After being announced back in April, web giants Brent Hoberman and Michael Birch have finally launched their new fund for early stage tech companies.
Profounders Capital announced the close of its first venture capital fund this week and is hoping to double the initial £30m within the next few months.
Bebo founder Michael Birch, who sold his social networking site to AOL last year for $850m, is said to be the biggest investor in the fund which aims to focus on new business models in the digital media and tech sectors.
The fund has been designed to bridge the gap between angel and traditional venture funding with a strong emphasis on ‘fostering and supporting entrepreneurialism in Europe on a wider level’.
“Our aim is to be a central force in the entrepreneurial ecosystem in Europe,” said Birch.
Hoberman, who co-founded Lastminute.com with Martha Lane Fox, added: “This is an opportunity for us to help nurture new initiatives at an important time when digital is becoming part of the fabric of our daily lives yet profits are increasingly flowing out of Europe.”
© Crimson Business Ltd. 2009
