FOR PROFESSIONAL INVESTMENT SPECIALISTS
MAGAZINE
READY TO DEPLOY M A R C H 2 0 21
GOVERNMENT BACKED - GREAT BRITISH INVESTMENTS - EIS - SEIS - BR - SITR - VCT
CONTENTS
CHAPTER • 1 5-7
Should we prepare for the roaring twenties?
EISA's Mark Brownridge highlights some of the dynamic businesses which are the cornerstone of EIS and SEIS
CHAPTER • 2 8-9
Thrifty Business
We talk to Mark O' Hara, founder of Thrift, about the success of the business
CHAPTER • 3 10-12 Creating a positive circle
Sanjeev Gordhan, Director, Newable Ventures, talks to Peter Wilson about why he is passionate about EIS and SEIS
CHAPTER • 4 13-15 It’s not too late for EIS
Martin Fox looks at the issue of deployment within EIS and highlights some portfolios which are set to deploy by the end of the 2020/21 tax year
CHAPTER • 5 16-19 The Nexus Approach
Matthew O’Kane, Managing Director of Nexus Investments uses a case study approach to highlight the Nexus approach to EIS “on the way in”
CHAPTER • 6 20-31 Open Offers
Our listing of what’s currently available for subscription
Disclaimer GBI Magazine is for professional advisers only. All material has been carefully check for accuracy but no responsibility can be accepted for inaccuracies. Wherever appropriate independent research and where necessary legal advice should be sought before acting on any information contained in this publication. The information and offers contained in this yearbook may not be suitable for all investors. Readers should be sufficiently aware of the risks and ensure that they are of a suitable category as defined by the Financial Services and Markets Act to review and invest in any of the potential offers or funds. The information given in this publication is not to be construed as advice relating to legal, taxation or investment matters. The information contained in this yearbook does not constitute or form part of any offer to issue or sell, or any solicitation of an offer to subscribe or purchase any investment, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with any contract. This yearbook is aimed at UK Investors and is not aimed at persons who are residents of any other country, including the United States of America and South Africa where the funds referred to herein are not registered or approved for marketing and/or sale and where the dissemination of information on the funds or services is not permitted. The information provided in the yearbook is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution, publication or use would be contrary to local law or regulation. The information contained herein may not be reproduced, distributed or published by any recipient for any purpose without the prior written consent of GBI Magazine. No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained in this publication. As such, no reliance may be placed for any purpose on the information and opinions set out within it. Past
GBI Magazine is published by IFA Magazine Publications Ltd, 3 Worcester Terrace, Clifton, Bristol BS8 3JW
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Telephone: +44 (0) 1173 258328 Editor: Sue Whitbread sue.whitbread@ifamagazine.com
performance is no guarantee of future performance. The value of shares in any investee companies may go down as well as up and investors may not get back the full amount invested. Investors should not consider investing unless they can afford a total loss of their investment. Investments in unquoted shares carry higher risks than investments in quoted shares and involve a degree of risk as well as the opportunity of reward. It may be difficult to sell or realise the investment or obtain reliable information about its value. Any tax reliefs referred to in this publication are those currently applying or expected to apply. However, readers should be aware that tax reliefs and legislation can change. Their applicability and value will depend upon the individual circumstances of a given investor. Whilst the investments set out within may qualify for EIS and other tax advantageous breaks, there is no guarantee that EIS status or other tax efficient status can be maintained throughout the life of the investment. Both investee companies and investors need to comply with the requirements of the EIS legislation in order to maintain EIS Relief and non-compliance may result in the loss or partial claw-back of EIS Relief and potential interest penalties. The material in this yearbook is not to be regarded as an offer or invitation to buy or sell an investment, nor does it solicit any such offer or invitation, nor does it seek to endorse any particular investment product. Any information it contains is given in good faith, but no reliance should be placed upon the same. Applications to invest in any investment product referred to within should be made to the relevant promoter. GBI Magazine neither endorses any particular member, product or company/firm wishing to raise money under the EIS nor does it accept any liability for advice given. GBI Magazine is published by and a trademark of IFA Magazine Publications Ltd, 3 Worcester Terrace, Clifton, Bristol BS8 3JW, Telephone +44 (0) 1173 258328 @2021 all rights reserved.
Contributing writer: Peter Wilson peter.wilson@ifamagazine.com Design: Becky Oliver
Publishing director: Alex Sullivan alex.sullivan@ifamagazine.com
Full subscription details and eligibility criteria are available at www.gbinvestments.co.uk ©2021. All rights reserved. Full subscription details and eligibility criteria are available at www.gbinvestments.co.uk
GBI Magazine is for professional advisers only. GBI Magazine is a trademark of IFA Magazine Publications Limited. No part of this publication may be reproduced or stored in any printed or electronic retrieval system without prior permission. All material has been carefully checked for accuracy, but no responsibility can be accepted for inaccuracies, independent research and where necessary legal advice should be sought before acting on any information contained in this publication.
What do we mean by ‘government backed’? In the interests of clarity, any reference made by GB Investments to the point that EIS, VCTs and similar investments are government backed relates to the government’s general approval of these schemes, indicated by their having granted them highly tax advantaged status. The use of this term does not imply that government would in any way act in the capacity as a guarantor or backer of last resort in connection with such schemes.
Handpicking the UK’s most promising tech firms Only applying our performance fee on gains above a high hurdle of £1.30 for every £1 invested. Only taking our annual management charge for the first four years. Investing with ESG (Environmental, Social and Governance) in mind, searching for companies making a positive impact. Targeting 3-5x return across a wide-ranging portfolio of companies in different sectors. Leading with a team highly experienced in start-ups including award-winning tech founders and technology specialists. Blackfinch Ventures EIS Portfolios Find out more at www.blackfinch.ventures Capital at risk.
Blackfinch Investments Limited is authorised and regulated by the Financial Conduct Authority Registered address: 1350-1360 Montpellier Court, Gloucester Business Park, Gloucester, GL3 4AH. Registered in England and Wales Company Number 02705948.
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E ISA
March 2021
SHOULD WE PREPARE FOR THE
ROARING TWENTIES?
