Rockley targets €100m for debut institutional fund

‘Super angel’ investors the Rickman brothers have launched their first institutional fund for investment into technology in the UK. A second institutional fund is also being raised to make complementary investments into the same sector internationally.

Rockley Group managers and angel investors, brothers Andrew and Robert Rickman, have launched their first institutional fund targeting €100 million.

The Rockley Follow-On Fund (RFOF) is planning to hold a first close on €50 million by next summer, with backing from both institutional and angel investors. It will invest between €5 million and €15 million into UK-based companies within healthcare, energy, sustainability, data-management and computing.

The firm is also planning to raise a sister institutional fund for RFOF, in order to make complementary international investments, although full details have not yet been disclosed.

Rockley, named for the Wiltshire village where Andrew Rickman lives, has invested in eight companies since 2008, including Chinese energy technology firm Shandong Micro-Sensor Photonics, and UK-based Spikes Cavell, a provider of data management systems.

Andrew Rickman

Andrew Rickman has been portrayed in the UK media as a new breed of “super angel” investor, providing investment capital while also taking a more venture capitalist stance of getting involved in the day-to-day workings of portfolio companies in order to promote growth. He founded optical technology company Bookham 21 years ago and he is chairman of venture backed companies in the UK, US and China.

Robert Rickman is a former director of UK specialist fund manager Forestry Investment Management and is a director of listed and unlisted companies worldwide.

The Rockley management team also includes John Laurie, who founded Oxford Ventures Group, and John Scott, who has senior fund management experience with Oxford Ventures, British Technology Group and Strategic Capital Corporation.

“We are raising the fund in order to make timely investments in companies which are robust enough to withstand the current environment.  Angel investing provides the best deal flow at the moment for early stage companies. We are raising the Follow-On Fund to provide later stage funding within this environment,” Robert Rickman, said in an interview.