Enterprise Fund holds first close

The Royal Society has held the first closing of its Enterprise Fund at £5m. The fund has a philanthropic structure and has received donations from people such as Roger Brooke, Adrian Beecroft, Lord Sainsbury of Turville and Stelio Stefanou. Its target is to reach donations of £20m. The Royal Society intends to make investments between £250,000-2m in early-stage science companies. Initially, the fund is targeting companies in the UK and later internationally. The Enterprise Fund is an evergreen fund and will be run on a commercial basis. Dr Andrew Mackintosh is the main manager of the fund.

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