Outward VC, a London-based early-stage venture capital fund, has successfully closed a £51 million fund to support founders in the early stages of companies operating at the intersection of fintech and related sectors.
The fund has received a cornerstone investment of £30 million from the British Business Bank, which is deploying capital through its Enterprise Capital Funds program, along with additional contributions from various private investors.
Founded in 2019, Outward VC was among the first investors in notable companies such as Bud, Curve, Peppy Health, and Vauban. Similar to its inaugural fund, Outward VC will lead pre-Series A funding rounds of up to £5 million, with a significant portion of the fund earmarked for follow-on investments.
Kevin Chong, co-founder of Outward VC, remarked: “We help early-stage start-ups break through by leading their first institutional funding round. In our first fund, after deploying £20 million into early-stage funding rounds, our portfolio companies went on to secure over £570 million in follow-on equity funding within three years.”