Ariadne gets backing for VC fund

Ariadne Capital, the investment and advisory firm founded by City A.M. columnist Julie Meyer in 2000, today announced that ten entrepreneurs have agreed to back its debut venture capital fund, Ariadne Capital Entrepreneurs (the ACE fund). <br /><br />The ACE fund, which will be &pound;20m when closed later this year, will invest in internet and mobile internet companies at the seed stage, in the areas of business applications, media technology, voice applications, consumer and small to medium enterprising and digital entertainment. Investors in the fund include EasyNet founder David Rowe and Michael Jackson, the former chairman of Sage, Partygaming and Access Intelligence. <br /><br />Meyer will act as the fund&rsquo;s managing partner, working alongside Karima Serageldin and David Scholtz on the core investment team. ACE will invest the first &pound;250,000 to &pound;1m into firms where the proposition is innovative by virtue of its technology, business model, or market vision.