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Business News

Dragon Meyer's £20m fund

Julie Meyer, the star of the online version of BBC hit Dragons' Den, has launched a £20m venture capital fund. The Ariadne Capital Entrepreneurs fund (ACE) has received investment from 10 leading business figures, including former Partygaming chairman Michael Jackson.

Ms Meyer, who will be the managing partner of the fund, said that the standardisation of technology meant that start-up firms required less capital than even 10 years ago, when £5m-to-£10m was the norm. The fund, which will be fully raised by the end of the year, will invest £250,000-to- £1m in growing companies.

Other investors include Gerard Bonnevay, the former Crédit Agricole board director, and betting entrepreneur Simon Capreis. Ms Meyer has also invested in ACE, which will focus on internet companies, with media technology and digital entertainment particular focuses.

Ms Meyer added that companies in the portfolio of Ariadne Capital, her existing company, could be among the first to receive ACE funding.