attention to three different periods, relating to the Venture Capital Action Plan (VCAP) and the Venture Capital Catalyst Initiative (VCCI).
Our understanding of these schemes is illustrated in the table below. In brief, we understand that VCAP was instigated in 2013, with the first Fund-of-Funds (Northleaf VC Fund) launched in early 2014 (and so it could not have had an impact until 2014 at the earliest). VCCI was then officially launched in 2017, with the Fund-of-Funds managers announced in 2018 (2019 for Stream 3). It was then renewed in 2021 with the managers announced in late 2022; and a further renewal announced in 2024:
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
VCAP VCCI (1) VCCI (2) VCCI (3)
Thus for some of the analysis we compared the ‘pre-VCAP’ era (2011-2013) 1 , the ‘post-VCAP but pre-VCCI’ period (2014-16), the ‘VCCI 1’ period (2017-19).
Time periods used
‘Pre VCAP’
2011 - 2013
‘Post VCAP’
2014 - 2016
‘VCCI 1;
2018 - 2021
Current
2022 - 2024
1 We understand that VCAP launched in 2013, but the first investments were not made until 2014, hence 2013 is within the ‘pre-VCAP’ period for the purposes of its impact on funding..
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