Despite the ongoing impact of the Covid pandemic, EISA’s Mark Brownridge is in optimistic mood as he shines a practical light on the opportunities for investment in dynamic businesses which are the cornerstone of EIS and SEIS
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o now we know for sure. 2020 was the worst year economically for 300 years as the UK economy shrank by 9.9%.
And the grim reading doesn’t stop there. According to the Office of National Statistics, that contraction is more than twice as much as the previous largest annual fall on record and is one of the largest across all the major economies in the world. The Bank of England tell us the economy is like a “coiled spring” with businesses and households currently in stasis but ready to unleash pent up growth when the economy is reopened. So the prospects of a “roaring 20s” might provide salvation. Certainly many of the small business owners and entrepreneurs that we talk to, and as I am sure many of you are, have found 2020 at best difficult and at worst catastrophic. Small businesses tend to be cashflow dependent and don’t always have large reserves of profit to call upon so any downturn in sales can have a significant effect. So far, we haven’t seen the number of insolvencies and bankruptcies that we might expect given the situation and there’s no doubt the Government’s interventions such as CBILS, Bounce Back Loans and Future Fund have
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propped up small businesses. But, as these measures start to get wound down, there’s no doubt these numbers will rise. WINNERS AND LOSERS What’s clear is that the pandemic has created winners and losers; both at sector and firm level. At sector level, fairly obviously the hospitality, travel and leisure sectors have had a tough pandemic. Pubs shut, travel banned and social gathering off limits has meant all almost all firms in these sectors have been decimated. But could they be due a bounce back in 2021 and beyond? With us all desperate
The Bank of England tell us the economy is like a “coiled spring” with businesses and households currently in stasis but ready to unleash pent up growth when the economy is reopened
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to holiday, meet and eat together again, are these the hot sectors to invest now? The retail sector has created winners and losers more than most. The major online retailers and supermarkets have had a great pandemic. Smaller or high street stores with little online presence have struggled or in many cases (Debenhams, Topshop) closed their doors permanently. The other big sector winners have been those sectors which were already starting to see growth but which the pandemic has accelerated at lightning speed, predominantly in tech. Think Zoom, Hopin (first fundraising to Unicorn in 2 years) and Revolut. The question now is will these trends continue post pandemic or will these successes be shortlived? Another success story, for obvious reasons, has been medtech and biotech. The scramble for vaccines, testing kits, PPE, personalised health and diagnostic equipment has seen a wall of money reach a sector that has traditionally struggled to access funding. This is due to the traditionally longer timescales needed to start and scale such businesses (by contrast BioNTech, who developed the vaccine with Pfizer, started in 2008 with a “seed” investment of $150M, an amount UK biotech firms can only dream of). Again, short term reaction or sustainable, long term movement? IDENTIFYING THE WINNERS Many sectors are therefore in flux, which presents investors with opportunities. We saw during the last crisis in 2008 that the crisis decimated the large, static, immobile blue chip companies whose focus was on maintaining their status quo rather than innovating and getting ahead of the curve. However, it helped smaller, more nimble operators focused on disruption and technology to flourish. One simple example is Uber, the granddad of the order by app concept that totally transformed an industry. But back in 2008, it was a struggling startup being turned down by every VC in America. Its early investors weren’t institutions but private investors like Mike Walsh. Walsh was on his
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way to buy a Tesla when he got a call from Uber founder, Ryan Graves, who told him about his new project. Walsh liked the idea, cancelled his Tesla order and instead invested $10,000 in Uber. That $10,000 investment went on to be worth $24,827,400. More amazingly, Walsh wasn’t a seasoned investor, this was only his second angel investment.
The Government plays its part by facilitating the landscape and has indeed committed to making the UK the technology and entrepreneurial centre of the world
OPPORTUNITY KNOCKS With sectors in flux and companies beginning to identify and capitalise on fast moving trends, it feels like now is another great investment opportunity. Clearly, the Uber example above is an exception rather than norm. For very Uber, there are 100 Betamaxes but it goes to show what is possible when investing at the earliest stages of a company’s growth journey. And it’s the job of a good VC fund not just to second guess these trends but to work with companies when things go against them and to turn them around. The Government plays its part by facilitating the landscape and has indeed committed to making the UK the technology and entrepreneurial centre of the world. Actions speak louder than words and we wait to see whether the Government delivers but it has made a good start with initiatives such as the £20M Tech fund and the £134M Sustainable Innovation Fund. But it’s private investors and
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fund managers who can play a significant part and drive sectors and companies forward even quicker. This is where EIS and SEIS come into play. In the past few years, the schemes have been focused on delivering funding to companies prioritising growth, innovation and tech and during the pandemic, EIS and SEIS funded companies and the funds which invest in them have proved the value of this strategy. They have proved not only nimble and adaptive but also genuinely inventive, profitable and increasingly important job creators. A few examples help make the point. SonicJobs SonicJobs, invested in by Velocity Capital, started life as a recruitment app for hospitality and retail. The key technology in the app is its chatbot, “Julie”, which generates comprehensive CVs on the back of a series of simple machine learning questions. It became clear that candidates did not realise that they possessed a number of transferable skills relevant to opportunities in other sectors and that the CVs in their own right had a value. In December 2019, they pivoted to extend their sector coverage to include healthcare and logistics and CVs created using Julie started to be sold to a number of job boards. Revenue has doubled in the past year as a result and people are getting access to directly relevant job opportunities. Buymie
March 2021
Hy-genie Finally, we are all acutely aware of the importance of hand washing in society as a result of Covid19. Hand hygiene is a key component to preventing the spread of germs and bacteria in hospitals. It is estimated that over 300,000 patients suffer from health care associated infections each year in the UK. Hy-genie, invested in by Nova Growth Capital has the potential to save thousands of lives each year and the NHS an estimated £1.2bn in treatment costs annually. Hy-genie provides the measurement and monitoring system that is needed at an individual level. The company is now ready to go live at Alder Hey Hospital and another 6 hospital trusts are talking about introducing the service. Hy-genie believes their product is absolutely right for our world today. The public awareness of the importance of handwashing is going to be with us for very many years, and Hy-genie is set to capitalise on this. These are just 3 examples of many I could have given you of companies which have been EIS or SEIS funded and been first responders to the pandemic, each in a different - but a rapid and effective -way. It’s now the job of those companies and the VCs that support them to ensure they continue to grow and are ready to take advantage of further opportunities when they present themselves either at a macro or micro level. There will always be winners and losers in early stage businesses. Both receive funding but only VC backed businesses get the mentorship, support and advice required to navigate through all types of economic conditions to create consistent winners. Within a VC portfolio right now is the opportunity to invest in the next Uber or Airbnb. Go find it! GBI
Buymie is a Haatch Ventures investment and is a mobile app for On-Demand Groceries. You can order goods from a selection of local stores and have them delivered by a personal shopper in as little as 1 Hour. Buymie were quick to see the opportunity presented by Covid-19, namely the huge increase in demand for delivered groceries and the company believes that this is a trend that will continue after the end of Covid-19. Buymie facilitates a delivery service for any supermarket which means that any supermarket can compete with the likes of Ocado and Sainsburys, offering a rapid service, and without the fixed overheads of storage, refrigerated vans and inflexible staffing. As a result, Buymie now have relationships with Lidl in Ireland and the Co-op on the UK. Tests are also now being run with Tesco and Asda in the UK. New facilities in Cork and Bristol have created over 150 new jobs.
