VC Firm Episode 1 is to launch a £37.5 government-backed million fund to support UK tech entrepreneurs with aspirations to compete on the international stage.
The Episode 1 Fund will invest between £250k and £2 million each into twenty to thirty early stage companies.
Government-backed investment fund
The money invested will be one-third private, two-thirds public.
Each startup must demonstrate its potential to be disruptive in the Internet and mobile sectors and have satisfied existing customers to validate the proposition.
The fund comes with support from experienced entrepreneurs including Alex Chesterman, Founder & CEO of Zoopla Property Group, Tom Allason Founder of Shutl, and Nick Austin and Alan Bennie Founders of the Vivid Toy Group.
The three partners behind the fund – Simon Murdoch, Damien Lane and Adrian Lloyd – have previously backed companies including Betfair, LoveFilm, Zoopla, Shazam and Shutl.
Vince Cable, Secretary of State for Business, Innovation and Skills, said:
We are determined to give entrepreneurs the financial support they need to grow.
This new £37.5 million Enterprise Capital Fund will target a serious gap in the equity market for high growth small firms.
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