A venture capital trust (VCT) that was to have invested exclusively in businesses run by ex-military entrepreneurs has failed to raise sufficient funds.
The launch of the Time:Reboot VCT was announced in November, and aimed to secure up to £20 million.
However, the VCT was unable to attract enough money to be viable and has decided not to proceed.
Those who have already subscribed to buy shares will be refunded.
The VCT had targeted growth in excess of 70% over the first five years of its life, including the initial 30% income tax relief from the VCT structure.