ACE FUND ANNOUNCES FIRST CLOSE -
Entrepreneurs Backing Entrepreneurs model of financing continues to grow
5 July 2012, London, United Kingdom
The Ariadne Capital Entrepreneurs Fund (ACE Fund), a seed fund, co-founded by Julie Meyer, Karima Serageldin and Ariadne Capital, announces its first close with $8.25 million under management, and each Limited Partner as a co-investment partner of the firm, providing significant follow-on capital for further investment.
The ACE Fund is investing in "digital enablers" in the UK in the media tech (gaming, video, publishing and radio), financial tech (including mobile money), health tech and clean tech (applications) sectors where entrepreneurs have products and early revenue. The ACE Fund is investing the first $500,000 into companies where the proposition is a game-changer by virtue of "Ecosystem Economics"TM , and the entrepreneurs have a track record of success.
Karima Serageldin said, "While competitive strategy and internal efficiency are clearly critical to any enterprise, the ability to meet evolving customer demands, top-line growth momentum and sustained profitability are increasingly dependent on interaction and collaboration with the type of emerging 'Digital Enablers' we are backing through ACE."
The ACE Fund is backing companies who are B2B in nature and transforming large industry. Ariadne Capital, the operating partner to the ACE Fund, helps those companies grow more quickly by working with management to identify and secure talent, partnerships and to go to market more successfully by decreasing the time to get transactions done and with high-quality capital providers and strategic partners. Monitise, the leading mobile money company founded by Alastair Lukies, has been a client of Ariadne Capital since November 2004.
The ACE Fund has secured investment from leading entrepreneurs and business builders on four continents:
• Russ Shaw, NXD of Cupid, Dialog Semiconductor and Unwire, ex Skype Europe, ex Telefonica
• Travis Baxter, ex MD of Bauer Media, NXD of Sound Out
• Irwin Jacobs, Founding Chairman and CEO Emeritus, QualComm,
• Jon Rubinstein, Amazon Director and former Executive Chairman and CEO, Palm Inc.
• Mike Alfant, Founder of Fusion Systems, Tokyo
• Todd Ruppert, retired President of T. Rowe Price International
• Clive Jacobs, Founder of Holiday Autos, Chairman of TravelWeekly
• Robbie Vann-Adibé, Founder of Viant, NXD of Traackr
• Clive Pinder: NXD of Expert-24, T4T Africa & Asaripartners; ex vielife, KPMG and Viant
• Julie Meyer, Karima Serageldin and Ariadne Capital
The ACE Fund is evaluating more than 100 new deals monthly, and is set to make two investments this summer.
Julie Meyer said, "Entrepreneurs are naturally inclined to help other entrepreneurs because they have been in the hot kitchen of running a start-up. We've aggregated some of the most innovative and successful business people into our Limited Partner base - entrepreneurs who have built businesses with many billions in market capitalisations."