This is the fourth closing for WHEB’s second fund, which has made five investments since its first closing in July 2008. The final closing is expected to occur at the end of May.

WHEB managing partner James McNaught-Davis says the fund is the first to secure a commitment from Hermes’ Environmental Innovation Fund, which is in turn supported by the government-backed UK Innovation Investment Fund (UKIIF).

Other investors in WHEB Ventures Private Equity Fund 2 include the European Investment Fund, as well as family offices and other financial institutions.

The UKIIF was established in January this year by the UK government in conjunction with private investors. Part of the money has been allocated to the cleantech sector.