A new British venture capital fund has secured major backing from Qatar to accelerate investment in quantum computing start-ups. This is 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 former Goldman Sachs banker Zeynep Koruturk, has closed its first round of investment with $70m (£53m). The largest contribution came from the Qatar Investment Authority (QIA), with further support from several family offices and Ilyas Khan, the founder of quantum computing giant Quantinuum, which was recently valued at $10 billion.
Firgun is aiming to raise a $250 million fund but will immediately begin deploying capital from its London base, focusing on early-stage quantum companies in the UK and abroad.
“There are very good investment opportunities here,” said Naudts, pointing to the UK’s strong academic foundations in quantum research and the concentration of talent in the Oxford-Cambridge-London triangle. According to an analysis by the Tony Blair Institute, the UK is home to 64 of the 513 dedicated quantum start-ups worldwide, making it second only to the United States.
Naudts said the challenge for the UK 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 isn’t that big,” he said.
Firgun’s leadership team brings a highly unusual mix of backgrounds to the industry. Naudts is a trained doctor and psychiatrist turned technology entrepreneur, while Koruturk previously held senior positions at Goldman Sachs. The couple were among Quantinuum’s first backers, investing back in 2016.
Quantum computing is widely viewed as the next great frontier of technology. By processing information at unprecedented speeds, quantum machines could solve complex scientific and mathematical problems far beyond the capabilities of existing supercomputers – enabling breakthroughs in materials science, climate modeling, logistics optimization and drug development.
For Naudts, the mission is also a personal one. After leaving Culture Trip, he said he was misdiagnosed with a neurodegenerative disease, an experience that reinforced his belief that quantum computers will one day transform diagnostics and medical treatment. “Quantum will be able to improve diagnosis and treatment for many health problems,” he said.
Firgun Ventures will now begin evaluating early investments and position itself as a new London-based player in the global race to commercialize quantum technologies – with Qatari capital adding to the momentum.
