The Refugee Venture Fund launches in the UK with £300,000, backed by Atomico

The Entrepreneurial Refugee Network (TERN) has launched the Refugee Venture Fund with support from Atomico, a UK venture fund that invests only in high-growth businesses founded by refugees. It starts with £300,000 in initial capital, which it plans to increase to £500,000.

The fund will write cheques of £50,000 to £100,000 into three to five companies, building a track record ahead of a planned £10 million fund. It runs as a special purpose vehicle and is sector-agnostic, with a priority on software, AI and climate technology. Founders must be UK-based with legal refugee status, and companies need a product, a pilot or traction.

TERN and Square estimate that 26,500 refugee entrepreneurs contribute £520 million to the UK economy.

The advisory board includes Reece Chowdhry of Concept Ventures and Matt Penneycard of Ada Ventures.