A new British venture capital fund has secured major backing from Qatar to accelerate investment into quantum computing start-ups, marking a significant vote of confidence in one of the UK’s fastest-growing deep-tech sectors.
Firgun Ventures, co-founded by academic and former Culture Trip founder Kris Naudts and ex-Goldman Sachs banker Zeynep Koruturk, has closed its first investment round at $70 million (£53 million). The largest contribution came from the Qatar Investment Authority (QIA), with further backing from several family offices and Ilyas Khan, founder of quantum computing giant Quantinuum, recently valued at $10 billion.
Firgun aims to build a $250 million fund, but will begin deploying capital immediately from its London base, focusing on early-stage quantum firms in the UK and abroad.
“There is a very good set of investment opportunities here,” Naudts said, citing the UK’s strong academic foundations in quantum research and the concentration of talent within the Oxford-Cambridge-London triangle. According to analysis from the Tony Blair Institute, the UK is home to 64 of the world’s 513 dedicated quantum start-ups, placing it second only to the United States.
Naudts said the UK’s challenge is not innovation but capital availability — a gap he believes Firgun can fill. “Kudos to the UK for having the second most quantum start-ups in the world — the country’s not that big,” he said.
Firgun’s leadership team brings a highly unusual mix of backgrounds to the sector. Naudts is a trained doctor and psychiatrist turned tech entrepreneur, while Koruturk previously held senior roles at Goldman Sachs. The pair were early backers of Quantinuum, investing as far back as 2016.
Quantum computing is widely regarded as the next major frontier in technology. By processing information at unprecedented speed, quantum machines could solve complex scientific and mathematical problems far beyond the capabilities of existing supercomputers — unlocking breakthroughs in materials science, climate modelling, logistics optimisation and drug discovery.
For Naudts, the mission is also personal. After leaving Culture Trip, he says he was misdiagnosed with a neurodegenerative disease, an experience that reinforced his belief that quantum computing will one day transform diagnostics and medical treatment. “Quantum will be able to improve diagnoses and treatments for many health problems,” he said.
Firgun Ventures will now begin evaluating early investments, positioning itself as a new London-based player in the global race to commercialise quantum technologies — with Qatari capital helping to build momentum.
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Qatar invests millions in new British venture capital fund backing quantum start-ups