Dot com pioneers launch technology VC fund

The new fund will "group together the next wave of European entrepreneurs"

A group of dot com pioneers have teamed up to provide venture capital funding for startup digital media and technology firms.

PROfounders Capital has been set up by, among others, Bebo founder Michael Birch and Lastminute.com and Mydeco creator Brent Hoberman.

The fund will be focused on innovative early-stage ventures, and has a £30m target.

The organisation will aim to fill the gap between angel and traditional venture funding, with the intention of “grouping together to help the next wave of European entrepreneurs”.

“This is an opportunity for us to help nurture new initiatives at an important time when digital is becoming part of the fabric of our daily lives yet profits are increasingly flowing out of Europe,” said Hoberman.

Additional backers will be announced over the next few months.

This follows last month’s creation of a £1bn government-backed venture capital fund which aims to invest in technology businesses with high growth potential.