Which venture capital firm should a London founder approach? The answer depends mostly on stage. A seed investor writing a first cheque of a few hundred thousand pounds is a very different proposition from a growth investor backing a £40m round, even though both call themselves venture capital firms.
London is where most of that money sits. The city's start-ups took 74.7 per cent of the $23.7bn (£18bn) raised by UK start-ups in 2025, according to Dealroom. UK Private Capital, which counts companies rather than money, puts London at about half of the businesses backed. The two figures come from different datasets and cannot be compared directly.
Several London firms have raised new funds this year, from Osney Capital's £60m debut seed fund to Highland Europe's €1.1bn (£930m) Fund VI. Index Ventures has added $2bn (£1.5bn) of new capital across seed, venture and growth.
This guide covers 27 firms with a London headquarters or main investment team that have raised a fund or made a new investment in the past three years. They are grouped by the stage at which they first invest. Each entry sets out where the firm is based, how much it typically invests, what it backs, its latest fund, who it suits and what it does not do.
Table of Contents
Seed-stage venture capital firms in London
Seed investors back companies at or before launch, usually with a first cheque of between £100,000 and £3m, and many will lead or co-lead the round. The 13 firms below range from pre-seed specialists such as Playfair to sector specialists such as Air Street in AI and Osney in cyber security.
LocalGlobe
LocalGlobe is the seed fund within Phoenix Court, a wider platform that also supports founders and later-stage companies.
At a glance
Office: London
Stage: Pre-seed and seed; Phoenix Court has separate later-stage strategies
Sectors: Technology, AI and science
Latest fund: LocalGlobe XIII, raised in 2025
Companies backed include: Wise, Monzo and Nothing
Best for: Pre-seed and seed technology founders
LocalGlobe backs founders at the earliest stages and connects them to the wider Phoenix Court network. Its sister strategies, including Latitude and Solar, invest later, while LocalGlobe is the group’s seed entry point.
Seedcamp
Seedcamp calls itself Europe’s oldest seed fund and is known for backing founders before their companies have launched.
At a glance
Office: 12 Little Portland Street, Fitzrovia, London W1W 8BJ
Founded: 2007
Stage: Pre-seed and seed, with follow-on investment through Select Fund II
Typical first investment: $350,000 to $1.25m
Sectors: Sector-agnostic technology
Latest fund: Fund VII at $220m (£170m) and Select Fund II at $100m (£75m), closed in July 2026
Assets under management: More than $1bn (£750m)
Companies backed include: Wise, Revolut and Pleo
Best for: Earliest-stage founders building globally ambitious technology businesses with a European connection
Limitation: Not for companies that have already raised more than a couple of million dollars, except through its Select follow-on fund
Seedcamp likes to lead or co-lead and syndicates collaboratively. It can support later rounds through its Select strategy, while Seedcamp Nation provides a founder and operator network.
Seedcamp joined London-based 9fin’s $170m (£130m) Series C on 31 March 2026 as an existing investor.
Hoxton Ventures
Hoxton Ventures is known for backing Deliveroo, Darktrace and Preply early, and reports three portfolio IPOs and nine acquisitions.
At a glance
Office: Holborn
Founded: 2013
Stage: Pre-seed and seed, with follow-on capacity
Typical first investment: $500,000 to $5m, with exceptions
Sectors: Technology and category-creating businesses
Companies backed include: Deliveroo, Darktrace and Preply
Best for: Ambitious technology companies with global potential
Hoxton says it can lead a seed round or invest alone, syndicates with other investors and reserves capital for follow-ons. Its support includes US introductions, hiring, market intelligence and partnerships.
Kindred Capital
Kindred Capital is known for sharing part of its fund carry with the founders it backs.
At a glance
Office: London
Founded: 2015
Stage: Earliest-stage investment, including pre-seed and seed
Typical first investment: $200,000 to $3m
Sectors: Applied AI, health and biotechnology, energy, industrials and security, among other areas
Latest fund: Fund III at $130m (£98m), 2023
Companies backed include: Clove, Fractile and Latent Labs
Best for: Pre-seed and seed founders seeking a lead or co-lead investor and a shared-ownership model
Limitation: UK-first, although Kindred says it can back exceptional founders beyond the UK
Kindred leads or co-leads early rounds and gives founders a share of fund carry. Its portfolio page says it backs six to eight new companies a year.
Air Street Capital
Air Street Capital publishes the State of AI Report, its annual review of AI research, industry, geopolitics and safety.
