Millionaire MyVoucherCodes founder launches £30 million e-commerce fund

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Mark Pearson said high net worth individuals and family offices have already pledge 25% of cash for the first venture capital fund of Fuel.Ventures.

The fund will target businesses dealing with “front end development, platforms, payments” and “anything with a transaction”.

Pearson, 34, said: “I’ve managed to make a lot of money for myself but the chance to do that on a bigger scale really excited me.”

The former Claridges chef made a fortune setting up MyVoucherCodes.co.uk in 2006. The website collates discount codes and was sold to mobile payment firm Monitise last year for £55 million.

 

Pearson, who has appeared on Channel 4’s programme The Secret Millionaire, has since invested his technology businesses such as Ve Interactive, an e-commerce conversion specialist recently valued at over £1 billion.

Fuel.Ventures will invest between £50,000 and £1 million in early stage start-ups, who will then work out of Fuel’s Soho offices.

Pearson said: “I always find that in the first year and a half start-ups need the most attention, that’s when it can go wrong. I like to be close to the ground to help them tackle the problems they’ve got.

“Once they’ve got to a stage where they’ve got reasonable size and reasonable revenue, that’s when the companies tend to fly off down the road.”

He added: “It’s a nice way to do things because everyone has similar challenges.”

Source Article from http://www.standard.co.uk/business/business-news/millionaire-myvouchercodes-founder-launches-30-million-ecommerce-fund-10175891.html

April 14, 2015 |
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