From Wikipedia: Walter Raleigh in the New World

An early attempt to establish a sustainable English settlement in the New World.

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In 1584, Queen Elizabeth granted Raleigh a royal charter authorising him to explore, colonise and rule any "remote, heathen and barbarous lands, countries and territories, not actually possessed of any Christian Prince or inhabited by Christian People", in return for one-fifth of all the gold and silver that might be mined there.[17] This charter specified that Raleigh had seven years in which to establish a settlement, or else lose his right to do so. Raleigh and Elizabeth intended that the venture should provide riches from the New World and a base from which to send privateers on raids against the treasure fleets of Spain. Raleigh himself never visited North America, although he led expeditions in 1595 and 1617 to the Orinoco river basin in South America in search of the golden city of El Dorado. Instead, he sent others in 1585 to find the Roanoke Colony, later known as the "Lost Colony".[18]

These expeditions were funded primarily by Raleigh and his friends but never provided the steady stream of revenue necessary to maintain a colony in America. (Subsequent colonisation attempts in the early 17th century were made under the joint-stock Virginia Company, which was able to raise the capital necessary to create successful colonies.)

In 1587, Raleigh attempted a second expedition, again establishing a settlement on Roanoke Island. This time, a more diverse group of settlers was sent, including some entire families,[19] under the governance of John White.[20] After a short while in America, White returned to England to obtain more supplies for the colony, planning to return in a year. Unfortunately for the colonists at Roanoke, one year became three. The first delay came when Queen Elizabeth I ordered all vessels to remain at port for potential use against the Spanish Armada. After England's 1588 victory over the Spanish Armada, the ships were given permission to sail.[21]

The second delay came after White's small fleet set sail for Roanoke and his crew insisted on sailing first towards Cuba in hopes of capturing treasure-laden Spanish merchant ships. Enormous riches described by their pilot, an experienced Portuguese navigator hired by Raleigh, outweighed White's objections to the delay.[21]