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The dot-com era was resurrected today when four of the internet's most successful stars, including Lastminute.com's Brent Hoberman, and Peter Dubens, the man behind telecoms group Pipex, launched an investment fund for online start-ups,
They are joined by Michael Birch, co-founder of social networking site Bebo, bought by media giant AOL last year for £520 million, and Jonathan Goodwin, who built up boutique media advisory firm LongAcre, before selling it to US investment bank Jefferies for £40 million in 2007.
The fund, PROfounders Capital, is to be run in the Silicon Valley style where experienced entrepreneurs pick start ups to invest in, and will offer new businesses between £500,000 and £1.5 million.
Hoberman said it would repeat the best parts of the dotcom bubble.
He said: "Going back to 2000, we have a decent community of people in the UK who did make money in the internet and other media businesses. Those people want to invest in the next generation of entrepreneurs."
The fund will be managed by Sean Seton-Rogers, previously an associate at West End investment vehicle Balderton Capital, and Rogan Angelini-Hurll, an ex-Citigroup analyst.
Reader views (1)
Good. There is definitely a shortage of capital for start ups at the moment. Many VCs who say they look at very early stage companies are now focusing on less risky later stage companies instead. This is immensely frustrating for entrepreneurs. I wish them well and hope they get one over on their more risk averse contemporaries. Without our brillian entrepreneurs, our economy will be nowhere one generation from now.
- James Daniels, London, 10/07/2009 12:43
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