Enterprise1, a new venture fund based in the UK, recently secured GBP37.5 million or USD60 million in investment commitments. The fund's goal, as written on its website, would be to support early-stage tech startups and to help them build solid businesses. Investors who had committed investments to the fund were from the private and public sectors, including the British government.
UK Secretary of State for Business, Innovation and Skills Vince Cable had said in a statement, "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."
Enterprise1 would be investing around USD1 million to USD3 million in investment to 20 or 30 early-stage companies. The venture fund intended to support startups in the Internet and mobile industry.
Enterprise1 had some prominent entrepreneurs in the UK as its partners. Enterprise1 counted founder and chief executive of Zoopla Property Group Alex Chesterman, retail courier network Shutl founder Tom Allason and Vivid Toy Group co-founders Nick Austin and Alan Bennie as among its many partners.
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