Funding for refugee entrepreneurs in the UK
Venture capital could provide the funding you need to start or grow your business
Are you a refugee entrepreneur in the UK? Find out if you're eligible for our funding, and how it works.
Who can apply
You can apply if all of these are true:
- You, or one of your co-founders, have lived experience of forced displacement. That includes refugee status or any other form of humanitarian protection (even if it was 20 years ago), being stateless, arriving under a resettlement programme (for example from Ukraine, Syria or Afghanistan), or coming from Hong Kong on a British National (Overseas) visa.
- You're starting a new business, or growing one you've already started. It doesn't have to be finished: a product, a prototype or a pilot with users is a strong sign, and an idea you're already working on means you can still apply.
- Your business is registered in the UK, or you live in the UK and plan to register it here.
- At least half of your business is owned by people with a displacement background. If you hold less than half because you've raised money before, tell us: a real person looks at each of those cases.
- You already have the right to live and work in the UK, and to be self-employed as the director of your own company. If someone else in your team is the one with lived experience of displacement, they need the right to work here, too.
If you're not sure about something, just ask us at hello@refugeeventure.fund. The application starts with a few quick questions that show you, within about a minute, whether this fund could help you. If it can't, we'll tell you if we know anyone else who might be able to help.
What kind of business we back
We invest in businesses that could become much bigger than they are now. Venture capital works by buying a small share of a company with a lot of potential: one that could grow many times over and employ a lot of people. That's the difference between investing and lending. We're looking for businesses that can grow quickly, run by people who are ready to sell us a share in that future.
We don't have a list of industries we favour. Sectors like software, artificial intelligence, health and biotechnology, and climate and energy can grow very quickly, and they fit well. So does any business with the potential for rapid growth, in any sector, including ones we haven't thought of. No sector gives you an advantage.
Some very good businesses aren't a fit for venture capital. A shop, a restaurant or a service business that grows steadily can be a good living and a real contribution to a community. It might be better served by a loan or a grant than by selling part of the company, and our sister organisation Skylight opens in a new tab could be a better fit for you than the Refugee Venture Fund. If that's the business you're building, we'd rather be clear from the start than take up your time.
What we look for
We want to know how you've shown initiative, strength and determination, anywhere in the world and in any form.
That could be a business. It could also be a school you set up, a community you organised, a qualification you earned despite real barriers, or a team you led without a title or a budget. We're looking for what you did with what you had.
We'll be honest: the standard is high. This is a small fund, so we have to choose carefully who we back. We're looking for people with serious ambition and an idea that could become something big, who have already shown they can inspire people and bring together resources to make things happen. If that's you, we want to see your application.
What we invest, and what comes with it
We could invest between £25,000 and £100,000 for a minority share of your company. The money is only part of it. If we back you, you'll also get:
A place in the RVF Showcase, where you can present your business to other investors who could write the next cheque.
12 months of business coaching on what you actually need, instead of a fixed programme that everyone sits through.
Access to TERN's community of entrepreneurs and advisers, 1,000 people and counting.
What venture capital means
Many entrepreneurs have never had venture capital investment before, and it comes with conditions. Here's what it means in practice.
- This is not a loan
- You don't need to repay us, and there's no interest on the funding. Instead, we take a share of your company. If your business doesn't succeed, you don't owe us the money. That's why the funding comes with business coaching and expert guidance: we want you to succeed, because we only do well if you do well.
- We take a minority share
- We're not buying your business or taking it over, and you still run your company day to day. If we invest, we own part of your company, and our part is smaller than the part you keep. Our share is in exchange for the funding and guidance that could help your business grow further and faster than it could otherwise.
- We share your risk
- With a loan, the lender asks you to guarantee that you will pay the money back. With venture capital, the investor shares the risk with you. That's why a venture capital fund can back an entrepreneur when a bank won't. We could lose all the money we invest in your business, so we'll work hard to help you succeed: you get our time and attention, our contacts, and our help when you get stuck.
- We get involved
- In exchange for investing, we take a seat at the table. This usually means a place on your board, or a regular formal meeting. We expect to see your business numbers, to agree your plans with you, and to be told early if something goes wrong or a big opportunity comes up. On a small number of big decisions, such as selling the company or raising much more money, our agreement is needed as well as yours.
- There's usually an exit point, and that's normal
- After around 5 to 10 years, venture capital investors expect to turn their share back into money. This is the return on their investment, instead of interest on a loan. It could happen when your company is bought by someone else, when new investors buy our share, or when you buy our share back from us. It doesn't mean your company has to close, and it doesn't mean you have to leave. We talk about this openly before we invest, not after.
Here's what we don't need
- A perfect pitch
- Perfect English
- A conventional CV
Not having these won't count against you. We judge evidence, not presentation. A pitch deck isn't necessary, but we recommend one, even a simple one: a few clear slides help us understand your business, and we'll read them alongside your answers.
How applying works
There are 4 steps.
- Fill in the application. It starts with a few quick questions, which take about a minute and tell you straight away whether this fund could help. Then comes the application itself: who you are, what you're building, and why you're an entrepreneur worth backing.
- A real person reads it. Every application is read by someone on our team. We'll never use software to score you or decide anything about you.
- We'll get together. If we want to take your application to the next step, we'll meet you to go into the details: your background, what's motivating for you and your plan for building what comes next.
- You'll make your pitch. The last step is presenting your business at our Showcase. Our Investment Committee then makes the final decision about whether we fund you.
Ready to apply?
A few quick questions, then the application itself.