Sky Capital Holdings, a transatlantic merchant bank and brokerage house, has created a venture capital fund to snap up bargain start-up companies left stranded without additional capital.

Sky Venture Capital, based in New York, has already raised half of its targeted $30m (€29m) fund from high net worth investors globally, which it will invest in public and private ventures in the US and Europe. Thomas McMillen, a former US Congressman who has been hired to head the new division, said any investment opportunities would be considered, regardless of region or sector, but they were more likely to be advanced than seed stage.