For an economy in recession, there sure are a lot of startup funds being created. The latest example – Beringea is getting £20 million in UK government funding, and is adding a further £10 million from private investors, to target digital media startups with investments of up to £2 million.
Beringea is effectively starting and managing one of two new Enterprise Capital Funds – funds mandated by the three-year-old Capital For Enterprise (CfEL) scheme, a government-created “fund of funds” that has so far committed over £365 million to some 47 individual venture funds.
The newest, Beringea Digital Ventures, says it will target small- and medium-sized businesses “affected by ‘equity gaps’”. Michael Birch and Brent Hobertman