Jonathan Rowland, son of former UK Conservative party treasurer David, has launched his latest stock market venture a Bermuda-registered company which will invest in social media companies.Mr Rowland, who is chairman of Jellybook, aims to raise £3 million on the Alternative Investment Market through the new venture, as reported in UK paper The Guardian.His former business Jellyworks floated at five pence in late 1999 and soared to more than 100p before being sold for 28.5p six months later after running out of cash.“The rise of social media in the past five years has been a development of global proportions,” said Mr Rowland. “Yet until now public market investors have had limited opportunities to invest in this fast-growing sector. We believe that Jellybook will provide them with that opportunity in the UK.”According to the paper, he hopes to find a deal in 18 months, following on from the listings of companies such as Linkedin and Renren, and plans by US company Groupon to sell shares.“We believe the investment case for Jellybook is clear and is backed by an unprecedented interest in social media, from investors to end users,” he said.“Social media is helping to redefine global business and the way in which people go about their daily lives.”The Rowland family bank, Banque Havilland, which was created out of the Luxembourg operations of the collapsed Icelandic bank Kaupthing, is underwriting the £3 million flotation on the AIM.Jellybook will focus on companies involved in “both digital media and social networking, in particular companies that are offering solutions using existing social media platforms”, and is most likely to target an acquisition in Europe.Mr Rowland’s father had intended to become the Conservative party treasurer but resigned in August 2010 before taking up his post amid criticism of his former status as a tax exile.He had donated £1 million to the party the previous year and had to return to UK residency after being based in Guernsey to allow the donation to take place.Rowland junior launched another stock market company in 2007 the same year as the markets collapsed during the credit crunch that was intended to invest in telecoms companies. No deals were made and cash was returned to investors.Setting out the case for investing in Jellybook, the company said that the amount of cash spent on social networks and blog sites equated to 22 percent of all time spent online or one in every four-and-a-half minutes.