At a glance
Office: London
Stage: As early as possible, with selective growth follow-ons
Typical first investment: $500,000 to $5m at pre-seed and seed
Sectors: AI-first software, infrastructure, developer tools, technology and biology, science, defence and security
Latest fund: Fund III at $232.3m (£170m), announced on 23 March 2026
Companies backed include: Synthesia, Black Forest Labs and Poolside
Best for: AI-first companies in North America or Europe
Limitation: AI must be central to the business; it is not a generalist technology fund
Air Street leads early-stage rounds and makes selective growth investments. Its founder ecosystem includes the Air Street AI Network, RAAIS and London meet-ups.
Fuel Ventures
Fuel Ventures says it has backed more than 230 companies and is led by entrepreneur and investor Mark Pearson.
At a glance
Office: Bishopsgate
Founded: 2014
Stage: Pre-seed to Series A, with a separate scale-up vehicle
Typical first investment: Up to £250,000 through its pre-seed Seed Enterprise Investment Scheme (SEIS) vehicle; other vehicles have separate ranges
Sectors: Software, marketplaces, fintech and broader technology
Companies backed include: Paddle, Volt and Supportwave
Best for: UK technology founders from pre-seed to Series A
Limitation: Stage and cheque size depend on the specific investment vehicle
Fuel invests through separate pre-seed, seed and scale-up vehicles and offers an online pitch route.
Ada Ventures
Ada Ventures is known for its “Inclusive Alpha” thesis and its scouting programmes for people outside conventional venture networks.
At a glance
Office: London
Founded: 2018
Stage: Pre-seed and seed
Typical first investment: £250,000 to £750,000 at pre-seed; £1m to £1.5m at seed
Sectors: Economic empowerment, healthy ageing and climate equity
Latest fund: Fund II (first close £36m, 2022)
Companies backed include: Jack & Jill, Aerska and ToothFairy
Best for: UK pre-seed and seed companies in its three Inclusive Alpha areas
Limitation: Prefers companies with at least a first product version
Ada reported that it led more than 70 per cent of its first cheques in 2025 and that its average initial cheque was £522,000. It also runs Ada Scouts, Angel and Talent Lab programmes.
Clean Growth Fund
Clean Growth Fund is a specialist climate investor that measures the forecast emissions reductions across its portfolio.
At a glance
Office: London
Founded: 2020
Stage: Seed and Series A
Typical first investment: £500,000 to £5m
Sectors: Climate technology, energy, buildings, transport and industrial decarbonisation
Latest fund: Fund II (second close £81.5m, 8 September 2026)
Companies backed include: C-Capture, Piclo and Q-Bot
Best for: UK climate technology with significant greenhouse-gas reduction or resource-efficiency potential
Limitation: UK-based companies and climate impact are central to its remit
The fund supports strategy, commercialisation and business development, and runs Portfolio Days and Investor Mixers. Founders can apply for funding through its website.
Osney Capital
Osney Capital is a specialist investor in cyber security, national security and dual-use technology.
At a glance
Office: London
Founded: 2023
Stage: Pre-seed and seed
Typical first investment: £250,000 to £2.5m
Sectors: Cyber security, national security and dual-use technology
Latest fund: Fund I closed at £60m on 29 June 2026, at its hard cap and above its £50m target
Companies backed include: Osprey, Strand Intelligence and Refute
Best for: UK pre-seed and seed cyber and security technology companies
Limitation: Its cyber and security mandate is specialist, not generalist
Osney’s Fund I invests in early-stage security companies.
firstminute capital
firstminute capital says it backed five unicorns at seed, including Wayve, n8n and Mistral AI.
At a glance
Office: Strand
Founded: 2017
Stage: Pre-seed and seed
Typical first investment: £1m to £3m
Sectors: Generalist technology, with stated expertise in vertical AI and deep tech
Assets under management: $500m (£380m)
Companies backed include: Wayve, Mistral AI and Storyblok
Best for: Technology founders with global ambitions
firstminute says its network can help catalyse investment rounds, partnerships and government engagement. Founders can use its “Let’s meet” route.
Playfair Capital
Playfair Capital is known for its recurring Female Founder Office Hours, which reached a 15th edition in February 2026.
At a glance
Office: London
Founded: 2013
Stage: Exclusively pre-seed
Typical first investment: £100,000 to £1.5m; average £700,000 to £1m
Sectors: Sector-agnostic, provided the company has a technology element
Latest fund: Fund 3 (£57m)
Companies backed include: Warden AI, Orca AI and Sproutl
Best for: First institutional investment in UK or European technology companies
Limitation: Playfair says founders who have already raised more than £1m are too late for its pre-seed mandate
Playfair typically leads or co-leads and says it is often the first institutional investor. It accepts applications through a pitch form and publishes direct guidance on how to approach the firm.
