The proposed new investment vehicle will invest between £5m and £10m in tech start-ups outside of London, in an effort to provide greater opportunities to promising fledgling businesses away from the nation’s capital, according to reports.
In lieu of launching a new fund, Woodford intends to allocate capital from his existing portfolios, which he will invest alongside a number of other investors, a spokesperson has confirmed.
Reportedly, half of the funding for the investment vehicle will come from UK taxpayers.
The involved parties hope the vehicle, which was in the making prior to the Brexit vote, will be launched by the end of 2016.
