from investors including the University of Cambridge Endowment Fund, ARM Holdings plc and IP Group plc.
“The plan was to invest this initial capital over a two to three-year timescale, after which it would look to raise more capital,” said CIC Non-Executive Chairman, Edward Benthall, who thanked Peter for his key role in establishing CIC. “Peter has been closely involved with a great many companies in Cambridge and elsewhere. His blend of entrepreneurial skill and financial management has secured the growth of a generation of technology-based businesses and, through the establishment of CIC, this legacy is set to continue."
“Victor Christou’s solid track record in technology investment, gained from experience on both sides of the table, has been demonstrated in the strength of our portfolio and I am delighted that he is taking the helm.”
Peter Keen (pictured above left) comments that CIC is meeting all of its objectives and now is a good time to handover the demanding role of CEO in order to concentrate on the next funding round. He comments; “CIC is making investments for the long-term and Victor has the experience and commitment to take the company forward. I wish him every success in his new role. "