You may have heard of payments startup Paddle which has raised $93.3m or perhaps Heroes which raised $65M to become the “Thrasio of Europe” but you might not have heard so much about a backer of these startups, Fuel Ventures, at least not yet.
That’s about to change as Fuel Ventures comes out of the door with a new £45million / $63.6 million early-stage focused VC fund, aiming at 60 UK tech startups over the next 12 months. This is quite the pace for an early-stage fund, but Fuel’s founder and managing partner Mark Pearson told me at length how he is confident of making it one of the most prolific early-stage investors in the UK.
Since launching in 2015, Fuel has raised £80m in capital to invest in seed and series A founders, and the VC will also be aiming for pre-seed ventures with the new fund.
In the last 12 months Fuel says its founders have raised over £180m in follow-on funding. Notable investments include: OnBuy (eCommerce marketplace), Capdesk (equity management platform), OutFund (alternative finance provider), Heroes (scaling Amazon businesses), Moot Group (homeware…