PROfounders Capital Holds First Fund Close

PROfounders Capital has held a first close on its inaugural VC fund. No financial information was disclosed. The London-based firm also announced that it has added Sean Seton-Rogers, formerly an associate with Balderton Capital, as a general partner. Other existing team members include Bebo founder Michael Birch, Lastminute.com founder Brent Hoberman, LongAcre Partners founder Jonathan Goodwin and Oakley Capital founder Peter Dubens.

PRESS RELEASE

PROfounders Capital today announces the initial close of its first venture capital fund, a fund established by entrepreneurs for entrepreneurs. The cornerstone investors in the fund are successful entrepreneurs from across the Europe; Michael Birch, the founder of Bebo and BirthdayAlarm; Brent Hoberman, the founder of Lastminute.com and Mydeco; Peter Dubens, the founder of Oakley Capital and Freedom4 Group; and Jonathan Goodwin, the founder of LongAcre Partners.

Rogan Angelini-Hurll, General Partner in the fund, commented:

“PROfounders Capital is an unique collection of entrepreneurial capital and knowledge. We have a significant opportunity to leverage the wealth of experience and expertise of our principals to invest in the future successful businesses of Europe, to add value to our investments, and to promote a more entrepreneurial environment.”

PROfounders Capital intends to be an active participant in early-stage ventures focused on the new business models of digital media and technology. Typically, investments will aim to fill the gap between angel and traditional venture funding. The philosophy of PROfounders Capital also will focus on fostering and supporting entrepreneurism in Europe on a wider level. The investors in the fund recognise the need, and are excited by the prospect, of grouping together to help the next wave of European entrepreneurs.

In addition, PROfounders Capital is pleased to appoint Sean Seton-Rogers as General Partner. Sean joins Rogan Angelini-Hurll on the investment team at PROfounders Capital. Sean brings close to a decade of venture capital experience across the US and Europe. Most recently, Sean was with Balderton Capital (formerly Benchmark Capital Europe) where he worked closely with companies such as Bebo, Wonga.com, MoveMe, and TouchLocal. Sean’s view is that, “We want the spirit of the fund to reflect our approach – we aim to make decisions from the point of view of the entrepreneur throughout our investment period. We believe that PROfounders Capital represents an exciting new initiative to benefit early stage entrepreneurs”.

PROfounders Capital expects to announce additional individual investors to the fund in the coming months, adding further weight, wider interaction and increased experience. “Our aim is to be a central force in the entrepreneurial ecosystem in Europe,” said Michael Birch. “This is an opportunity for us to help nurture new initiatives at an important time when digital is becoming part of the fabric of our daily lives yet profits are increasingly flowing out of Europe,” adds Brent Hoberman.