UK venture capital firm Fuel Ventures has secured a £10 million commitment from the British Business Bank through its Regional Angels Programme to support early-stage investments and follow-on funding for portfolio companies, as Vestbee was informed.
- Founded in 2013 by Mark Pearson, Fuel Ventures invests in early-stage technology companies and has evolved into a multi-stage VC firm backing startups from pre-seed through Series A.
- Since its inception, Fuel Ventures has deployed more than £280 million across over 230 UK early-stage companies. Its portfolio includes Volt, ContentCal, and Capdesk. ContentCal was acquired by Adobe for £110 million, while Capdesk was acquired by Carta for $88 million.
- The firm said the new commitment will increase its capacity across its fund structure, allowing it to make new early-stage investments and provide follow-on funding to existing portfolio companies as they scale toward Series A.
“The Regional Angels Programme exists to close gaps in early-stage access to capital across the UK, and this commitment is a good example of that in practice. Fuel Ventures brings founder-operator experience and its offering structure means the capital we’re providing does not stop at the first round it keeps working for founders as they grow," explains Mark Barry, Senior Investment Director at the British Business Bank.
- The British Business Bank's £10 million commitment was made through its Regional Angels Programme, which was launched in 2019 to improve access to early-stage equity finance across the UK by supporting angel networks and other early-stage investors.
- The latest backing comes as Fuel Ventures seeks to support companies beyond their initial funding rounds, particularly startups that may face challenges securing follow-on capital from existing investors.
