British Entrepreneur Timothy Armoo Launches £5 Million Fund for Minority-Led AI Startups

Timothy Armoo was thinking like an entrepreneur at 14. By his late 20s he had built and sold a company for eight figures. Now the British entrepreneur is not only investing his fortune but backing a new generation of founders betting on artificial intelligence with millions of his own money reports Fortune. The Legon Fund, founded by Armoo, will have a £5 million ($6.7 million) investment pot to back minority-led AI startups. The move is a reflection of his belief that AI is the next big opportunity for young people to build wealth and businesses. Armoo’s journey into entrepreneurship began far removed from the traditional startup world. He lived with his grandmother in Ghana during his early years before relocating to London. His family later lived on a council estate in a landscape spoiled by gang violence and knife crime, adds the report. Armoo began his first company at 14 years old with limited financial resources, and no network of business contacts. His tutoring business grew to 65 tutors in six weeks. At 17, he had already closed his first business acquisition deal, selling his publication Entrepreneur Express to Horizon Media and later his entrepreneurial ambitions continued even at university.

From university project to $10 million+ exit

In 2017, Armoo founded Fanbytes, an influencer marketing agency, in his second year at university. It took advantage of the growing importance of social media marketing, winning major clients such as the U.K. government, Deliveroo and Samsung. Five years later, Brainlabs acquired Fanbytes for eight figures. At the time Armoo was just 27 years old, thus making him a millionaire before the age of 30. His experience with social media shaped his views on how technology can open up new opportunities. He now views AI as the next big shift in technology that could lower the barriers to entrepreneurship.

Why Armoo sees AI as a game changer

"Aspiring entrepreneurs have tools at their disposal that previous generations could never have imagined," Armoo said in a statment to Fortune. Artificial intelligence can assist people in brainstorming, prototyping and doing work that used to need dedicated teams. This allows social platforms to then offer distribution and access to potential customers without traditional advertising budgets. For young founders, it means that it’s possible to start a business from your laptop with relatively little money up front. The other reason Armoo thinks AI could be a huge wealth-creation opportunity is accessibility.

$6.7 million to support young founders

The Legon Fund is Armoo’s way of putting that belief into action. He’s contributed some $6.7M of his own fortune to fund AI startups founded by minority entrepreneurs. The fund seeks to solve one of the problems that can prevent promising ideas from becoming viable companies: access to capital. Armoo’s own experience has shaped the approach. The tech that helped create his wealth was social media, but he believes AI now offers a similar opportunity.

The entrepreneurs of tomorrow

Armoo’s gamble comes as young workers are facing a tough job market for entry-level jobs. The traditional corporate path is less sure as AI adoption and slower hiring take hold, and many Gen Z workers are becoming more interested in entrepreneurship. Founder is among the fastest-growing job titles Gen Z is pursuing, according to data shared by Fortune from LinkedIn. And Intuit’s Entrepreneurship in 2026 report found that 43% of Gen Z respondents were considering starting a business in 2026, the highest share among age groups. The transition has been made easier by digital infrastructure. Websites, social media, video conferencing, online payments and AI tools mean that entrepreneurs can launch and market businesses without the physical infrastructure that used to be required.

From entrepreneur to supporter

Now Armoo’s story has taken a different path. He is no longer just creating businesses on his own. With the Legon Fund, he’s looking to give young founders the capital to build businesses out of AI-driven ideas. Whether or not AI will turn out to be the wealth-creation wave Armoo anticipates is yet to be seen. But the millions of his own money he’s willing to commit show how seriously he takes the opportunity — and how determined he is to make sure other young entrepreneurs can take part.