Tuesday 2 October 2018 3:40 pm

London investment fund Fuel Ventures raises £20m for expansion into Middle East and China


London early stage venture capital firm Fuel Ventures has raised £20m in its third fund since 2014.

The fund plans to invest in one company a month going forward as the firm expands into China, Europe and the Middle East. 

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Fuel Ventures' portfolio of companies, which includes software platform Paddle, digital gift card company Wegift and social retail start-up Moteefe, has generated more than £100m in revenue since investment. 

Fuel Ventures founder Mark Pearson, who also founded discount website Myvouchercodes.co.uk, said: "Our ethos hasn't changed since launching in 2014.

"We only invest in companies we believe have the potential to return 100x and play a very supportive role in both the development and ongoing fundraising to help them on that path.

"We say we are a fund by entrepreneurs for entrepreneurs and that's important to us. 

"This £20m fund, our biggest to date, is exciting not only because it will enable us to invest in tens of new companies, but because of the strategic opportunity the assembly of investors gives us to help us scale current and future portfolio companies into markets including China and the Middle East.

"With Brexit looming over us, this fund shows that foreign investors, family offices and institutions are still confident in the UK start-up scene, and gives us a lot to be positive about." 

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