Octopus Ventures, the venture capital firm and part of Octopus Group, has launched a new £83m fund to back the most promising companies from across its portfolio.

Octopus said the new fund enhances the team’s ability to back pioneering entrepreneurs, providing additional growth capital that will allow them to reach new heights.

This latest development takes Octopus Ventures’ funds under management to over £1bn, allowing the team to invest between £250,000 and £20m in startups “with the potential to disrupt their industries and change the world”.

Alliott Cole, CEO of Octopus Ventures, said: “Today’s announcement means that we’re part of a small group of investors with the resources to support startups from inception all the way to international scale-up.

“Over the years, we’ve been lucky enough to work with some of the Europe’s most talented entrepreneurs – the people behind world-class businesses such as Zoopla and Secret Escapes, Big Health and Bought By Many. We back people we believe in, namely the pioneering entrepreneurs who are changing the world by disrupting industries. This is all about helping them grow their businesses faster and more effectively.

“We have always looked for new ways to support our founders and this latest fundraise will do just that – providing Octopus Ventures with the additional means to support the ambition and vision of the people that will change the world.”

The latest fund coincides with a new strategy to focus on three key areas:

The Future of Money: Seeking pioneering entrepreneurs who want to improve the way society interacts with money and risk by building products that will transform payments, investments, markets and insurance.

The Future of Health: Healthcare will soon be the world’s biggest industry and Octopus said it aims to back the teams revolutionising health and wellness through patient-driven medicine, clinical decision tools, digital health and disease prevention technologies.

The Future of Industry: Focused on the bleeding edge technologies that will drive the next industrial revolution. These include advanced manufacturing, materials, Internet of Things, robotics and artificial intelligence, as well as those technologies which will keep a fully digitally connected society secure.