Funding organisation raises £40 million for start-ups
Entrepreneur First has raised a £40 million fund to invest in start-ups that graduate through its programme.
The organisation provides pre-seed funding to help entrepreneurs build a technology start-up over six months.
Entrepreneur First is aiming to use the £40 million fund to provide their start-ups with a loan note of £70,000 to invest when they raise their seed and series A rounds.
The company raised the funds with the help of a number of venture capital companies, universities, entrepreneurs and family offices, with over £25 million being pledged by the British Business Bank.
British Business Bank CEO Keith Morgan said: “It is vital to the UK economy that we support innovative, entrepreneur-led startups on their journey to becoming the high-growth businesses of tomorrow.”
Entrepreneur First CEO Matt Clifford said that the new fund will help Entrepreneur First to take it to the next step by allowing them to continue to recruit exceptional technologists in quantity and transforming them into world class start ups.