KPMG launches investment fund to bet on tech sector
KPMG increases programme of investments in technology with launch of KPMG Capital
KPMG has launched what is thought to be the first major investment fund to be created by any of the Big Four accountancy firms.
Around $100m (£74.8m) is understood to have been earmarked for the fund, KPMG Capital, to be invested in tech businesses.
The fund is headquartered in London, but will invest globally, KPMG said.
“We have to be more agile – co-investing, sponsoring and partnering at early stages and encouraging technology entrepreneurs to be bold,” said Simon Collins, UK chairman of KPMG.
The firm already has strong links with the UK’s early-stage tech companies through its team, set up in December 2012, dedicated to serving businesses clustered around Old Street roundabout in Tech City.
In October, KPMG increased its programme of investments in technology when it signed a deal to create a new client hub in Leeds’ city centre.
Speaking to Accountancy Age earlier this year, Collins said the firm was trying to invest in innovation.
“That means cultural change, having a younger team and an informal office environment to mate the advisory insights we can give with the innovation culture you get there,” said Collins. “There is no point in the likes of me wearing a tie and going to try and talk to a 19 year-old game programmer or entrepreneur.”