Pearls Capital

What Pearls Capital does

Pearls Capital LTD is a privately held venture capital fund manager incorporated in the United Kingdom and headquartered at 40 Queen Anne's Gate, London. Founded by Munder Shuhumi, the firm invests in early-stage start-ups across financial technology, insurance technology, property technology, blockchain, artificial intelligence, and machine learning, with a stated focus on digital disruptors and founders from underrepresented segments. The firm's investment approach combines top-down thematic mega-trend analysis with bottom-up identification of ventures exhibiting disruptive catalysts, supported by a proprietary methodology for predicting long-term venture value developed by the founder from his 22+ years across Goldman Sachs, Fidelity, Aspect Capital, Man Group, Schroders, and Pictet.

Pearls Capital's core operating model is fund management — generating revenue through management fees and carried interest on equity investments in portfolio companies. The publicly disclosed portfolio comprises Hole in the Sleeve (a video game development studio working with STORROR on parkour games and a proprietary game engine) and Fin (a sustainable urban logistics company using AI-driven route optimization and e-cargo bikes). The firm employs a proactive origination model — systematic scouting and selective identification through operator networks rather than reliance on inbound deal flow — and engages directly with founding teams through due diligence and post-investment mentoring.

In April 2024, Pearls Capital expanded its operating model by launching a venture studio in Doha, Qatar in partnership with Qatar Development Bank and Morpheus AI (a non-profit OMICS AI think tank). This initiative marks Pearls Capital's first material geographic expansion beyond the UK and extends its thesis into biomedical AI, with a stated objective of cultivating local Qatari entrepreneurs and serving global biomedical AI founders establishing a regional presence. The firm maintains an organic content marketing presence via its website, blog, LinkedIn, and Instagram, and operates an investor portal for LP transparency.

Name

Pearls Capital

Legal name

Pearls Capital LTD

Website

https://pearlscapital.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Pearls Capital is a London-based venture capital fund manager investing in early-stage FinTech, InsureTech, PropTech, blockchain, and AI/ML start-ups, founded by Munder Shuhumi and operating a portfolio that spans gaming, logistics, and a Doha-based biomedical AI venture studio.

Ownership category

akta.pro rank

Product category

Venture Capital Fund Management

NAICS

Portfolio Management and Investment Advice (52394), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

Keywords

• Venture capital funding
• Early-stage investing
• Fintech investments
• Fund management services
• Startup portfolio management

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Fund Management: Venture capital fund management generating returns through equity investments in portfolio companies, with revenue derived from management fees and carried interest on successful exits.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Pearls Capital is a venture capital fund manager that invests in early-stage start-ups in financial, insurance, property, blockchain, artificial intelligence, and machine learning technology. The firm provides capital, network access, operational support, and long-term mentorship to founders, with a focus on digital disruptors showing product-market fit and some revenue. It also operates a biomedical AI venture studio in Doha through strategic partnerships.

Product overview

Pearls Capital is a venture capital fund manager that invests in emerging financial, insurance, property, blockchain, artificial intelligence, and machine learning technology start-ups. The firm operates a multi-product investment approach comprising its core fund management services and portfolio holdings. Key portfolio companies include Hole in the Sleeve (a game studio developing proprietary game engine and parkour video games with STORROR) and Fin (a sustainable logistics company using proprietary AI for route optimization with e-cargo bikes). Additionally, Pearls Capital has launched a Venture Studio in Doha (2024) in partnership with Qatar Development Bank and Morpheus AI, focused on biomedical AI innovation. The differentiation strategy centers on identifying talent clusters through network effects with a high-conviction impact focus.

Differentiator

Problem solved

Functional benefit

Products and services

• Doha Biomedical AI Venture Studio A venture studio service launched in Doha, Qatar that provides a nurturing environment and comprehensive toolkit for biomedical AI entrepreneurs worldwide to establish a presence in Doha, with focus on cultivating the local Qatari workforce and supporting scalable biomedical AI businesses.

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• Qatar Development BankcoreStrategic or Co-development Partner · 1 April 2024Strategic partnership for establishing a pioneering venture studio in Doha, Qatar focused on biomedical AI. Qatar Development Bank provides strong commitment to economic diversification and technological advancement, ensuring financial and infrastructural support for the venture studio ecosystem.
• Morpheus AIcoreStrategic or Co-development Partner · 1 April 2024Non-profit think tank specializing in OMICS AI that collaborates with Pearls Capital and Qatar Development Bank on the Doha venture studio. Provides deep expertise in OMICS AI, bolstering the scientific and technological framework of the venture studio for biomedical AI start-ups.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Emerging players

• Anthemis (FinTech growth): Emphasized as an emerging player overlap; comparable to Pearls Capital in FinTech focus but with different stage and LP base.

Direct peers

• Speedinvest: European early-stage VC with dedicated FinTech and deep-tech funds and an in-house operational platform. Comparable to Pearls Capital's FinTech/AI/ML early-stage focus and venture-building orientation.
• Anthemis Group: UK-based early-stage venture capital firm focused on financial services and FinTech. Directly comparable to Pearls Capital in geography, stage, and FinTech-centric investment thesis, though larger and with a longer track record.
• Episode 1 Ventures: London-based pre-seed and seed investor backing early-stage tech startups, with a similar small-team model and early-stage focus. Comparable in stage, geography, and hands-on support model.
• LocalGlobe: UK seed VC investing from idea to Series A across FinTech, health, and frontier tech. Closely comparable in size, stage, and London base.
• Notion Capital: European VC specializing in B2B SaaS and FinTech, with a long track record in the same sectors Pearls Capital targets. Directly comparable in FinTech/enterprise focus.
• Connect Ventures: Early-stage European VC focused on connected devices, software, and emerging tech. Comparable in stage, geography, and small-team venture-building style.

Broad incumbents

• MMC Ventures: London-based early-stage investor with a research-driven, thesis-led approach to FinTech, AI, and enterprise software. Overlaps with Pearls Capital's data-driven, thematic methodology.
• Octopus Ventures: One of the largest UK-based VCs, investing across FinTech, health, deep tech, and consumer. A broader incumbent operating in the same London ecosystem and many of the same sectors as Pearls Capital.

Others

• Qatar Development Bank (VC arm): State-backed development bank partnering with Pearls Capital on the Doha venture studio. A capital partner and ecosystem enabler rather than a competitor.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInuk.linkedin.com/company/pearls-capital
• Instagraminstagram.com/pearlscapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pearls Capital