{"id":23253,"date":"2017-12-01T07:42:57","date_gmt":"2017-12-01T07:42:57","guid":{"rendered":"http:\/\/www.bnreport.com\/carwow-backer-episode-1-revs-up-with-new-60m-venture-capital-fund\/"},"modified":"2017-12-01T07:42:57","modified_gmt":"2017-12-01T07:42:57","slug":"carwow-backer-episode-1-revs-up-with-new-60m-venture-capital-fund","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/carwow-backer-episode-1-revs-up-with-new-60m-venture-capital-fund\/","title":{"rendered":"Carwow backer Episode 1 revs up with new \u00a360m venture capital fund"},"content":{"rendered":"

Episode 1, the software-focused venture capital firm, has launched a new \u00a360m fund to seed UK entrepreneur-led companies.<\/p>\n

The Enterprise Capital Fund is 60 per cent larger that Episode 1's first, and received investment from the likes of the British Business Bank and later-stage venture capital firm Draper Esprit.<\/p>\n

Simon Murdoch, former Amazon<\/a> UK chief executive and Episode 1 managing partner, said that the growth in fund size was due to both increasing opportunities and strong support from investors for UK startups.<\/p>\n

Read more: <\/strong>London is home to more of the hottest fintech startups than ever before according to the Fintech50 2017<\/a><\/p>\n

\u201cWe see about 1,000 software-driven startups in the UK every year,\u201d said Murdoch. \u201cThere are more and more businesses being created.\u201d<\/p>\n

Murdoch himself has invested in businesses which have since become household names, including Zoopla<\/a> and LoveFilm. Episode 1's first fund will be hoping to recreate this success, with portfolio companies including vehicle retailing platform Carwow and biometric recognition company AimBrain<\/a>.<\/p>\n

However, Murdoch noted Brexit was not helping the entrepreneurial environment. \u201cI think Brexit is a bad thing for the UK economy,\u201d he said. \u201cIt's harder for our companies to attract talent from the EU \u2013 people say it doesn't feel like a welcoming place.\u201d<\/p>\n

Read more: <\/strong>Net migration fell to 230,000 in the year since Brexit vote<\/a><\/p>\n

The UK's exit from the EU would also make it less likely that foreign entrepreneurs would bring their business ideas to the country, Murdoch added. \u201cWe have a strong pipeline of deals and we will survive, but we're shooting ourselves in the foot.\u201d<\/p>\n

Artificial intelligence and machine learning will be particular areas of interest for the fund, along with blockchain \u2013 although Murdoch is less keen on the bitcoin currency which is its most famous application.<\/p>\n

Meanwhile SyndicateRoom, a platform which matches startups seeking investment with its high-net-worth members, has launched a new Enterprise Investment Scheme (EIS) fund.<\/p>\n

The fund will invest in select best-performing companies in SyndicateRoom's portfolio, allowing high-net-worth investors access to Series A and B funding rounds usually reserved for institutions.<\/p>\n

Read more: <\/strong>Rapid vehicle-charging business Engenie aims to fire up its engines with \u00a31m investment opportunity<\/a><\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

[contf] [contfnew] <\/p>\n

CityAM<\/a><\/h5>\n

[contfnewc] [contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

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