UK entrepreneurs launch Net start-up fund

NEWS A consortium of top UK technology entrepreneurs has launched what it claims will be the UK's first listed incubator fund for Internet start-ups. The group also announced its intention to set up a service called 10-Invest early next year, which will allow online investing in start-up companies. The high-tech investment fund, to be named New Media Spark plc, is backed by New Media Investors (NMI) and GlobalNet Financial.com. Other founders include former Collins Stewart CEO, Michael Whitaker, and Luke Johnson, chairman of Belgo Group. Spark will provide seed money for high-tech companies, taking them as far as development capital financing. The venture will use NMI's investment experience and GlobalNet's Web presence to attract potential start-ups and investors. The company intends to float on AIM (Alternative Investment Market) within three months, and hopes to achieve a valuation of £100m within six months. Spark's backers believe that combined with 10-Invest, the service will be the only one in the UK to provide corporate finance, development and equity distribution for Internet start-ups.