The firm has a target fund size between £3-5 million, and hopes to invest between £100,000 to £750,000 in up to 20 small independent startups throughout the United Kingdom. The firm says it will begin this process by leveraging its extensive network across Scotland.

“Scotland has a terrific record of supporting ambitious startups, from leading university spinouts to the existing support ecosystem for early-stage businesses, and we’re looking forward to playing our part in backing some of the UK’s most extraordinary entrepreneurs who are busy solving a myriad of complex issues businesses are faced with in today’s society,” said Gordon Merrylees, Head of Ventures at N4.

Merrylees brings with him experience as a former managing director at NatWest, Royal Bank of Scotland, and Ulster Bank. Along with Merrylees, each member of the investment committee has first-hand experience as entrepreneurs and investors, which they say helps them better understand the challenges faced by fast growing startups.

This is in stark contrast to the norm in the UK, where only 8% of venture capitalists have industry experience according to a recent report by Diversity VC. 

The N4 Ventures fund is ‘sector-agnostic’, meaning it will seek startups across the tech sphere. However, N4 has emphasised the importance of seeking business with female entrepreneurs, operating in the NetZero, SaaS, Healthtech, Life Sciences, Cyber, Spacetech, and Fintech sectors. 

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N4 Ventures already has established partnerships with various organisations such as universities and accelerators across the UK. The firm will look to use the ‘Investability Rating System’ developed by Capital Pilot to quickly and effectively assess the investment potential of each company. 

“We are thrilled to officially launch N4 Ventures and can’t wait to begin speaking to the investment community about this fantastic opportunity,” said Merrylees.