Despite some recent doom-mongering about the UK’s venture capital (VC) ecosystem, it is undeniable that it has a remarkable ability to reinvent itself. In recent times, we have seen several notable developments in the sector, including the establishment of new funds by prominent players such as Moonfire, IQ Capital, and Seedcamp.
Fresh Good News on the Horizon
One of the most exciting developments in the UK’s VC landscape is the launch of Firstminute Capital’s new early-stage venture fund. Founded by Brent Hoberman CBE and Spencer Crawley in 2017, this generalist fund has already raised $100 million, with a final close expected later this year. The new investors in the latest fund include Slack co-founder Cal Henderson and Sir Richard Branson from Virgin Group.
Firstminute Capital: A Brief Overview
Back in November 2020, Firstminute Capital raised its second early-stage venture fund, which ended up being $160 million. Let’s take a closer look at the fund’s performance to date:
- FMC Fund I: £73m ($91m in today’s dollars)
- FMC Fund II: £132.3m ($160m)
- FMC Fund III (initial close): £80m ($100m) with a final close expected later this year
- SPVs: £32m ($40m)
Firstminute Capital is backed by 130 unicorn founders, including co-founders of Palantir, Ocado, Supercell, MongoDB, Check Point, Wayfair, and Zalando. Institutional investors such as Mubadala Capital and U.S. multistage firms are also participating in the fund.
A Network-Driven Approach
According to Hoberman, one of the fund’s key strengths is its ability to leverage its network to support its founders. This is evident in the annual "Founders Forum" event, an invite-only gathering that brings together some of the most prominent figures in tech from the U.S. and Europe.
Portfolio Highlights
The fund’s portfolio includes notable startups such as A.Team, Storyblok, Robocorp, Engflow, Wayve, Klang, Clockwork Labs, Ramp, Element), and Generation Home. Many of these companies have gone on to secure funding from top-tier VCs like Sequoia, Andreessen Horowitz, Atomico, Index, Benchmark, Coatue, Softbank, Tiger, General Catalyst, Northzone, Mubadala Capital, NFX, and more.
A Promising Future for the UK’s VC Ecosystem
The success of Firstminute Capital and other recent developments in the sector demonstrate that the UK’s venture capital ecosystem is alive and well. As the industry continues to evolve, it will be exciting to see how these funds shape the future of tech entrepreneurship in the region.
Related News
