Questions about the Refugee Venture Fund

You can apply if all of these are true:

• You, or one of your co-founders, have lived experience of forced displacement.
• The business is registered in the UK, or you live in the UK and plan to register it here.
• People with a displacement background own half or more of it.
• You have started building.
• You already have the right to live and work in the UK.

The full detail is on the founders page. We do not back businesses whose core product is weapons or arms (see the next question).

We do not invest in businesses whose core product or main revenue is making or trading weapons or arms. Businesses in oil and gas, tobacco, gambling or mining can apply, and we look at each of those cases one by one. If you are making one of those industries cleaner or safer, tell us about it in your application.

Not yet, and we are sorry to say so. While a claim is being decided you usually have no right to work or to be self-employed in the UK, and you need that right to run a company we have invested in. Once you have a decision that gives you the right to work, you are very welcome to apply. If you have refugee status or humanitarian protection, are stateless, arrived under a resettlement programme (for example from Ukraine, Syria or Afghanistan), or came from Hong Kong on a British National (Overseas) visa, you can apply now.

Yes. You need conversational English, not fluency, and we don't expect polish. Write it in plain words. The application is written, so if writing is hard, take your time over it or ask someone you trust to help you put it into words.

It isn't required, but we recommend one, even a simple one. If you have a deck, attach it: we read it alongside your answers when we decide. A deck often shows your progress and your team more clearly than a written answer can. If you don't have one, you can still apply.

Yes, as long as you have started. A product, a prototype or a pilot that people can use is a strong sign, but if you are already working on an idea you can still apply. Describe where you are honestly and a person will read it. A small number of entrepreneurs at a very early stage are taken forward in each group.

Possibly. If people with a displacement background hold less than half because of earlier fundraising, we review the case one by one. If you lead the company and hold a meaningful share, apply and explain your situation on the form.

A loan is money you pay back, with interest, whether or not the business works. Venture capital is different: we buy a share of your company instead. There is nothing to repay and no interest, and if the business fails you don't owe us the money. In exchange we own part of the company, so we only do well if you do well. It suits businesses that could grow very large, and it suits steady local businesses far less well than a loan or a grant would. If you think a loan might be a better fit for your company, have a look at our partner organisation Skylight opens in a new tab, which offers small, 0% interest loans for refugee entrepreneurs.

Between £25,000 and £100,000, for a minority share of the company. You keep the majority and keep running the business. Alongside the money, every entrepreneur we back gets a place in the Showcase, 12 months of coaching aimed at what their business actually needs, and access to TERN's community of entrepreneurs and advisers.

No. We take a minority share, so you still own most of the business and still run it. We do take a seat at the table, usually a board place or a regular formal meeting, and we expect to see your numbers and agree the plan with you. On a small number of big decisions, such as selling the company or raising much more money, our agreement is needed alongside yours.

Investors eventually turn their share back into money, usually when the company is bought, when new investors buy our share, or when you buy it back. This is normal and it is how the fund keeps going. It doesn't mean your business ends and it doesn't mean you have to leave it. We talk this through with you before we invest, not afterwards.

In 4 steps. First, you answer a few quick questions and send your application. Second, a person on our team reads it. Third, if we want to go further, we invite you to meet the team, which is where we get into your numbers, ownership and plan. Fourth, you pitch at our Showcase, and our Investment Committee makes the final decision.

Not at the application stage. The written answers are what our team reads and compares, so the form is text only. Take your time over it, and ask someone you trust to help you put it into words if that is easier. Nobody is judged on how polished the writing is.

A small named team reads applications. We do not sell your information and we do not share it for marketing. The most sensitive information, such as immigration detail and personal history, is restricted to fewer people still, and every time someone opens it, that access is recorded. You can ask us to delete your record at any time. The privacy notice explains everything we hold.

No. People read every application and make every decision. We do not use AI to assess applications, and AI never scores you, ranks you or decides anything about you.

A person reads everything you send. We do not send an automatic confirmation email, so keep the reference shown on the page after you send your application. If we want to talk, a person on our team invites you to a conversation.

Someone who knows you told us you are building something and thinks we should meet you. We hold your name, your contact details, who referred you and their note about why. A person on our team tells you this within a month, and at the latest when we first contact you. If you don't reply within 90 days of the referral, we delete your record. You can ask us to delete it sooner at any time.

This is for everyone who applies, including the people we don't invest in. When you apply we ask separately whether we can contact you once a year to hear how your business is going. Very few people have ever tracked how refugee-founded businesses actually perform, and that evidence is what makes the case for more money reaching entrepreneurs like you. It is optional, saying no makes no difference to your application, and you can stop at any time. If we do invest in you, that is a different and much closer relationship, and we explain it on the founders page.