New UK Focused Venture Capital Fund is Launched

Founders of the recently sold MessageLabs, purchased by Symantec, are to set up a UK focused venture capital fund.

Brothers Ben and Jos White, as well as other former MessageLabs executives, will place approximately £20 million into the Fund to be called Notion Capital.

Ben White has been quoted as saying:

“In the UK there’re lots of good ideas and original thinking but not enough skills or funding.We don’t believe there is a sizeable tech venture capital specialist in the UK. When we started, UK venture capital didn’t think big, so we went to the US.”

Notion Capital will focus primarily on technology companies, particularly those that provide software as a service. They aim to complete approximately four to six deals a year with about £10-£20million for mid-stage companies and £2-£4 million for early stage companies.

via FT