Our value proposition

...Demonstrating our value proposition...

WE ARE FOCUSED ON ONE OF EUROPE’S LEADING INNOVATION HUBS

Cambridge’s global reputation, unique heritage and commercial expansion, combined with the deep scientific expertise, highly educated workforce and established networks for early-stage funding, make Cambridge a particularly attractive place to establish, nurture and cultivate intellectual property rich businesses.

We work hard to develop the ecosystem and invest our time generously in coaching, mentoring, sponsoring and participating in a wide range of entrepreneurial and impact activities.

READ MORE ABOUT CAMBRIDGE ON PAGES 12 AND 13 WE ARE A PREFERRED INVESTOR FOR THE UNIVERSITY OF CAMBRIDGE

We benefit from a long-term partnership with, and permanent link to, the University.

We have unique access to Cambridge Enterprise and its information systems, investment meetings and potential spin-out pipeline.

We can exercise co-investment and pre-emption rights to existing and future University equity stakes. WE ARE CO-FOUNDERS OF TWO CAMBRIDGE ACCELERATORS

We have co-founded two accelerators, Start Codon and Deeptech Labs, which will provide hands-on support to bridge the gap between translational research and Series A ready businesses.

We benefit from the pre-emption rights of companies participating in the accelerator programmes.

READ MORE ABOUT OUR ACCELERATORS ON PAGES 16 AND 17 WE ARE A LEADING INVESTOR

Our reputation is based on the strength of our relationships, our deep domain and operational expertise, and the mutual trust with the people with whom we work.

We are the most active Series A investor in the Cambridge ecosystem and participate in the biggest deals.

WE ARE A VALUE-ADDING PARTNER

We meet hundreds of entrepreneurs and co-investors each year and strive to add value in every interaction.

We are focused on growing the value of our investments by taking a hands-on approach including board participation, business planning and development, executive recruitment, commercialisation and scale-up. WE ARE SECTOR EXPERTS

We have built a team with a unique set of skills and experiences that are well suited to the Cambridge ecosystem and supporting the companies we are building within it.

We bring deep domain and operational expertise developed through our past experiences as investors, entrepreneurs, scientists and operators.

READ MORE ABOUT OUR PEOPLE ON PAGES 18 AND 19

...For Entrepreneurs...

We have worked closely with key stakeholders in the Cambridge ecosystem to establish two accelerators: Start Codon and Deeptech Labs.

The goal of these accelerators is to speed up the process of going from “bench to product” by compressing years of learning for many companies and researchers into structured and intensive programmes, ending in a demo day.

OUR STRATEGIC RATIONALE

The Cambridge ecosystem is globally recognised as a centre of academic excellence and innovation, with an incredible track record for building category-leading life sciences and technology businesses. However, we identified an important gap in the ecosystem: dedicated hands-on support to bridge the gap between translational research and Series A ready businesses.

As a limited partner in the accelerator funds, we benefit from the pre-emption rights of companies participating in the accelerator programmes. THE PROGRAMME AND SUPPORT OFFERED TO ENTREPRENEURS

The accelerators support early stage businesses in multiple ways, including providing:

• seed funding; • state-of-the-art lab and office space; • access to expert and hands on practitioners to support business model development and product-directed discovery; • integration into the Cambridge ecosystem; and • access to a global network of investors and corporate partners.

THE CATALYST FOR DEEPTECH SUCCESS

Deeptech Labs invests in post-seed deeptech companies with an established technology, an extraordinary team and strong initial traction.

START SOMETHING AMAZING

Start Codon leverages the unique resources of the Cambridge Cluster to identify, seed-fund and drive the success of truly disruptive healthcare start-ups.

...Through great people...

Venture capital is a people business and our people are our greatest strength. We are constantly working hard to ensure we maintain an inclusive and collaborative culture – which we see as critical to our success.

We have built a team with a unique set of skills and experiences that are well suited to the Cambridge ecosystem and supporting the companies we are building within it. Our team has variously created, backed and sold university spin-out businesses in both Europe and North America and several have a PhD from one of the Universities of Cambridge or Oxford.

The individual and collective experiences of the team helps them to understand, and empathise with, the challenges facing an entrepreneur striving to build a deeptech or life sciences business. We also have access through our wider network to some of the ecosystem’s world-leading academics and entrepreneurs.

Each member of our team is passionate about building the Cambridge ecosystem, drawing on their knowledge and experience to make a positive difference to the community in which we live and work.