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About Mark Brownridge Mark has over twenty years’ experience in financial services and prior to becoming Director General of the EIS Association, he was Head of Research and Development at Mazars, a leading UK financial planning firm. Mark is highly qualified being a Certified Financial Planner, Chartered Financial Planner, Chartered Wealth Manager and Fellow of the PFS and also sits on the CISI’s Accredited firms committee and TISA’s Distribution Policy Council. Mark’s involvement with EIS began 8 years ago and he has since championed EIS investing within a financial planning context and is extremely passionate about promoting the industry, increasing its effectiveness and ensuring the private sector continues to drive much needed funding to small companies.
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NOVA
March 2021
THRIFT Y BUSINESS GBI magazine talks to Mark O'Hara, founder of Thrift, about the development of the business and how the support received from Nova has helped to underpin its success
WHAT WAS YOUR LIFE LIKE BEFORE THRIFT? I was passionate about Rugby League, playing for Scotland under-18s. I focused totally on sport, failing most GCSEs, but learning discipline and perseverance! I still managed to recover and get to university, studying Sports Development. I then went into sports nutrition and supplements, and soon found myself managing an online sports nutrition business for a subsidiary of Tesco. WHAT GAVE YOU THE IDEA FOR THE BUSINESS? While I was with the sports nutrition business, I had the idea for Thrift, as we wrestled with what would sell online and what would be most profitable. But at the time, I was too busy to do anything with the idea, and moved on to Simply Health, and then Holland & Barrett. I then became ill with pneumonia, and had an enforced rest for three months which gave me time to stop and think! SO WHAT DOES THRIFT OFFER? Very simply, Thrift lets you know what your unwanted and unused items are worth across the resale market, such as
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eBay, Amazon, Depop and Facebook, which platform is most appropriate and then lets you upload to your chosen Marketplaces. We are making the second-hand market transparent so that people can sell more and earn more themselves. Currently, there are 9 million people in the UK selling things online, forecast to grow to 12 million by 2030. And in the US there are currently 58 million people doing it, and growing. Yes, we are thinking internationally! Charities and other retail outlets are important as strategic partners for our early development, but the big market is that of these millions of general consumers. WHAT PROBLEMS AND CHALLENGES DID YOU ENCOUNTER? I first took the idea to Lancaster University, but what I needed was too technically challenging for students. These were significant challenges and in the early days the tech team at Nova (Nova Cofoundery Limited) was not sure that they could produce the algorithm that operated cost-effectively. In fact, had I known the challenges we faced, I am not sure I would have started. But Nova persevered, and we now have the right working algorithm. The other major challenge was building a robust panel for user-testing to prove the effectiveness of what we were building. The turning point was when we got a charity
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retailer interested in what we are doing, and we could then access their stores and their staff for the testing. HAS COVID-19 HAD ANY SIGNIFICANT IMPACT ON YOUR BUSINESS? Overall, we have been very fortunate. We had done much of the preparation work with a charity, the British Heart Foundation, when the pandemic arrived in earnest. The intervening time has allowed us to refine what we are doing and plan for a major test. When the charity shops open again, we are now ready to launch a four-week test across five of their branches. Charities receive many bags of stuff every week. Using Thrift, they will know what is best to sell in store, what online, and how much they should get from it. It is far superior to their current methods, which is done by guesswork and is often inaccurate. It will also indicate which online marketplace is likely to yield the best profit for each item.
March 2021
Growth Capital, although that was very important, they gave me a development team from Nova Cofoundrey to work with. They also made me focus on delivering value for the clients, through the lean processes they use. They have also pushed me to deliver a better proposition, challenged me harder, and made me think bigger, including internationally. Their belief in me has also made me want to aim higher. They also made me slow down at times, to test and learn, test and learn, to really gain customer insight, and to be more thorough. It has led to a much better product. WHAT DOES THE FUTURE HOLD? Undoubtedly more trials, then talking to more charities and then taking it into other retailers that want to trade online post-Covid. And after that we are very excited about the scale and potential in America. Initial discussions have been met with great enthusiasm! GBI
SO HOW DID YOU COME ACROSS NOVA? That was simple. My wife saw an ad from Nova Cofoundrey, and I sent in the concept of what I was looking to build. They liked the idea, and things moved rapidly from then on. WHAT DIFFERENCE HAS NOVA MADE? The difference that Nova has made has been massive. It was not just the financial investment from Nova
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Nova's view "Mark's idea is absolutely the right product for the times we live in. Mark has stuck with it through alengthy learning and testing phase, and we are now very excited about the global potential of this product."
