Ex betfair boss launches £50m tech fund

When Bebo founder Michael Birch and Lastminute.com entrepreneur Brent Hoberman announced the launch of their start-up investment fund PROfounders Capital earlier this month, the tech sector could hardly contain itself – and now it seems the pair have started something of a trend.

On Saturday, news broke son of Lloyd’s of London chairman Lord Levene former Betfair boss and Tim Levene is to planning to launch his own private equity fund after he was approached by banking tycoon Lord Rothschild about making a number of co-investments.

According to reports, the £50m fund, backed by Rothschild and investment house RIT Capital Partners will target the UK and China for investments of between £3m and £15m in e-commerce, leisure, consumer and technology.

Levine has already appointed VC Richard Matthews, who has a history with Manzanita Capital and eBay and Twitter investors Benchmark Capital, as partner.

So it seems the tech sector is once again proving itself to be an early adopter, recognising a trend long before it hits the mainstream. After a long, miserable winter, private equity houses are finally coming out of hibernation – which is great news for businesses who have been more than a little let down by banks unwilling to stand out from the crowd.

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