Outward VC, a London-headquartered early-stage venture capital fund, has closed on a £51 million fund to back early stages founders operating on the intersection of fintech and connected sectors.
The fund has received a cornerstone investment of £30m from the British Business Bank, which is deploying capital through its Enterprise Capital Funds programme, alongside top ups from a range of private investors.
Outward VC was established in 2019 and was among the earliest investors in Bud, Curve, Peppy Health and Vauban.
As with its first fund, Outward VC will be leading pre-Series A funding rounds of up to £5m, with a significant portion of the fund allocated for follow-on investments.
Kevin Chong, Outward VC co-founder, states: “We help early-stage start-ups breakthrough by leading their first institutional funding round. In our first fund, after we deployed £20m into early-stage funding rounds, our portfolio companies went on to secure over £570m of follow-on equity funding within three years.”