Four of the biggest names in the UK digital media scene are teaming up to launch an investment fund for internet start-ups.

Michael Birch, co-founder of Bebo, the social network acquired by AOL last year for $850m (£520m), is the cornerstone investor. He is joined by: Brent Hoberman, co-founder of Lastminute.com and Mydeco; Peter Dubens, the entrepreneur behind Pipex, 365 Media and now Oakley Capital; and Jonathan Goodwin, who sold LongAcre, the media-focused boutique investment bank, to Jefferies in 2007.