Four of the biggest names in the UK digital media scene are launching an investment fund for internet start-up companies.

The fund, PROfounders Capital, has been set up by Michael Birch, co-founder of Bebo, Brent Hoberman co-founder of Lastminute.com and entrepreneurs Peter Budens and Jonathan Goodwin.

Over $30m has already been raised, with plans to more than double this amount by bringing in more entrepreneurs to the fund.

"Going back to 2000, we have a decent community of people in the UK who did make money in the internet and other media businesses. Those people do want to invest in the next generation of entrepreneurs," Mr Hoberman told the Financial Times.