BBH Global, a UK-based advertising agency, has set up a corporate venturing fund with venture capital firm Spark Ventures.
The Black Sheep fund is trying to raise £10m ($16m) over the next three months.
Adam Arnold, Partner at BBH, said: "The Black Sheep Fund is a venture between Zag (BBH’s brand invention business) and Spark Ventures.
"The background is increasingly obvious: there is a dearth of seed funds for start-ups. The thing we spotted was that the next big digital business is just as likely to come from new entrepreneurs – and that is why we set up this fund."
As well as invest money, the fund will develop the start-ups’ brands.
Arnold said: "We call it ‘creative capital’. We aim to invest this creative capital in businesses that intersect consumers, technology and content. Examples would include smart new social tools, disruptive e-retailing concepts or contagious GPS games."
Although the details of last week’s Budget have yet to disclose if the UK government has reinstated the tax break for corporate venturing, there were a number of measures to encourage entrepreneurs.