Oxford University says a Silicon Valley venture capitalist has donated 75 million pounds ($116 million) to help poor students attend the prestigious institution.

The money is a gift from Sequoia Capital president Michael Moritz and his wife, novelist Harriet Heyman.

Oxford said Wednesday the donation will form part of a fund to subsidize fees and living costs for students with family incomes below 16,000 pounds. About 100 students will get the award in the first year.

Wales-born Moritz, who studied history at Oxford, says the goal is to ensure that money is not a barrier to an Oxford education.

The number of students applying to British universities has fallen since the government tripled university fees to 9,000 pounds starting this fall. Students on the scholarship will pay just 3,500 pounds.