The British Business Bank has announced a £10 million commitment to the Fuel Ventures funds through its Regional Angels Programme, a dedicated initiative for early-stage equity support. The investment is designed to strengthen access to capital for high-growth UK technology companies operating across a range of sectors. Fuel Ventures will use the new funding to expand its overall fund capacity and support both new investments and existing portfolio companies.
Regional Angels Programme Mandate
The Regional Angels Programme was launched in 2019 to address imbalances in access to early-stage equity finance across the UK. It targets angel networks and other early-stage investors to help businesses in diverse sectors secure essential capital at a formative stage. The £10 million commitment to Fuel Ventures represents a practical example of the program's mission to close persistent funding gaps for high-potential companies.
Fuel Ventures Investment Strategy
Fuel Ventures was created to back the next wave of ambitious technology founders and has since evolved into a multi-stage venture capital firm. Its fund structure is designed to support companies from Pre-Seed through Series A, ensuring that founders can access capital well beyond an initial round. The firm was founded by Mark Pearson following the sale of his business MyVoucherCodes, bringing direct founder-operator experience to its investment approach.
Track Record and Portfolio Outcomes
Since inception, the Fuel Ventures funds have deployed over £280 million across more than 230 early-stage UK companies. The firm was an early investor in Volt, a fast-growing European fintech company valued at £256 million, and ContentCal, acquired by Adobe for £110 million. It also backed Capdesk, which was acquired by Carta for US$88 million, underscoring the commercial strength of its portfolio.
Leadership Perspectives
Mark Barry, Senior Investment Director at the British Business Bank, said the program exists to close gaps in early-stage access to capital across the UK. He noted that Fuel Ventures brings founder-operator experience and that the capital provided does not stop at the first round but keeps working for founders as they grow. Mark Pearson, Founder and Managing Partner of Fuel Ventures, described the backing as a strong vote of confidence in the firm's entrepreneur-led model and long-term support strategy.
Supporting Follow-On Funding
This commitment will allow Fuel Ventures to widen its capacity across the fund structure, supporting new early-stage investments and continued follow-on rounds for existing portfolio companies. Many early-stage companies struggle to secure follow-on funding from their existing investors, so the additional capital addresses a critical market gap for founders. The structure means the British Business Bank's backing continues to benefit founders as they scale toward Series A.
Boosting Regional Startup Access
The Regional Angels Programme specifically targets imbalances in early-stage equity finance, and this commitment is a direct example of that objective in action. Fuel Ventures has invested across the UK and aims to support promising companies regardless of location, helping founders outside major financial hubs access venture capital. The partnership should broaden the pipeline of investment-ready startups in underserved regions and sectors.
By aligning public backing with a founder-led investment model, the British Business Bank and Fuel Ventures aim to strengthen the UK's early-stage technology ecosystem. The £10 million commitment is expected to catalyze further private investment, support continued growth across the portfolio, and reinforce the role of regional angel networks. This partnership illustrates how targeted regional programs can address structural gaps in startup finance and help ambitious companies reach the next stage of scale.