Playfair led the pre-seed round for London-based Wassist, announced on 8 June 2026.
SFC Capital
SFC Capital says it has invested in more than 500 companies through a platform that spans SEIS, EIS and later follow-on capital.
At a glance
Office: London
Founded: 2012
Stage: Seed, with Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) investment and follow-on capital
Typical first investment: £100,000 to £300,000
Sectors: Sector-agnostic, including software, life sciences, deep tech, fintech and consumer
Assets under management: More than £150m
Companies backed include: YuLife, Vira Health and Deep Green
Best for: UK SEIS-qualifying early-stage businesses with initial traction
Limitation: The firm says it does not consider companies based outside the UK
SFC offers a direct “Apply Now” route and invests across UK businesses without a sector restriction.
Eka Ventures
Eka Ventures backs consumer technology with an impact thesis centred on sustainability, health and inclusion.
At a glance
Office: London
Stage: Pre-seed and seed
Sectors: Life-essential products and services, health, wellbeing and sustainability
Latest fund: Fund II closed at $107m (£81m) on 13 April 2026
Companies backed include: Runna, Urban Jungle and Axle
Best for: Early consumer technology companies addressing sustainable consumption, health or inclusion
Limitation: Its thesis is impact-led and focused on consumer products and services
Eka backs consumer technology intended to improve everyday products and services.
Early-stage venture capital firms in London
Early-stage firms typically lead Series A rounds for companies with a product and early revenue, and many follow on into later rounds. The 12 firms below include the largest fundraisers on this list, Index, Balderton and Atomico, alongside B2B software specialists such as Notion and Dawn.
Atomico
Atomico was founded by Skype co-founder Niklas Zennström and is known for its At Scale operating support for portfolio companies.
At a glance
Office: London
Founded: 2006
Stage: Series A-led, with growth capital and follow-ons
Sectors: Technology, AI, fintech, health and deep tech
Latest fund: Growth VI at $754m (£570m) and Venture VI at $485m (£370m), $1.24bn (£930m) combined, announced on 9 September 2024
Companies backed include: Wayve, Pelago and Ben
Best for: European-founded technology companies with global scale ambitions, from first institutional investment to IPO
Limitation: European-founded companies only
Atomico invests across European technology and has operating teams that help portfolio companies scale. Its At Scale programme is part of that support.
Balderton Capital
Balderton is known for leading Revolut’s first institutional round, a £1.5m seed investment in 2015.
At a glance
Office: The Stables, 28 Britannia Street, King’s Cross
Founded: 2000
Stage: Seed to IPO through early-stage and growth funds
Sectors: European technology
Latest fund: Early Stage Fund IX at $615m (£460m) and Growth Fund II at $685m (£520m), announced on 8 August 2024
Companies backed include: Revolut, Wayve and Lindus Health
Best for: European-founded technology companies seeking investment from seed through IPO
Balderton combines early and growth funds with hands-on portfolio services, Executives in Residence and a network of more than 500 portfolio executives. Its Balderton Launched programme offers six months of support without taking equity from founders at idea or pre-seed stage.
On 18 September 2026, Balderton participated in London-founded Mantic’s $25m (£19m) round, led by Radical Ventures.
Index Ventures
Index Ventures is known for backing technology companies such as Revolut and Wise and for its public Index School resources for founders.
At a glance
Office: London
Founded: 1996
Stage: Seed to growth
Sectors: Technology, fintech, consumer and health and life sciences
Latest fund: $2bn (£1.5bn) of new capital announced on 31 July 2026: $400m (£300m) for seed, $900m (£680m) for venture and $700m (£530m) added to the existing growth fund
Companies backed include: Revolut, Figma and Wise
Best for: Technology founders across Europe, the US and Israel
Index publishes founder guidance and accepts approaches by email, social channels and events. It welcomes referrals but says they are not required.
Notion Capital
Notion Capital is known for its research on cloud software challengers and its focus on European B2B software.
At a glance
Office: London
Founded: 2009
Stage: Near product-market fit and Series A, with growth follow-on vehicles
Typical first investment: €1m to €8m
Sectors: B2B software, cloud and SaaS
Latest fund: Opportunities III at €114m (£97m), September 2025
Assets under management: More than $1bn (£750m)
Companies backed include: Mews, GoCardless and Currencycloud
Best for: European B2B software companies with meaningful commercial traction
Limitation: Not generally for pure seed, pre-product or pre-product-market-fit companies, with some frontier-technology exceptions
Notion says it leads rounds in B2B software and is investing in AI-enabled software. It generally looks for companies with product-market fit rather than pre-product businesses.
