British Business Bank backs Odyssey Ventures with £10M for its $50M deeptech fund
What's the deal? The British Business Bank has committed £10 million to transatlantic venture firm Odyssey VenturesDealroom has a profile for this one. Try Dealroom →. The money will invest alongside Odyssey Discovery I, the firm's early-stage fund, via the Bank's Regional Angels Programme.
The fund: Odyssey Discovery I is a $50 million seed and pre-seed fund targeting UK founders working across AI and deeptech. Its focus spans applied AI and automation, energy and sustainable industry, and human and planetary health.
Where it stands: The fund is 50% closed, with backing from ThemaDealroom has a profile for this one. Try Dealroom → and other blue chip limited partners. Odyssey expects a final close in the second half of 2026.
Why now? The UK leads Europe in AI and deeptech entrepreneurship, but many founders are outpaced by better-capitalised US rivals. UK and European early-stage companies typically attract valuations well below US peers, and Europe's funding gap topped $375 billion between 2015 and 2024.
What's the endgame? Odyssey was set up to help UK founders scale internationally from day one, offering seed capital, US market access, and hands-on operational support.
What they're saying: "By combining institutional seed capital with strong San Francisco links, Odyssey is helping convert UK innovation into globally competitive businesses," said Mark Barry, senior investment director at the British Business Bank. The commitment aims to ensure UK founders "have the backing required to build category-leading companies from a UK base."
The signal: Public money is increasingly being used to close the gap between UK ambition and US capital, a persistent drag on Europe's ability to keep its most promising deeptech companies at home.
Read more: Startups Magazine
Image credit: Generated with Gemini
