Bloc Ventures is a London-based venture capital (VC) company investing in UK and European deep tech. Focused primarily on cloud, data, connectivity and security for telecoms and computing applications, Bloc delivered a 59% NAV/share gain in FY20. Management is targeting a 20%+ IRR over the long term, with a portfolio of 11 investee companies today, aiming for two to four new balance sheet investments a year from 2021. Following a likely funding round in the next 12 months, later-stage funding options may include an IPO in 2023.
In this interview, Bruce Beckloff, CEO of Bloc Ventures, explains why deep tech is such a specialist sector and how Bloc is addressing this attractive long-term opportunity. With European venture capital coming of age as a sector, Bruce also talks about how he sees the VC sector evolving. With exposure to AI, quantum encryption and fintech among others, Bruce discusses Bloc’s existing portfolio, the company’s investment returns and outlook. He concludes by talking about the growing trend for VCs turning from private to public capital and what this might mean for Bloc in terms of a potential IPO.