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N EWABLE VE NTU RES
March 2021
CREATING A
POSITIVE CIRCLE From understanding the portfolio approach to the investment philosophy driven by the fourth industrial revolution, Sanjeev Gordhan, Director at Newable Ventures, talks to Peter Wilson about why he is passionate about EIS
PHILOSOPHY-LED INVESTMENT Newable Ventures offers two ways of investing through EIS; firstly, the Newable Scale-Up Fund 3 and secondly, on a deal-by-deal basis. All the investments on offer, explains Sanjeev Gordhan, are connected by a strong investment philosophy, namely following a strategy in line with the expectations of the fourth industrial revolution. This term was popularised at the World Economic Forum, and stipulates in the near future there will be a blurring of the lines between the biological, physical, and digital worlds. Sanjeev said it is this philosophy that drives the sectors which Newable invests in. The philosophy serves a purpose too. Sanjeev wants a better labour market, more equality and more sustainability. EIS can allow investors to offset the risk that is involved in early stage business investing, while getting exposure to the potential for achieving amazing returns. Newable are
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constantly looking at exit strategies and just last year they saw an exit return 5.6 times their capital investment.
Along with potential for high growth and reducing tax liability, EIS also allows investors to support truly innovative businesses that will shape the society of the future
However Sanjeev wants to “get past hype” of tech, and approach EIS with a deeper investment philosophy. Along with potential for high growth and reducing tax liability, EIS also allows investors to support truly innovative businesses that will shape the society of the future.
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HOW EIS HAS AFFECTED THE UK’S START-UP SCENE Since EIS was first launched in 1994, more than £22 billion has been directly invested into UK businesses through the scheme (as of May 2020). Asked how he thought EIS has influenced the UK’s burgeoning start-up scene, Sanjeev said, “In the UK we have a lot of delegates come from all over the world to try and mimic what we’ve done with EIS and VCT schemes.” Sanjeev explained that EIS has helped to incentivise investors to get into the early stage investment market, while helping to acknowledge and manage the risks - “put simply, that’s what EIS does, it helps to manage risk.” Sanjeev suggested that EIS has had a large impact on the UK start-up scene, and explained it as a positive circle. Investors were attracted because it’s a good policy, and the investors attracted good businesses, and then these good businesses attracted more good investors. Sanjeev, continued, “It grows out of that, we now have a really strong ecosystem throughout the UK.” According to the Federation of Small Businesses (FSB), SMEs account for three fifths of the employment and around half of turnover in the UK private sector. 72% of this growth happened over the last 20 years. Sanjeev acknowledged that a lot of EIS investment was London-centric. According to the Office for National
GB Investment Magazine
March 2021
Statistics (ONS), 65% of all EIS investment in 2018-19 was into companies registered in the South East and London. However, this is something that Newable is helping to counteract with their regional work spaces, something you can read more about here https://ifamagazine.com/ article/newable-helps-to-demystify-eis-for-advisers/ CHANGES TO THE SCHEME Our conversation started with Sanjeev reflecting back to when he was a Wealth Manager. Before the Finance Act of 2018, asset-backed EIS were still widely used by advisers. These investments were considered less risky as the companies looking for capital had assets that could offset cost if the venture went wrong. Sanjeev commented, “I struggled with that… it wasn’t about high growth opportunities, and that’s what EIS is meant to be.” Sanjeev continued, “If you’re looking for safer investments, EIS is not what you should be doing.” Sanjeev added “the true spirit of EIS is investing in real innovation and technology.” In 2016-17 the EIS Association (EISA) recorded around half of EIS investment went into asset-backed schemes. Following legislation in 2018, these projects ceased to work on this model. Sanjeev thinks that advisers are still adapting to this situation and that many advisers see VCTs as the safer option, but are missing an opportunity for high growth.
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THE IMPORTANCE OF PORTFOLIO DIVERSITY So how should advisers incorporate EIS into their client’s portfolio? Considering Sanjeev’s experience as a wealth manager before joining Newable, he is the perfect person to ask. Sanjeev started by highlighting the necessary barbell approach when considering a client’s portfolio diversity. Sanjeev gave the example of a client with a risk profile of seven, saying “that doesn’t mean you write off EIS as high risk and not incorporate it.” Instead, Sanjeev suggests that an adviser should flex the amount they allocate, instead of 10% of the portfolio, allocate 5% and, balance this, an adviser could also put 5-10% of the portfolio into a cash/income funds. Sanjeev continued, I think more advisors need to start looking at EIS as part of the whole investment portfolio rather an individual investment products alone. Tying the EIS investment strategy to the wider portfolio.” Sanjeev continued to suggest that advisers should start first by looking at the investment scale from a risk and reward basis, and bring in the tax benefits as an additional benefit. Sanjeev also stressed the importance of knowing what the underlying investments are in an EIS fund. Both clients and advisers should know what businesses they’re funding.
the surface, recently, Newable are getting many more advisers coming directly to them for information. WHAT WOULD SANJEEV CHANGE ABOUT EIS? Asked if there were any changes to the EIS scheme Sanjeev would like to influence he said, “I would look at increasing the amount under SEIS, so more companies could raise a bit more at seed level.” SEIS caps investment into very small, very high risk companies at £100,000 but offers an increased 50% income tax relief and carry back options. Often this cash is used to get these small companies onto the EIS stage. Sanjeev compared this to the United States. “In America seed stage is still several million pounds.” Sanjeev continued “it’s a different model, but more money would help.” Sanjeev emphasised he would like to simplify the EIS structure overall, “EIS is not really a fund in the true sense, it’s a pooled investment structure.” The underlying tax relief is based on the actual subscription going into a nominee account, or rather when a clients’ money is deployed into a business within the fund. Sanjeev continued, this change “would make it a lot easier to understand for advisers, it would make the whole process a lot easier, and it would help fund managers to focus on the underlying investments, rather than all the bits of admin and logistics around that side of things.” GBI
The amount of people who still aren’t clear on how EIS works, both on an adviser level and an investor level, is huge Asked if the industry needs to do more to tap into a larger investor base, Sanjeev replied, “absolutely 100%. The amount of people who still aren’t clear on how EIS works, both on an adviser level and an investor level, is huge.” Sanjeev added that though adviser engagement in EIS has barely scratched
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About Sanjeev Gordhan Sanjeev became Director of the Newable Ventures arm in May 2020. He is responsible for the strategic focus of the fund and angel network as well as its day to day management. Sanjeev started as an entrepreneur before going onto selling his own business, and spent five years as a Wealth Manager specialising in venture capital. He holds a diploma in Regulated Financial Planning and an MBA from CASS Business School.
