KPMG to set up $100m investment fund
Kind of a strange move. VC investment is a field where most players fail to make a positive return. What experience does KPMG bring to the table to make it a top player in the VC sphere? £75m is a nice substantial amount of money for a stage-A VC, but it can turn into near £0 pretty quickly if invested poorly.
This is interesting in view of KPMG’s move earlier this year to set up a team near Shoreditch. I’ve heard that they’ve been pitching startups (including some that ended up becoming our clients), though I’m not sure why a tech startup would choose to work with a company like KPMG when there are so many other companies in the ecosystem that are nearer their culture and their size. Opening offices in the right location, wearing jeans, and throwing money at the problem isn’t the way I’d recommend to them if they really want to become a top player in the UK startup ecosystem.
Does anyone else have a theory as to what the strategic background of this decision is? Write in, I’ll quote you!