MyVoucherCodes founder turned investor launches £100m fund for early-stage tech firms
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Posted: Wed 5th Jul 2023
Fuel Ventures, the investment firm started by serial entrepreneur Mark Pearson, has launched a new £100m fund for seed and pre-seed digital and technology start-ups.
The company's latest fund will be deployed during the next 12 months to more than 60 fast-growth businesses operating in software (SaaS), marketplaces, fintech platforms and ecommerce.
Founded in 2015, Fuel Ventures was started by Mark Pearson who launched discount codes website MyVoucherCodes for £300 in 2006 and sold it for £55m in 2014. To date, Fuel Ventures has invested £180m in more than 140 seed to series A tech start-ups.
Notable previous investments include fintech payment company Volt; Capdesk, which exited for $88m; Peckwater Brands which builds data-driven, delivery-only food brands for restaurants and ecommerce marketplace OnBuy.
Speaking about the latest fund, Mark Pearson said:
"We are investing in the long-term future of the UK tech landscape. Despite the pain the industry is feeling at the moment, now is not the time to hold back.
"There remains exciting entrepreneurial talent and incredibly innovative tech businesses with huge potential. These are the ones that need our support at their most vulnerable - those early days when capital and support from experienced backers are vital.
"I have been there myself and know how hard it can be to get a business off the ground. My aim is to invest in and work with a greater number of tech ventures that will contribute to a stronger tech landscape in the years to come."
The fund will provide investments up to £250,000 for pre-seed ventures and up to £4m for seed to series A. Fuel Ventures said a "small percentage" is allocated for follow-on investments in its portfolio companies that are "speeding up their growth and outperforming targets".
Mark Pearson on what he looks for in a business:
Mark Pearson on how to pitch to investors:
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