The Chancellor of the Exchequer's younger brother, Theo Osborne, is planning to launch a new investment fund aimed at tech start-ups.
Theo, the youngest of the four Osborne brothers, aged 29, currently sells luxury holidays to “high net-worth individuals” through his company, Parnassus Luxury Travel.
He told the Evening Standard this week that his latest business venture will involve tapping into the “co-working revolution” taking place in London.
He said he plans to do this through a new company, called Force Over Mass LLP, which is set to launch in a “couple of months”.
“There’s been a big exodus from Silicon Valley, especially for tech start-ups, which are coming to London,” he said. “There’s a real co-working revolution going on here. [The new company] is a bridge between tech and finance.
The company, which will be “awesome”, according to Osborne, will aim to find, fund and mentor start-ups, specifically fast-growing early stage businesses.
When asked if the they will then be sold, Osborne said: “Well, it’s quite a long-term investment.”
The size of the fund and other details about how it will operate are not yet known.
Force Over Mass has been co-founded with former credit trader at HSBC, Martijn De Wever.
Similar funds are already available in London, through accelerators such as Startupbootcamp and the Barclays financial technology (FinTech) accelerator. These accelerators typically invest in start-ups for a share of their business. For example, Barclays takes six percent equity in return for £12,000.