An investment fund - with ambitions to grow up to £25million by 2025 - has handed out its first cash to two companies.

Launched by Sandwich science site Discovery Park, its new fund aims to "support the growth of disruptive technologies" and has already raised £1m from private investors.

Discovery Park Ventures (DPV) hopes to topple £25m in the next three years.

The first two recipients of funding are VisusNano, which is based at the park, and London-based Vitarka Therapeutics. Both were also selected for its Reactor programme last year, designed to help boost their growth.

VisusNano is a ophthalmology company developing lens implants for use in patients undergoing cataract surgery and received £100,000.

Vitarka Therapeutics is a drug delivery start-up. It was given £140,000.

Mayer Schreiber, chairman of DPV and CEO of the science park, said, “The fund will allow us to champion companies that have the potential to make breakthrough-discoveries in life sciences and technology and to scale rapidly.

“We’re looking forward to investing in many more innovative companies in the UK as the fund grows, helping to develop healthcare innovations and drive regional economic growth.”

Dr Joanna Gould, CEO of VisusNano, said: “We’re delighted to welcome Discovery Park Ventures as a new investor as we enter this exciting clinical phase of development. This investment is another way in which the park is driving our growth.”