Following four years of investment in more than 20 exciting new companies, London-based early-stage investment fund Fuel Ventures has announced a successful third round of funding, raising £20 million.

This round will provide the basis for strategically scaling and entering markets in China, the Middle East and Europe.

Fuel Ventures was founded by Mark Pearson, best known for founding several high-profile online ventures including the MyVoucherCodes online discount platform.

With a team of experienced entrepreneurs in its principal team, Fuel Ventures was created by founders for founders and is one of the rare funds that gives 100% EIS tax relief to UK investors, with others investing alongside.

The fund’s portfolio includes software platform Paddle, named as the fastest growing software company in the UK Deloitte Fast 50, with revenue growth of 3,300% in the last 3 years; digital gift card platform WeGift; and social commerce platform Moteefe.

Taking a hands-on approach, Fuel Ventures’ community of founders, investors and advisers focus on investing, mentoring and developing early-stage UK marketplaces, platforms and SaaS businesses, with all early-stage portfolio companies based alongside the Fuel team in its central-London premises.

With an active pipeline of planned investments and a team dedicated to investment enquiries, the fund plans on investing in around one company a month.

To date, Fuel Ventures’ portfolio of companies have generated more than £100 million in revenue since investment.

Mark Pearson, founder of Fuel Ventures, said: “Our ethos hasn’t changed since launching in 2014. We only invest in companies we believe have the potential to return 100x and play a very supportive role in both the development and ongoing fundraising to help them on that path. We say we are a fund by entrepreneurs for entrepreneurs, and that’s important to us.

“This £20m fund, our biggest to date, is exciting not only because it will enable us to invest in tens of new companies, but because of the strategic opportunity the assembly of investors gives us to help us scale current and future portfolio companies into markets including China and the Middle East.

“With Brexit looming over us, this fund shows that foreign investors, family offices and institutions are still confident in the UK start-up scene, and gives us a lot to be positive about.”