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E IS DE PLOYM E NT
March 2021
IT’S NOT TOO LATE
FOR EIS GBI Magazine has asked Bulletin’s Martin Fox to look at the issue of deployment within EIS. Here he highlights some of the EIS portfolios which are currently available if you’re looking to deploy by the end of this tax year.
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f you have tax funds you want to deploy by the end of this tax year there are two things you can do right now.
1. Join IFA Magazine for the webinar on Thursday 4th March from 10am-11:30am as they discuss an easy to follow guide on the exact steps to take for maximum tax efficiency in EIS before April 5th. You can register for the webinar HERE https://register. gotowebinar.com/register/7751131877406992651 2. Check out the following EIS portfolios which are guaranteed to deploy into eligible companies before this tax year ends. Mark Brownridge, Director General of the EIS Association said “We all know a deadline helps focus the mind and never more so than with the tax year-end. With 6th April now hurtling into view, it’s vital financial planners take the time to understand the full EIS market before making their EIS and SEIS recommendations to clients. Of particular importance is being aware of when and how client’s money will be invested. If your recommendations are reliant on monies
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being invested before the tax year end, now is the time to discover which funds can and can’t meet this objective. “ ASCENSION VENTURES One of the companies Ascension Ventures will be investing in this tax year is Better Nature. Better Nature is a leading all-natural plant-based protein brand and UK food tech company focused on tempeh fermentation. By developing flavoursome, nutritious and all-natural meat-free products, the company is producing a product packed with protein that doesn't compromise on people, the planet or animals. The team is exceptional, with market leading and patented technology and Ascension sees the meat-free category as a key growth market. As a result of a consumer change in buying habits through a realisation of the detrimental health and climate impact of a meat-based diet, the plant-based market is booming as consumers adopt vegan, vegetarian and flexitarian diets in larger numbers. The UK meat-free
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market generated £530m of sales in 2020, with the global plant-based market expected to grow to $74.2bn in 2027 with an avg CAGR of 12% (sources: The Grocer, Grand View Research and Vegan Society). Close 4th of April 2021. Deployment expected before the end of tax year. ARIE CAPITAL ARIE Capital will be deploying into four companies and an example of one of these is Engage.do It is a white label web application platform delivering bespoke and audience engagement solutions. Engage has developed an industry leading web application platform that enables brands to quickly and efficiently build complex web and mobile applications at a fraction of the cost of traditional development processes. Through Engages proprietary and versatile platform, brands can build their own app by adding in their choice of prebuilt modules such as on-boarding, chat, news feed, push notifications payments and subscriptions to create a bespoke customer experience. Once built, brands can then maintain a clear overview of their app’s performance through Engage’s physical access management and admin dashboard, as well as fully integrate with an existing CRM, allowing them to measure, adapt and constantly improve the way they engage with their customers. Evergreen. Deployment before the end of tax year. THE SIDE BY SIDE PARTNERSHIP The Side by Side Partnership will be deploying on the 31st of March, with a target return of 3x and no initial or annual
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fees charged to investors so clients get 100% of their fund for tax relief. One of the companies they will be investing in is LaundryHeap provides an on-demand laundry & drycleaning service, offering collection and delivery in just 24 hours. LaundryHeap’s customers for the laundry service include both individual (B2C) customers and B2B businesses using the service for their guest’s laundry in hotels or in the short-let and Airbnb market. Competitors have often entered the market with significant capital outlays, however, with a cost efficient model and the ability to easily scale-up and down as required, we believe LaundryHeap is in an extremely competitive position within its market. With the recent increased focus on sanitisation and hygiene, we believe that the linens rental side (B2B) of the business is well positioned to benefit from the predicted increase in travel bookings as we emerge from the pandemic. Next close is 30th of March 2021. Deployment 31st of March 2021. PAR EQUITY Par Equity will be deploying into 6 companies this tax year. One of the companies is a digital forensics company. This company's patented technology helps law enforcement, social media and cloud service providers find and block harmful content, such as child pornography and terrorism. The company’s first product, a digital breathalyzer helps police and counter-terrorism units in the field determine if devices have harmful content within minutes (versus days with incumbent solutions). The second generation product goes even further and prevents harmful content from being uploaded onto social media sites and file sharing platforms. Well in revenue, with
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E IS DE PLOYM E NT
huge addressable market and a highly impressive team with a heavy hitting advisory board. Par is leading a £4.5m investment round into this business. Close 12th March 2021. Deployments before tax year end. HA ATCH VENTURES
March 2021
eBay, Amazon, Depop and Facebook. The investee company will tell customers which platform is most appropriate to sell on and which will get you the best price, and allows you simply upload to your chosen Marketplace. The company’s founder said, “we are making the secondhand market transparent, so people can sell more and earn more themselves. The market is growing, and we also in trials with charities to help them. We also have eyes on the US market, with 58m people currently selling online.
Haatch will be deploying into 5 companies before the end of the tax year. One of the companies is a health technology digital platform that provides a clear personalised analysis of your body’s current state to enable you to lead a healthy lifestyle and help prevent chronic illness. It quite literally has the potential to preventing illness before it happens.
Next close 19th of March 2021.
Given the right personalised information people can change their lifestyle to postpone and eliminate chronic illness years before symptoms become detectable. The difference is the ability to link genetic results to lifestyle and functional testing assessments while providing granular personalised recommendations all in one place. No other platform currently offers this.
One of the companies that the Vala EIS Portfolio will be backing is The Sustainability Group, led by Mike Penrose, a former exec at Unicef UK and Save the children International and Alex Smith, an experienced commercial director with significant sustainability experience. The funds will enable the team to expand its operations and develop a highly scalable platform for advising businesses, foundations, financial institutions and family offices on how to make sustainability and social purpose an integral part of their operational and investment approach.
