CIBC Innovation Banking announced the opening of its new office in London to support the ambitions of UK-based entrepreneurs and their Venture Capital-backers by providing growth capital across a number of innovation ecosystems.

Since the launch of CIBC Innovation Banking in North America in early 2018, CIBC has grown its office footprint to 12 sites, including the new London office, covering key innovation ecosystems in support of technology, life science and clean tech companies and their venture capital sponsors from across Canada and the United States. With a track record of successful client engagements in the UK over an extended period, today’s announcement of a permanent presence in the market is the next step in the growth of the business and a win for innovative companies in this key global market.

“London-based business and community leaders have made it clear that this market needs additional sources of growth capital to fuel the momentum of our fast-growing innovation economy, and we see a real opportunity to be a partner to both funds and firms in this important market,” said Wayne Lee, Managing Director & Head, Europe & Asia Pacific Region, CIBC Capital Markets. “North American entrepreneurs and venture funds have embraced CIBC’s Innovation Banking competitive offering, and I’m delighted that CIBC’s growth capital will now be fueling this sector here in the UK.”

In conjunction with the new London office, CIBC appointed Sean Duffy as Managing Director, Innovation Banking, and Sergey Kuzaev, CFA, Director, Innovation Banking. Mr. Duffy was most recently covering the TMT sector with Barclay’s Bank in London, while Mr. Kuzaev was based with CIBC Innovation Banking’s underwriting team in Toronto.

“With entrepreneurs’ need for access to capital continuing to grow, combined with CIBC’s 100 years of history in the UK market, it was natural that our key venture capital and growth equity sponsors encouraged us to provide UK-based start-ups with a new source of growth capital,” added Mark McQueen, President & Executive Managing Director, CIBC Innovation Banking. “Our team has the benefit of more than 20 years of experience in tech and life science lending, which means we are hitting the ground running.”

Over the past three-plus years, CIBC Innovation Banking has doubled its office footprint, while adding 30 professionals across North America in support of client needs in this key economic sector.