UK refugee venture fund launches with £300,000

The Entrepreneurial Refugee Network (TERN) has launched a UK investment fund for businesses founded by refugees, backed by £300,000 of initial capital. Established with Atomico’s support, the Refugee Venture Fund plans to expand that amount to £500,000.

Applications will open on 14 October 2026. The fund expects its first investment round to close in December, with allocation of the initial capital scheduled for completion by March 2027. It intends to use these investments to establish a record before pursuing a planned £10 million fund.

Businesses across sectors can qualify, although the fund will favour those with high growth potential, especially software, AI and climate technology companies. Refugees must hold majority ownership or leadership, and founders must have legal refugee status and be based in the UK.

Rather than backing ideas alone, the fund will generally seek evidence such as a minimum viable product, a pilot or commercial traction. It will also assess founders’ experience and execution capabilities, alongside prospects for an acquisition or exit within five to ten years.

Companies receiving investment will get coaching over 12 months, help with pitches and connections to advisers and TERN’s network, which includes more than 700 refugee founders. To find prospective investments, the fund plans outreach through diaspora organisations, university incubators and refugee scholarship networks.

The September 2026 Cedar Review surveyed 81 refugee entrepreneurs and found that 40 per cent regarded access to startup finance as a major difficulty.