As we continue to grow, we strive to attract and retain the best talent, with a strong focus on excellence and integrity. During the year, we were delighted to welcome Anne Horgan and Ian Lane as Partners, and Ed Inns, as an Associate, to our investment team.

Anne joined us from a Partner role at Advent France Biotechnology, a Paris-based venture capital firm specialising in life sciences seed investments. Anne brings 17 years of experience acquired as a Senior Associate at Sofinnova Partners, Business Development Executive at Cancer Research Technology and Senior Medicinal Chemist at Cambridge Biotechnology (now part of Benevolent AI). Anne’s experience includes equity financing (seed and series A), technology transfer and scouting, business development and biotech R&D. Prior to her commercial career, Anne carried out postdoctoral research at Yale University after her PhD in synthetic organic chemistry from the University of Bristol. She also holds a diplôme d’ingénieur (Chemistry) from the Institut National des Sciences Appliquées de Rouen, has authored several peer-reviewed papers and is an inventor on eight patent families.

Ian focuses on technology investments having previously been a Director at Unilever Ventures in London, where he led all B2B/Technology investments. Over 11 years, he was responsible for numerous transactions across Europe and North America, including investments into Olapic (acquired by Monotype Inc), Mirakl, Aera Technology, Skupos, WeGift, Celtra, CreatorIQ, Mirriad (listed on AIM) and Blis Global. Prior to Unilever Ventures, Ian worked at L.E.K. Consulting in London and Australia, working on strategy consulting and private equity due-diligence projects. Ian has a PhD in Physical Chemistry from the University of Cambridge and an MSci in Chemistry from Bristol University.

Ed joined us from Williams Advanced Engineering, where he was an Investment Manager focused on investing in hardware and industrial software start-ups through the Foresight Williams Technology investment funds. Over four years, he helped to build the fund’s first portfolio of 30 companies across semiconductors, robotics and AI. Previously, he was an Investment Analyst at Oxford Technology Management, an early-stage deep tech fund. Ed holds a PhD in Biomaterials from the University of Cambridge and an MEng in Materials Science from the University of Oxford. We also welcomed Professor Anne Ferguson-Smith, Pro-Vice-Chancellor for Research and the Arthur Balfour Professor of Genetics at the University of Cambridge, as she succeeded Professor Ian Leslie as a University-nominated Director. Ian was instrumental in the origination of CIC and has served as a Director from the outset of the business. We thank him for his unwavering support and considerable contribution during the last eight years and wish him well for the future.

...Living our values...

How we conduct ourselves and how we do business is extremely important to everyone at CIC. We strive to be good citizens and successful business partners, whilst achieving the best results.

We believe our values will help us build a prosperous and sustainable future, enhance financial returns and have a positive impact on our stakeholders. These values were developed by our amazing team and truly characterise what it means to be part of CIC.

WE WANT TO ACHIEVE THE EXTRAORDINARY

We think big and believe anything is possible

We seek to be the best at what we do

We are pioneers, we are bold BUT NOT AT ANY COST

We are committed to doing the right thing, even when no one else is looking

We speak with honesty, think with sincerity, act with integrity

WE HAVE A PASSION FOR LEARNING AND KNOWLEDGE

We are a people business and our success is built on enabling the growth and development of our team

We seek to ensure all members of our team are effective and fulfilled in their work AND KNOW WE ARE STRONGER TOGETHER

We use our combined resources, internally and in the Cambridge ecosystem, to get the best results

We pride ourselves on our ability to collaborate across sectors and markets

WE WANT A CULTURE WHERE EVERYONE CAN BE THEMSELVES

We celebrate different views and seek to avoid hierarchies

Each person on our team matters and plays an important role in our organisation’s success AND TAKE PRIDE IN GIVING SOMETHING BACK

As individuals and an organisation, we can make a real difference to the future, our community and the environment

We contribute positively to the Cambridge ecosystem, making it a great place to work, live and thrive

READ OUR IMPACT REPORT: WWW.CIC.VC/ABOUT‑US/ OUR‑VALUES‑ESG‑AND‑IMPACT/

...through our actions...

Cambridge Science Centre (CSC) is an educational charity based in Cambridge that wants every young person to enjoy and explore STEM (Science, Technology, Engineering and Mathematics). CSC provides unique hands‑on, interactive experiences, shows and activities, which are delivered by professional science communicators.