Octopus Ventures
Octopus Ventures is known for its dedicated pre-seed team and founder-focused approach across its investment themes.
At a glance
Office: Holborn
Founded: 2008 as a venture strategy
Stage: Pre-seed to Series A, with later-stage follow-ons
Typical first investment: £100,000 at pre-seed; from £1m at seed and later
Sectors: B2B software, biology, climate, consumer, deep tech, fintech and health
Companies backed include: Cazoo, Depop and Secret Escapes
Best for: European founders from pre-seed through Series B and beyond
Limitation: Later-stage companies need to be further developed; its process varies by stage
Founders can pitch directly and begin with a call. Octopus says it aims to reach a final decision within ten days for pre-seed applications and provides hands-on support.
Felix Capital
Felix Capital is known for its “Creative Class” positioning at the intersection of technology and creativity.
At a glance
Office: 27 Beak Street, Soho
Founded: 2014
Stage: First and second rounds, with later growth investment
Typical first investment: $1m to $20m in first and second rounds
Sectors: Consumer, commerce, lifestyle, creative industries and enabling software
Companies backed include: Farfetch, Mejuri and Papier
Best for: Companies changing how people live or work through consumer, commerce, lifestyle or creative technology
Limitation: A thematic focus rather than generalist software investing
Felix invests from venture to growth and says it usually takes board representation in portfolio companies. It also runs weekly Friday office hours for underrepresented founders.
Plural
Plural is known for a partner-led approach built around former founders and operators who work closely with a small number of companies.
At a glance
Office: London
Founded: 2022
Stage: Early-stage technology
Sectors: Deep tech, AI, defence, climate, health, mobility and industrial technology
Latest fund: Fund II, reported at €500m (£420m) (2024)
Companies backed include: Helsing, Starship Technologies and Isometric
Best for: Technology founders seeking hands-on support from partners who have built companies
Limitation: The firm says each partner takes only a few projects a year
Plural is partner-led and invites founders to contact its partners.
Mosaic Ventures
Mosaic Ventures’ current thesis focuses on applied AI in Europe at seed and Series A.
At a glance
Office: London
Founded: 2014
Stage: Seed and Series A
Sectors: Applied AI
Latest fund: Mosaic II at $150m (£110m), 2018
Companies backed include: Fractile, Parloa and Manas AI
Best for: Europe-rooted applied-AI companies at seed or Series A
Limitation: Its current thesis is exclusively applied AI
Mosaic invests at seed and Series A in applied AI companies across Europe.
Dawn Capital
Dawn Capital is known for two decades of investment focused on European B2B software.
At a glance
Office: Ilona Rose House, Manette Street, Soho
Founded: 2007
Stage: Series A and B, with growth investment
Sectors: European B2B software
Latest fund: Dawn V at $620m (£470m) and Dawn Opportunities III at $80m (£60m), $700m (£530m) combined, announced on 25 September 2023
Companies backed include: Mimecast, Collibra and Showpad
Best for: European B2B software companies at Series A, Series B or growth stage
Limitation: Its stated focus is B2B software rather than consumer businesses
Dawn invests in B2B software across early and growth stages.
MMC Ventures
MMC Ventures is known for a research-led approach to sourcing technology companies.
At a glance
Office: London
Founded: 2000
Stage: Seed and Series A
Sectors: Enterprise AI, cloud and data infrastructure, fintech and data-driven health
Companies backed include: Synthesia, YuLife and Wawa Fertility
Best for: Technology companies using AI or data to address large markets
MMC uses a research-led sourcing model and invests in AI and data businesses across sectors.
AlbionVC
AlbionVC is known for backing Quantexa from its first round in 2017 and supporting the company through later milestones.
At a glance
Office: London
Founded: 1996
Stage: Early-stage investment through growth
Sectors: Software, healthcare, deep tech and mission-critical technology
Latest fund: Its three venture capital trusts (VCTs) raised £80m in April 2025
Companies backed include: Quantexa, Synthesia and Gaussion
Best for: Pre-seed B2B software, university-origin deep tech and life sciences, or growth investment in existing portfolio companies
Limitation: Its strategies cover distinct stages and sectors rather than one uniform mandate
Albion operates separate strategies for early technology, deep tech and life sciences, and later-stage growth. These vehicles give the firm scope to support companies beyond their first investment.
