George Osborne brother’s tech fund venture
Fund will use Government’s EIS and SEIS schemes to support traders recoup tax relief of up to 64pc on all investments through the automobile 
Photograph: John Millar
Theo Osborne, brother of the Chancellor, George Osborne, is raising up to £15m for a new fund to support high-net-worth folks invest in the UK’s quick-expanding technologies commence-up sector.
Force More than Mass Capital (FOMCAP) will use the Government’s EIS and SEIS schemes to help investors recoup tax relief of up to 64pc on all investments through the motor vehicle.
The fund has partnered with Uk accelerator Dreamstake, which has a portfolio of much more than 500 begin-ups, to discover promising technology firms and will offer mentoring to start-ups alongside the finance.
“We give the total value chain,” stated Mr Osborne. “There are a great deal of businesses that need to be utilising the Government’s EIS and SEIS schemes.
“We are going to make confident the income reaches the entrepreneurs that require it most, and we’ll supply investment possibilities to men and women that would by no means generally hear about these firms.”
Co-founder Martijn de Wever said: “We’ve received a whole lot of sturdy curiosity and we’re already lining up potential funds.” It hopes to raise £15m by August 1.
Mr Osborne has come underneath fire for promoting providers to the super-rich whilst his brother preached austerity from Whitehall. Nevertheless, this new venture need to be welcomed by the Chancellor.
“The Government is pushing organizations to use EIS,” said Mr Osborne. “It is doing work very difficult to encourage tech innovation.”
Mr Osborne denies that his connection with the Chancellor will influence the accomplishment of his new venture.
“People will think about the venture on its merits, not on my relationship with my brother,” he mentioned.