We are delighted to support CSC in the important work they do for young people in Cambridge and beyond. Our sponsorship has helped them to return to full capacity following the strains of the pandemic on their workforce, and to continue to thrive and develop the innovators of the future – people who will one day have the potential to change lives and make their mark on the world.

4/10

UK EMPLOYERS HAVE PROBLEMS RECRUITING STAFF WITH STEM SKILLS, BUT BY AGE 11 MOST YOUNG PEOPLE ARE ALREADY TURNED OFF SCIENCE

+300,000

YOUNG PEOPLE HAVE BEEN EXCITED ABOUT SCIENCE BY CSC IN THE LAST 10 YEARS

The Investing in Women Code is a commitment by financial services firms to the advancement of female entrepreneurship through improving female entrepreneurs’ access to tools, resources and finance. LSX Female Founders was founded to connect women entrepreneurs in the health and life science field with investors as well as offer mentorship from relevant industry professionals.

We are committed to supporting diversity within the industry. Our ESG initiatives emphasise our own targets in advancing equality and inclusion within CIC, particularly through recruitment where gender and ethnic diversity is part of all shortlisted positions.

As a founding partner of LSX Female Founders, we are pleased to have the opportunity to make a greater impact on diversity in the industry at a much larger scale. Together with our fellow founding partners, we can offer a combined network of over 10,000 investors to support the progression of new businesses.

less than 1/3

WOMEN ACCOUNT FOR LESS THAN A THIRD OF ENTREPRENEURS AND YET DELIVER TWICE AS MUCH REVENUE PER DOLLAR INVESTED THAN THEIR MALE PEERS1

1% of investment

WOMEN ARE PARTICULARLY UNDERREPRESENTED IN VENTURE CAPITAL. EVEN WHEN THEY DO CREATE A START‑UP, WOMEN FIND IT CHALLENGING TO SECURE FUNDING. EUROPEAN FEMALE ENTREPRENEURS PULLED IN JUST 1% OF VENTURE CAPITAL INVESTMENT IN 20211

As a Series A investor, we are often the first institutional investor to invest in a company. This provides us with an ideal opportunity to instil best practices at an early stage.

OUR THEORY OF CHANGE

Our theory of change shows how we seek to: support the development of innovation and entrepreneurship in the Cambridge ecosystem; invest in entrepreneurial founders building category-leading, global businesses; and achieve enhanced financial returns for our investors by investing in best-in-class companies and supporting the growth of those companies with the resources available. Beyond that, it shows how we seek to have a positive impact on society.

We have selected the United Nations Sustainable Development Goals (SDGs) as a framework to consider the potential impact of our investment and also to encourage certain behaviours in our portfolio companies.

...and focusing on positive impact.

THE SDGS THAT WE ASPIRE TO FULFIL THROUGH OUR CORE INVESTMENT ACTIVITIES ARE WE ALSO AIM TO ENCOURAGE CERTAIN BEHAVIOURS WITHIN OUR PORTFOLIO COMPANIES BY FOCUSING ON

To ensure healthy lives and promote well-being

To promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work

To build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

To make cities and human settlements inclusive, safe, resilient and sustainable To ensure inclusive and equitable quality education and promote learning opportunities

To achieve gender equality

To reduce inequality

To ensure responsible consumption and production

CHALLENGES

Insufficient support for entrepreneurial innovation

Insufficient funding for early stage companies

Low success rate for early stage companies

Innovations that can deliver value to society may not find a way to scale

Lack of diversity in entrepreneurs and employees may result in missed opportunities Deep engagement with the Cambridge ecosystem

Early stage assessment of potential reach and depth of impact

Investment and other support for entrepreneurs and their businesses

Strategic support to help build sustainable businesses

Encourage wider diversity in entrepreneurs and employees of portfolio companies Development and commercialisation of impactful innovations

Maintain a balanced and diversified portfolio

Facilitate access to capital through building investment syndicates

Opportunities identified for impact enhancement aligned with commercial goals

Identify best practices within the portfolio Enable visionaries to build global, category-leading companies

Deliver enhanced financial return for our investors

Attract more investment into our portfolio companies

Cross-fertilise ideas and people within the portfolio to enhance outcomes

Share and promote best practice within the portfolio

ACTIVITIES OUTPUTS OUTCOMES

Benefits to society through solutions healthcare and technology

I m p a c t S D G s

Improved diversity over time Creation of employment

Re duce d e n v i r o nment al i m p a c t

Improved education and learning