Entrepreneur First raises £40m for Scale Up fund
British Business Bank invests £26m in fund that will look to invest in 100 UK start-ups over the next two years
Entrepreneur First (EF), the London-based pre-seed accelerator, has closed £40m in funding for its Enterprise Capital Fund, with £26m from the British Business Bank and participation from Imperial College, Freston Ventures and Isomer Capital.
The fund will invest alongside early stage VC firms to help EF businesses scale-up, providing £70,000 to every company presenting at each demo day, as well as follow on funding and Series A rounds. It will also offer support in areas such as fundraising, networking, coaching, mentoring, training and recruitment.
The fund will be available for the next five cohorts from now to September 2018, and will invest in over 100 UK start-ups.
Founded in 2011 by Matt Clifford and Alice Bentinck, Entrepreneur First helps technical entrepreneurs build start-ups from scratch through funding, mentoring and support. To date, it has worked with 350 individuals to build 100 companies with a combined value over $400m.
Clifford commented: “When we started Entrepreneur First, we broke the mould when it came to creating defensible technology startups. We’re proud to say that we are no ordinary fund: we build the companies we invest in.
Keith Morgan, CEO of British Business Bank, 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.
“We are therefore delighted to be partnering with Entrepreneur First in their Next Stage Fund, which will provide much-needed capital and support to help realise the potential of smaller companies across the country.”