The Refugee Venture Fund (RVF) has launched in the UK with an initial capital of £300 000. The fund plans to increase this amount to £500 000 and aims to invest between £50 000 and £100 000 in three to five companies. These initial deals are designed to build a track record for a future, larger fund targeting £10 million in total assets.
The fund focuses on high-growth businesses led by refugees based in the UK. Priority sectors include software, AI, and climate technology. Eligible startups must have majority-refugee ownership or leadership and possess a minimum viable product or demonstrated commercial traction. The fund will not support companies at the idea stage.
Research by The Entrepreneurial Refugee Network (TERN) and Square indicates that 26 500 refugee entrepreneurs contribute £520 million to the UK economy. The study estimates a potential for an additional £5.1 billion in economic activity. A survey of 81 refugee entrepreneurs revealed that 40 per cent consider access to startup finance a major challenge.
TERN established the fund with support from Atomico and founding investors including Dominus, This Day Foundation, and Future Leaders. The fund uses a special purpose vehicle with a dual-class share structure to maintain its investment mandate. It will provide portfolio companies with 12 months of coaching and access to a network of over 700 refugee founders.
Applications for the fund open on 14 October 2026. The first investment round is expected to close in December 2026, with all initial capital scheduled for allocation by March 2027.
