London-based Portfolio Ventures has closed its second Angel Fund by raising over £5 million in an oversubscribed round. This fund arrived just during the macroeconomic downturn and will take advantage of the continuing innovation across the UK.
The PV Angel Fund aims to become the co-investor of choice for UK founders and VCs, and an “institutional angel” that leverages their LP community of 100 individuals and wider investor and founder network, alongside their extensive market experience to provide neutral and impartial guidance as entrepreneurs scale.
Fund to boost UK startups
The second PV Angel Fund is backed by some of the UK’s most active angels, including Chris Adelsbach, Will Neale, Michael Pennington, alongside founders from Credit Kudos, FreeAgent, BrandWatch, Wayve, Passfort, ContetCal, Griffin, Bibliu, Rahko and Fixflo, a number of partners from other VC firms investing personally, and NEDs and former CEOs from the likes of John Lewis, AXA and BBC.
The fund will invest £100K to £500K into early-stage UK tech companies from pre-seed to Series A rounds with a focus on fintech, SaaS and insurtech. Already, Portfolio Ventures has made its first three investments, co-investing with Hoxton Ventures into RePlan and Juno, while also investing in Passionfruit alongside First Minute Capital, Playfair Capital, FJ Labs and scouts from Accel, Notion and Atomico.
The community-driven fund actively supports entrepreneurs on their journey, leveraging its extensive network of founders, investors and industry leaders, alongside the PV founders’ experience having angel invested in over 100 companies.
“We are delighted to have closed our 2nd Angel Fund as we continue to invest and support some of the UK’s leading entrepreneurs as they scale. PV has always been about network and accessibility,” Will Brooks said in a statement.
Backs over 100 early-stage startups
Portfolio Ventures was founded in 2014 by WIll Martin and Will Brooks, among the UK’s most prolific angel investors having each invested in over 100 early-stage tech companies. It connects early-stage tech companies with strategic and value-add angel investors, family offices and VCs. To date, it has built a strong investor network of 1,000 and has helped raise funding for over 200 companies from seed to Series A.
The portfolio of investments includes a number of the UK’s most successful tech companies such as Tractable, ManyPets, Marshmallow, OLIO, Pensionbee, Attest, Smart, Ably, Credit Kudos and more.
James Pringle has recently joined PV for the 2nd Angel Fund. James is the founder of Pringle Capital and co-hosts the Riding Unicorns podcast and has a strong and unique network across UK tech.