£50m investment fund for software firms

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The British Business Bank has invested £30 million to create the largest dedicated investor in founders with ideas for new software businesses.

Twenty-five other private investors — 80 per of them from ethnic minorities — have backed the fund, taking the total to £50 million. It will be managed by Concept Ventures, the new name for RLC Ventures, which has invested in more than 100 founders since its launch in 2016.

Reece Chowdhry, founder of Concept, had been in talks with the BBB — the state-owned economic development agency — since 2018 over the creation of the fund, which he said addresses a growing gap in the market.

“The BBB has identified a big gap in the pre-seed space. Between 2016 and 2020 there was