London-based Cornerstone VC announced on Wednesday that it has launched a £20M (approximately €23.91M) fund to back ‘exceptional entrepreneurs in the UK from diverse backgrounds’.
The round was led by BGF and The Hg Foundation. Atomico, one of Europe’s leading VC funds focusing on Series A and beyond, also participated.
Investors also include Nic Humphries and several senior partners from Hg, as well as former BVCA Chair Neil Macdougall, Scott Mackin, Jamie Broderick, Stefan Ericsson, and Sidumiso Sibanda.
Capital utilisation
According to a statement from Cornerstone VC, the fund will invest in tech-enabled companies in pre-Seed and Seed rounds with an initial ticket size between £250K (€299K) and £1M (€1.19M). It will also reserve capital for follow-on funding.