## KEY TAKEAWAYS
- The Refugee Venture Fund (RVF), a UK venture capital fund dedicated exclusively to high-growth businesses founded by refugees, launched on 13 October 2026 with £300,000 in initial capital, with plans to increase this to £500,000.
- The fund expects to make £50,000–£100,000 investments in three to five companies, building a track record ahead of a planned £10 million fund.
- Research by The Entrepreneurial Refugee Network (TERN) and Square estimates 26,500 refugee entrepreneurs already contribute £520 million to the UK economy, with an estimated £5.1 billion in potential additional economic activity.
- The fund is established by TERN with support from Atomico, and is structured as a special purpose vehicle with a dual-class share structure giving TERN enhanced governance rights.
- Applications open on 14 October 2026, with the first investment round expected to close in December 2026 and all initial capital allocated by March 2027.
## DETAILED SUMMARY
Today marks the launch of the Refugee Venture Fund (RVF), a new UK venture capital vehicle dedicated exclusively to investing in high-growth businesses founded by refugees. The fund launches with £300,000 in initial capital, with plans to raise this to £500,000. It expects to invest £50,000 to £100,000 each in three to five companies, with those initial investments intended to establish a track record ahead of a planned £10 million fund targeting refugee-founded businesses, according to the launch announcement.
The Entrepreneurial Refugee Network (TERN), which has spent a decade supporting refugee entrepreneurs, established the fund with support from Atomico. Founding investors identified in the fund's briefing include Dominus, This Day Foundation, and Future Leaders. TERN previously spun out Skylight Ventures, which provides microloans to refugee entrepreneurs. Research by TERN and Square estimates that 26,500 refugee entrepreneurs already contribute £520 million to the UK economy and identifies an estimated £5.1 billion in potential additional economic activity.
Refugee entrepreneurs face barriers to finance, including limited UK business track records, smaller professional networks, unfamiliarity with the funding ecosystem, and investor misconceptions. A September 2026 Cedar Review survey of 81 refugee entrepreneurs found that 56 per cent had operated a business before arriving in the UK, and 79 per cent already employed people or planned to do so. However, 40 per cent identified access to startup finance as a major challenge. Charlie Fraser, Strategy & Partnerships Director at TERN, said the problem is not a shortage of entrepreneurial ability but access to networks and capital, and that the fund is about closing a market gap rather than lowering the investment bar.
The fund operates through a special purpose vehicle with a dual-class share structure giving TERN enhanced governance rights to maintain its mandate. Although sector-agnostic, it will prioritise software, AI, and climate technology. Eligible companies must have majority-refugee ownership or leadership, and founders must be UK-based and hold legal refugee status. The fund generally targets businesses with a minimum viable product, a pilot, or commercial traction. Its advisory board includes Reece Chowdhry of Concept Ventures, Matt Penneycard of Ada Ventures, and Amir Rizwan of London Social Ventures. Lilijan Sulejmanovic will provide operational support. Portfolio companies will receive 12 months of coaching and access to TERN's network of more than 700 refugee founders. The fund opens for applications on 14 October 2026, with the first investment round expected to close in December and all initial capital scheduled for allocation by March 2027.
