- Fund established to bridge gap between angel and venture capital funding
- Lead investor will be Michael Birch, who sold Bebo to AOL for £520m
- Brent Hoberman, co-founder of Lastminute.com, is also involved
- The fund called PROfounders Capital will operate like funds in Silicon Valley
Brent Hoberman, co-founder of Lastminute.com, and Michael Birch, the founder of social network Bebo, are two of four big-name entrepreneurs behind a new venture capital fund aimed at digital start-ups.
Joining Hoberman and Birch in backing PROfounders Capital are Peter Dubens, who set up internet service provider Pipex and Jonathan Goodwin, founder of boutique media advisory firm LongAcre, which was sold to US investment bank Jefferies for £40m in 2007.
Birch, who sold Bebo to media giant AOL for £520m, is the lead investor in the fund which is described as "established by entrepreneurs for entrepreneurs".
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