Close 19th March 2021. Deployment expected by 2nd April 2021. NOVA Nova will be deploying into 24 different companies, mostly through seed EIS, but a few in EIS to support some of their growing companies. An example of one of these is a business that will innovate the resell market. Currently there are 9m people in the UK selling goods online, most second hand, and the figure is growing.
Deployment planned before end of tax year. VALA CAPITAL
Jasper Smith, founder Vala Capital, says: 'Sustainability is a core focus at Vala and we hope it will be intrinsic to all business. It is rare that you find a company such as The Sustainability Group that has the skills, experience and technology to become a leader in business transition and we are delighted to support them in this exciting venture.’ Close date for this tranche 30th March 2020. Deployment before end of tax year.
GBI
Very simply this business lets you know what your unwanted and unused items are worth across the resale market, such as
GB Investment Magazine
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N EXUS
March 2021
THE NEXUS APPEAL Matthew O’Kane, Managing Director of the specialist Nexus Investments’ EIS Scale-Up Fund, uses a case study approach to highlight the Nexus appeal for subscribers and advisers “on the way in”
A
s a refresher, in my previous December 2020 article, I reported how I first came across the concept of the Enterprise Investment Scheme (EIS), back in 2002, whilst I was studying for my Chartered Accountancy exams with PwC. Now almost 20 years later, and as Managing Director of the quietly-growing Nexus Investments’ Scale-Up Fund (recently doubled AUM for the 2nd year in succession, and with a very promising record emerging as the only specialist EIS Fund focussed solely on Data-Digital-Ed Tech-Health) I continue to find its attractions more pertinent than ever before. Having last time run through how we have achieved successes for EIS investors “on the way out” of their investments alongside us, the purpose of this short case study (number two of two) is to give you some real life examples of who and why some or our more recent growing subscriber base have selected us “on the way in.” CASE STUDY 1 – THE DIRECT INVESTOR AN ACTIVE NHS CONSULTANT SEEKING “THE THEMES OF TOMORROW” In mid-2020, around six weeks into first lockdown, I received an email one day, from a Doctor, a Consultant,
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based in Scotland. He had been in discussion two years previously with a prospective financial advisor, who had made him aware of the potential usages of EIS, in terms of financial planning for him his wife and their young children. Both were working in senior roles within the NHS and financial services, in their early 40s, they were in the fortunate position of shortly to pay off their mortgage. The advisor had encouraged them to put money into one or more of his “recommended” EIS or VCT funds. The consultant explained to us, that they had decided against working with the prospective advisor two years previously because a) every area recommended was new to them b) he had the sixth sense that the advisor, perhaps, viewed EIS as a “thing” solely for tax purposes, so c) could not answer properly questions about which industries the underlying deployments would go into, or what the investments actually sought to achieve (outside of the tax aspects of IHT, capital gains mitigation, income tax etc). Two years later, now working long overtime hours fighting COVID on the front line, this particular individual had now paid off the mortgage. Both he and his wife were now earning income (due to the long overtime) that was causing issues with their pension position, both lifetime cap and annual allowances. Remembering the EIS chat two years previously, the
GB Investment Magazine
N EXUS
Consultant decided to go to the EISA website which lists out all providers in the space. The couple are in their 40s, rather than 50s, 60s or 70s; therefore still working, but tech natives; with young children engaged in remote and digitised learning every day c/o lockdown; and seeing digital methods as well as focus on health and nutrition increasingly prevalent every day at their own places of work. This meant the Doctor was ideally looking for a precise, sector-specialist EIS fund manager, in tune with and backing these trends of tomorrow. In his mind, he wanted to find an Investment Group focussed on positive investment into promising companies in the Data, Digital, Ed Tech & Health Tech areas. His attitude was that risk goes hand in hand with potential reward, so for them EIS would not be a “capital preservation”led strategy, but a combination of tax-efficiency allied to an opportunity to be a participant in Venture Capital. He discovered that our fund was the only one that appeared to have a focus solely on these sectors by theme. As distinct from being a generalist fund manager. Having contacted us to find out more, we went through a number of zoom related meetings, which ultimately led to that investor deciding that we were the absolute fit from him and his wife's point of view. He subscribed to our Fund in the summer of 2020, and we have already deployed over 60% of his capital for him.
GB Investment Magazine
March 2021
CASE STUDY 2 – THE ADVISED CLIENT A SEMI-RETIRED GP SPECIFYING “FIND ME SOMETHING PROGRESSIVE IN MY OWN FIELD” Another case study, also comes from the summer of 2020. In discussions with their IFA in the southwest of the UK, a retired GP client made it clear to the adviser that they had recently disposed of a 2nd home in Bristol. Now recently retired, they did not want an EIS investment to be made for them (as part of a sensible Capital Gains Tax deferral strategy relating to the aforementioned asset sale), into areas that were too generalist or indeed areas outside of their own sphere of interest. This particular investor had noticed increasing prevalence of digitisation within her surgery work over the previous decade. She made it clear that as her advisor, he needed to find her an EIS fund manager to enable her to be invested into areas such as remote medicine and nutrition/well-being. This advisor was faced with more of a challenge than usual. His historic contacts (and indeed most of his other clients’ EIS monies) were with the “same old” larger scale tax-efficient fund investment groups, those generally of either a very specialist, or a very generalist approach, often promoting VCTs as well as EISs, often where their own scaling meant less of a focus from the principals on being close to their sectors or investments. Clearly
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March 2021
N EXUS
none of them fitted the bill here. As a result of hearing a podcast we had done with Hardman’s Lead Reviewer Brian Moretta, and having researched on the internet for specialist Healthcare-experienced EIS Fund listings (this time, again, the EIS Association website), this advisor saw the name Nexus, which appeared to have been focussed for some years on the areas that were “non-negotiable” to his client He had never heard of Nexus, or of our EIS Fund, but he was intrigued, so he reached out to us, for an initial chat. His threshold, in terms of expectations by an IFA from a Fund Manager was high. He needed to know we had a robust group history, that the Nexus leaders are aligned (via our own skin-in-the-game, on same terms as fund investors i.e. that we have been prepared to risk our own capital), that our pipeline was as good as we were suggesting. He wanted to know about the background of Harry Hyman in establishing the Primary Health Properties Plc business and leading that to the FTSE-250 and >£2.3bn AUM / almost £2bn market cap from start-up stage. He wanted to know about my own background qualifying with PwC, then latterly Deloitte in tax, and secondment within Bridgepoint, and investment experience spotting, backing and nurturing entrepreneurs. He wished to know about our investment advisory committee, and what role Stephen Lawrence had played in running a number of PE backed businesses in the education sector, how senior Keith Mansfield had been at PwC when London Chairman, and so on. He needed to verify that we had indeed had a partial exit earlier in 2020 from one Ed Tech business at 4.72x / 9.44x after SEIS, but that all our investors had continued
