Eileen Burbidge returns with $27M solo-GP fund NFG
What's the deal? Eileen Burbidge, one of the best-known figures in UK venture capital, has launched NFGDealroom has a profile for this one. Try Dealroom →, a new early-stage fund targeting £20m ($27 million). She is running it as a solo general partner, aiming to write the first institutional cheques into startups.
Who's backing it? Burbidge has already held a first close, backed by UK venture firm ThemaDealroom has a profile for this one. Try Dealroom → and a Singapore-based family office, and has begun signing term sheets. The fund targets £20m but could ultimately reach around £30m ($40.2m).
What's the thesis? NFGDealroom has a profile for this one. Try Dealroom → will be a generalist, founder-led fund rather than one chasing a particular sector. "The thesis is therefore being the first check, being very early," Burbidge told the Pathfounders podcast, adding she wants to work "really, really early with founding teams as they're getting off the ground."
That could mean investing alongside friends, family, and angels, ideally before larger institutional investors arrive.
Why now? Burbidge sees an opening created by the AI investment frenzy. While foundational AI remains important, she argues that capital-hungry race leaves strong founders in other areas overlooked.
"There might be great businesses, fantastic founders doing other things," she said, that are ignored "because everyone else is trying to chase or go after the foundational pieces of AI."
The bigger shift: Burbidge argues AI is changing who can become a founder, and how fast. Prototyping and testing demand now happen far quicker, even if building durable products still takes capital and time.
The result, she said, is a broader founder pool: "You're seeing younger, you're seeing older, you're seeing repeat [entrepreneurs]." People who once thought they lacked technical skills can now build early products with AI tools.
The track record: NFG marks a return to Burbidge's roots. She co-founded Passion Capital in 2011, one of the UK's first early-stage VCs, at a time when the term "pre-seed" barely existed.
"When we started Passion, 'pre-seed' didn't exist as a term," she said, noting that some now talk about "inception checks or inception rounds."
The signal: A veteran investor betting on the application layer — rather than foundational models — reflects a growing view that much AI value will accrue to startups using the technology, not just those building it. Burbidge's name gives a first-time £20m vehicle weight few solo GPs could match.
Read more: pathfounders.com
Image credit: Generated with Gemini
