Refugee Venture Fund launches in UK with initial £300,000 pilot capital

The Entrepreneurial Refugee Network launched a £300,000 pilot venture capital fund on Oct. 14, 2026, to invest in UK startups founded by refugees. The Refugee Venture Fund will provide equity investments between £50,000 and £100,000 to three to five early-stage companies.

The initiative aims to establish an investment track record to raise a main £10 million venture capital fund focused on refugee founders. Applications opened on Oct. 14, 2026, with the first investment round expected to close in December 2026.

Eligible businesses must have majority-refugee ownership or leadership, with founders based in the UK holding legal refugee status. Selected startups will receive 12 months of targeted coaching, mentoring, and access to a peer network of more than 700 refugee founders.

The fund was established by The Entrepreneurial Refugee Network, an organization that has supported nearly 2,000 refugee entrepreneurs over the past decade. Set up in partnership with Atomico, the fund's founding shareholders include the Ahluwalia Family Office and This Day Foundation.

“We’ve spent over a decade working with refugee entrepreneurs and have repeatedly seen that the problem isn’t a shortage of entrepreneurial ability or ambition. It’s access to the networks and capital that other founders can take for granted,” said Charlie Fraser, strategy & partnerships director at TERN. “The RVF will back the UK’s most ambitious refugee founders, which traditional venture funds overlook. This is about closing a market gap, not lowering the investment bar.”

The fund's advisory board includes Reece Chowdhry of Concept Ventures, Matt Penneycard of Ada Ventures, and Amir Rizwan of London Social Ventures. Investor Sukhpal Ahluwalia serves as a founding shareholder and backer of the initiative.

Research cited by TERN estimates that 26,500 refugee entrepreneurs currently contribute £520 million annually to the UK economy. TERN projects that supported business creation and growth could help address an estimated £5.1 billion in broader economic activity.