RLC Ventures

What they fund

Pre-seed stage startups in the UK and Europe, with a specific focus on companies reshaping work, play, and learning [1]., Cheques ranging from £100K to £600K, with an average cheque size of approximately $1 million across the fund's history [1][2]., Companies in five thematic verticals: proptech, fintech, enterprise software, AI, and social impact technology [2]., Founders who may not fit traditional VC profiles, as the firm uses a data-led approach to identify entrepreneurial traits beyond standard metrics [1]., First-time founders, with 90% of their portfolio founders having their first VC conversation with Concept, indicating a strong pre-seed positioning [2].

Investment thesis

Concept Ventures (formerly RLC Ventures) operates as a dedicated pre-seed fund with a founder-centric thesis, prioritizing the entrepreneur's profile and potential over predefined sectors or verticals [1]. The firm deploys capital into early-stage companies reshaping how people work, play, and learn, writing cheques from £100K up to £600K [1]. They utilize a data-led approach to identify entrepreneurial traits, allowing them to look beyond traditional metrics like work history or education to access a wider range of potential [1]. The firm emphasizes being the first institutional voice in a founder's journey, with 90% of their founders having their first VC conversation with Concept [2]. This approach is supported by a team of partners who come from non-VC backgrounds, helping them spot overlooked talent and avoid preconceptions [1].

Credibility: The firm's manifesto and fund announcement detail the founder-first approach, the specific cheque sizes, and the data-led methodology for identifying traits [1]. The Waveup profile confirms the 90% first-VC-statistic and the thematic verticals [2].

Value add

Concept Ventures provides hands-on support across product, fundraising, and go-to-market strategies, helping pre-seed founders navigate the transition from product development to early commercial traction [2]. The firm's team, composed of individuals from non-VC backgrounds, brings operational experience and a unique perspective to their portfolio companies [1]. They offer a tailored value-add framework based on each founding team's specific needs, built around the founder's personality and traits [1]. The firm also facilitates access to a network of co-investors and LPs, including Y-Combinator backed founders and senior global technology executives [1].

Fit verdict: Ideal for first-time founders seeking a dedicated pre-seed partner who offers structured support and a long-term view, rather than just capital.

Founder diligence script:

• How does your data-led approach to identifying founder traits translate into specific support during the first 12-18 months?
• Can you provide examples of how you have tailored your value-add framework to different founder personalities in the past?
• What is your process for helping founders navigate their first VC conversation and subsequent fundraising rounds?
• How do you leverage your network of LPs and co-investors to support portfolio companies in raising follow-on rounds?

Portfolio focus

AI and Deep Tech: ElevenLabs, an AI voice company that reached a $3.3 billion valuation, representing a significant return on the firm's pre-seed cheque [2]., Enterprise Software: Reachdesk, a corporate gifting platform, and Condense, a live-streaming video pioneer, are notable portfolio companies [1]., Fintech and Social Impact: Your Juno, a female financial education platform, and Chatterbox, an online language learning service taught by refugees, highlight the firm's thematic diversity [1][3]., Proptech and Insurtech: Intelligent AI, a property risk assessment platform, and Wrisk, an insurance trading solution, demonstrate the firm's focus on real-world tech applications [3].

Notable investments & exits

Cliff.ai, a property risk assessment company, was acquired by GTMHub in June 2024, representing a successful exit for the firm [1][2]., Playter, a cloud-based recruitment financing platform, was acquired, marking another realized exit from the portfolio [3]., ElevenLabs, an AI voice company, reached a $3.3 billion valuation in 2024, representing a significant unrealized gain and potential future exit [2]., The firm has recorded two exits within the last two years, contributing to strong returns in their prior funds [1].

Strategic implications

Concept Ventures' focus on pre-seed and founder-centricity positions it as a critical bridge for first-time founders, reducing the signaling risk associated with later-stage VCs writing optionality cheques. The firm's 'outsider' mentality and data-led approach to founder identification could uncover high-potential talent that traditional VCs miss, creating a competitive edge in sourcing. The strong LP base, particularly the British Business Bank's commitment, provides stability and validates the firm's thesis, but also ties its success to public policy goals regarding early-stage equity supply.

Where they could go further

The firm could expand its geographic focus beyond the UK and Europe to tap into global pre-seed opportunities, especially given its strong track record and LP base. Enhancing its post-investment support for portfolio companies in scaling to Series A could improve its overall IRR and exit outcomes, given the high graduation rate. The firm could leverage its 'outsider' mentality to create more specialized programs for underrepresented founder groups, further differentiating its sourcing and value-add. Developing a more robust co-investment strategy with its LP base could increase deal flow and provide additional capital for follow-on rounds.