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to hold because in our view there was plenty further growth to come in that particular investment. He also wanted to see evidence of our six-monthly reporting: did we really show the entry price per share that our investors receive beneficial interest in the underlying investments? How come other EIS fund managers try to avoid showing that if they can do so? After a number of conversations, and substantial due diligence, the IFA reported back. In his view our offering was streets ahead of some of the much larger and established EIS Fund and VCT competition out there, whom he had regularly dealt with over many years. He felt it was night and day. His client has recently (in Autumn 2020) subscribed, and has 6 underlying holdings now already. IT'S ALL ABOUT THE PORTFOLIO…. In both the case studies above, where actually has our Fund been deploying those subscribers' capital? So far, for each investor that has been into Medicspot (at the forefront of online-video consultation and COVID testing in the UK); Dynarisk (cyber security, particularly for re-sale within the US and European insurance industry); Pi-Top (coding and robotics for teaching in US schools and at home); Compleat (B2B purchase automation accounting software for global SMEs (incl. analytics)); Hub Box (software provided to enterprise retailers (particularly in the US) for them to integrate click and collect alongside major delivery companies such as UPS); and MarcoPolo (award-winning early-years online school/media company, recently partnered with
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N EXUS
the largest preschool curriculum publisher in the US, for millions of the very youngest students to use as part of their curriculum over the next 5 years). Those 6 companies, alongside the 6 other portfolio members of our Fund, took part in our Annual 2020 Capital Day in December, for investors to meet their portfolio (this year over Zoom – see Founder images to the right).
March 2021
For more information on Nexus Investments Scale-Up Fund and our monthly subscription schedules, visit www.scaleupfund.co.uk. For more information on Nexus’s 27-year group history, and to see more of the D/D/E/H companies we have backed to date to globally scale-up, visit www.nivl.co.uk.
I will end this second case study with a message we received from the Scottish NHS Consultant in January 2021 (following receipt of his latest EIS3 form via us): “Thank you so much for sending me this, really helpful [before 31 January tax return submission]. I also wanted to feedback how interesting I found the recording of the Capital day. I thought it was very well presented and gave me a real taste of the Nexus Fund.” IN SUMMARY I hope that over the course of the two articles, this month and previously, we have likewise given you, the reader, a real taste of the Nexus Investments’ EIS Scale-Up Fund, both its attractions “on the way in” and its successes to date and future promise “on the way out”. I have not even touched upon what the portfolio companies’ themselves receive from us: nurturing, making introductions, setting strategy, assisting with financing, driving good board behaviour, cultivating the entrepreneurial gene. Nor have I particularly touched upon what many of the portfolio say about us themselves. Perhaps these can follow in a future piece…. GBI
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GBI OPEN OFFERS A selection of tax efficient opportunities currently open for investment 20
GB Investment Magazine
Open Offers
EIS Open
SEIS
Evergreen
Open
Evergreen
Amount to be Raised:
Uncapped
Nova Cofoundery SEIS & EIS Fund Members of the Nova team have spent the last 10 years developing their cofoundery model which we believe addresses 5 of the most common mistakes made by startups. The Fund is intended for those UK tax paying individuals:
Minimum Investment:
£10,000
• Seeking a diversified exposure in a highly concentrated asset class to knowledge intensive companies in the UK • With income tax liability in the preceding or current tax years • With large capital gains to defer or mitigate • Who look to benefit from IHT relief
T. 0151 318 0761 E. alistair@novagrowthcapital.co.uk www.novagrowthcapital.co.uk
The minimum individual investment in The Fund is £10,000. At the Investment Manager's discretion, smaller individual investments may be accepted, however, this is not guaranteed. The selection of investee companies and the subsequent allocation of investor’s subscriptions to the investee companies are made at the discretion of the Investment Manager with guidance from the Investment Advisor. Highlights An engaged hands-on approach from an experienced startup team • Free of manager fees to the investor for subscriptions received via a financial adviser, facilitating 100% deployment of investor funds and aiming to ensure maximum tax efficiency for the investor • All SEIS and EIS tax advantages applicable, depending on personal circumstances and subject to HMRC approval • Target return of 172p for every 100p invested (Not including EIS or SEIS reliefs) • Performance fee aligns our interests with the investors Still accepting investments for this tax year for Carry Back to 19/20. Investments required by the 19th March 2021.
EIS Open
Now
SEIS Close
Multiple
Amount to be Raised: Evergreen
Minimum Investment: £10,000
Start-Up Series Fund The Start-Up Series Fund is an evergreen EIS & SEIS service. Managed as an Alternative Investment Fund by Amersham Investment Management Limited, authorised and regulated by the FCA. The service is designed for eligible subscribers to be invested in selected winners of the Start-Up Series, a monthly competition organised by Worth Capital Limited and promoted by smallbusiness.co.uk. The Fund invests in qualifying B2C or B2B companies with innovative products or services that can create new consumer behaviours in growth markets, with teams that demonstrate compelling marketing & communication skills and with a clear credible route to exit. • EIS & SEIS investments – choose EIS, SEIS or both • Businesses selected by real world, commercial entrepreneurs with deep brand, marketing, retail & innovation expertise – Worth Capital • A unique approach to UK EIS & SEIS fund investing – a monthly competition which has attracted almost 3,000 applications to date
T. 07768571271 E. pauls@worthcapital.uk worthcapital.uk
• Ongoing oversight from experienced investor directors – skilled in helping accelerate growth & reducing risk • Investments in ‘mini-portfolios’ of typically 3 or 4 businesses • Investments qualifying for attractive EIS & SEIS tax reliefs Any investment in the Start-Up Series Fund places capital at risk of total loss and will not be readily realisable. Tax treatment depends on individual circumstances and is subject to change. We recommend retail investors take professional advice before investing.