20VC
20VC combines a venture firm with the founder and investor media platform built around The Twenty Minute VC podcast.
At a glance
Office: London
Stage: Pre-seed and seed through Series A
Typical first investment: $100,000 to $3m
Sectors: Technology
Latest fund: Fund III closed at $400m (£300m) on 21 October 2024, split between $125m (£94m) for seed and $275m (£210m) for Series A
Companies backed include: Airwallex, Cognition and Poolside
Best for: Technology founders from pre-seed to Series A
Growth-stage venture capital firms in London
Growth investors back companies that already have substantial revenue, usually in rounds of tens of millions. Highland Europe and Molten Ventures are the two London firms on this list that start at this stage.
Highland Europe
Highland Europe is known for backing European scale-ups in software and consumer technology and supporting their international expansion.
At a glance
Office: 30 Golden Square, Soho
Founded: 2012
Stage: Growth
Sectors: Product-led software and consumer businesses
Typical round size: €20m to €80m
Latest fund: Fund VI at €1.1bn (£930m), announced on 29 July 2026
Assets under management: More than €4bn (£3.4bn)
Companies backed include: Nothing, Nabla and n8n
Best for: Growth-stage, Europe-rooted enterprise and consumer technology companies with proven product-market fit, at least €5m (£4.2m) in annual recurring revenue or revenue, and typically 50 per cent or more annual growth
Limitation: Its mandate is for growth-ready companies, not seed-stage businesses
Highland leads selected growth rounds and supports portfolio companies with US expansion, sales and marketing, senior hiring, boards, acquisitions and follow-on fundraising.
On 31 March 2026, Highland participated as an existing investor in London-based 9fin’s $170m (£130m) Series C, led by HarbourVest.
Molten Ventures
Molten Ventures is a listed investment company whose FY26 report records more than £800m realised since its 2016 IPO.
At a glance
Office: London
Founded: 2006 as Draper Esprit
Stage: Growth through Growth Fund I, with the dedicated vehicle focused on Series B and later
Sectors: Software, deep tech, health, fintech and climate
Latest fund: Growth Fund I (first close £175m, 7 September 2026; £350m target)
Assets under management: £1.9bn at 31 March 2026
Companies backed include: Graphcore, ICEYE and Trustpilot
Best for: European technology companies raising Series B or later growth capital
Limitation: Growth Fund I is not a seed-entry vehicle
Molten combines direct investments and managed funds with EIS and VCT activity. Growth Fund I is its dedicated later-stage vehicle.
International firms with London investment teams
These firms are separate from the 27 London-based managers above. Accel’s team page lists London-based investors Philippe Botteri and Harry Nelis, covering early and late-stage companies. Northzone’s team page lists several London-based investors and partners.
What the list shows
AI runs through every stage. Air Street invests only in AI-first companies, Mosaic now focuses on European AI, MMC backs AI and data businesses, and Atomico, Plural, LocalGlobe and Seedcamp all list AI among their sectors.
The British Business Bank, the government-owned development bank, backs several of these firms, including Seedcamp, Phoenix Court, Osney Capital, Notion Capital and Molten Ventures. Its £75m commitment was the cornerstone of the first close of Molten's growth fund.
Few London firms specialise in growth rounds. Only Highland Europe and Molten start at that stage, although Index, Atomico and Balderton also run growth funds. Molten says UK and European technology companies too often lack the growth capital to become global leaders.
Frequently asked questions
Which are the biggest venture capital firms in London?
The largest fund totals are Index at $2bn (£1.5bn) in 2026, Balderton at $1.3bn (£980m) in 2024, Atomico at $1.24bn (£930m) in 2024 and Highland Europe at €1.1bn (£930m) in 2026. These are fund totals, not assets under management.
How much do London VCs invest at seed?
Most seed investors on this list write first cheques of between £100,000 and £3m. Examples include Playfair Capital (£100,000 to £1.5m), Ada Ventures (£250,000 to £1.5m by stage), Seedcamp ($350,000 to $1.25m) and Kindred Capital ($200,000 to $3m).
How should founders approach a London VC firm?
Check stage and investment fit, then use the firm’s approach route. Hoxton, Fuel, Ada, Clean Growth Fund, Playfair, SFC Capital, 20VC and Octopus Ventures have pitch or application routes. Seedcamp starts with a call; firstminute offers a “Let’s meet” route. Index accepts approaches by email, social channels or events, and says a warm referral is welcome but not required.
