Newly launched fund Time:Reboot VCT plans to raise up to GBP20 million by the end of April 2014. The said funding will be used to back ex-military entrepreneurs in the UK, according to Yorkshire Post.

The venture capital fund believes that investment opportunities will grow as the military forces of the UK are reduced in number. The firm also said at least half of qualifying investments will be into mature and profitable companies. The other half will go into established firms with proven revenues and evidence for potential growth, the report explained.

Ex-army officer Paul Rawlinson founded Time:Reboot in 2011. After five years of service in the Corps of Royal Electrical and Mechanical Engineers, he used his own savings and family investment to put up his investment fund, the report said.

At present, Time:Reboot targets established businesses. However, Rawlinson said he would not rule out investing in startups in the future. The firm sponsors Heropreneurs, a charity that supports UK veterans and military spouses who want to start their own businesses, the report stated.

According to Time:Reboot, its team has over 100 years of SME investing experience under its belt. The firm also added that its board has a track record of managing venture capital trusts and tax-efficient investment vehicles, Yorkshire Post reported.