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EIS Open
Close Evergreen - next tranche 19th March 2021
Haatch Ventures EIS Fund Haatch Ventures is an award-winning EIS Fund offering full deployment into 4-6 new investee companies by the end of the current 2020/21 tax year.
Amount to be Raised:
The Haatch Ventures EIS Fund is managed by four successful entrepreneurs who have between them founded, grown and sold businesses worth over $150 million.
Minimum Investment: £10,000
The fund aims to back four to six early-stage digital transformation businesses in sectors the team knows well, such as software-as-a-service, on-demand, gig-economy and digital consumer. The team invest where they believe they can use their considerable experience to add value. Haatch refers to this as its ‘Smart Money’ approach.
£10m+ this year
T. 01780 408487 E. fred@haatch.com www.haatch.com
EIS Open
March 2012
Close
Evergreen
Amount to be Raised: £10m - £25m per annum
Minimum Investment: £20,000
T. 0131 556 0044 E. pauline.cassie@parequity.com www.parequity.com
“The Fund has a target return of 10x which is significantly higher than any other SEIS or EIS fund currently fundraising and listed on MICAP, and the track record of Haatch Angel somewhat supports the ambition of this target.” – MICAP.
Par EIS Fund Recognised as "highly commended" in the 2020 EIS Association Awards for Best EIS Fund Manager. Across 22 realisations made to date, Par is demonstrating strong and consistent returns to investors. Par Equity is a leading EIS fund manager, investing in innovative, high growth technology businesses across the north of the UK. We harness the expertise and contacts of our Par Investor Network and wider contacts to create a distinctive, operationally focused investment model that benefits both investors and entrepreneurs. The Fund is focused on innovative companies. These are companies which are developing new technologies for sale or using advances in technology to disrupt existing markets. Par Equity has invested in companies operating in areas such as software, public health, e-commerce, social media, consumer electronics, photonics, technical textiles and medical devices. The unifying characteristic of Par Equity’s portfolio is therefore the importance of innovative technologies to the investment case underpinning each commitment of capital. In building the investment case, Par Equity draws on the experience, expertise and contacts of the Investment Team, but also the resources of individuals within the Par Investor Network. In this way, Par Equity can make informed decisions across a range of sectors, providing the potential for Investors, over a series of Subscriptions, to gain exposure to a diverse range of growth-oriented investments. Strategy for the Fund: • Focused on early stage technology companies with high quality management teams addressing global markets • Co-investing with experienced angel investors who add value to portfolio companies at each stage through to exit • Target portfolio of 7 - 8 investments • Target deployment within 12 months • Expected holding period of 5 - 7 years with a benchmark IRR of 15% Experience and track record of the Fund Manager: as at 31st December 2020 • 85+ years experience in EIS. • 247 EIS qualifying investments • 61 companies backed • £84m invested by Par leveraging a further £135m • 9.8 months average time taken to full deployment into 8 companies • 96 days EIS3 • 22 realisations
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• 3.8x money multiple (before tax relief)
• 27% IRR
• 4.5 years average holding period.
GB Investment Magazine
Open Offers
EIS Open
Close
1st February 2020
Evergreen
Amount to be Raised:
£20m raised, uncapped Minimum Investment: £25k
Scale Up EIS Fund This is Fuel Ventures flagship EIS fund that we have been investing from for 5 years. We invest into 10-15 technology companies each year, with a focus on businesses that are marketplaces, platform or software. We now have 40+ portfolio companies and after 5 years our first fund has an average multiple uplift of 5.6X, validated by external fundraising rounds. We have an advisory committee with over 50+ year’s experience and exits totalling £3bn+. We put a Director on the Board of every company we invest in and take an active and hands on role in the management and development of each company, plus bring added extra value through our network of sector experts. As a team, we invest 5-10% in total in every fund alongside our investors, which is £2m - £3m into the current fund.
T. +44 2038689723 E. investors@fuel.ventures https://fuel.ventures/
EIS Open
Close
1st January 2021
31st March 2021
Amount to be Raised:
£5m raised, uncapped Minimum Investment: £25k
Follow-On EIS Fund The Follow-On Fund invests in 5-7 of our top performing portfolio companies. The companies are carefully selected from our existing portfolio of 40+ technology businesses. The fund invests at the late seed or Series A stage where the companies have proven traction and have demonstrated they are growing quickly. To date, we have made 13 investments from this fund and have seen fast-growth from a number of companies such as Shift, an on-deman logistics platform and, and OnBuy, an ecommerce marketplace. The companies are EIS eligible and investors can decide if they would like their funds deployed before 5th April 2021 or after 5th April 2021.
T. +44 2038689723 E. investors@fuel.ventures https://fuel.ventures/
EIS Open
1st March 2020
Close
Evergreen
Amount to be Raised:
Seeking to raise up to £30 million per annum
Minimum Investment: £25k
T. 0161 641 9475 E. ventures@praetura.co.uk www.praeturaventures.com
GB Investment Magazine
Praetura EIS Growth Fund The Praetura EIS Growth Fund will provide access to a unique selection of innovative growth companies that have an established proof-of-concept and commercial viability. It is intended for investors who want to achieve capital growth by investing in early-stage, unquoted companies which have the potential to increase in value significantly. Praetura are an active fund manager and work with driven management teams at the foundational stages of their business. Each of their portfolio businesses provide access to recurring, high margin revenue streams and have the opportunity for operational leverage once scaled. Areas of focus include; Creative, Digital & Tech, Financial, Professional & Business Services, Energy & Environment, Advanced Manufacturing and Health & Life Sciences. As an ‘Evergreen’ fund, the Praetura EIS Growth Fund will have two ‘soft closes’ per annum, and the next soft close is 31st March 2021. The Fund will invest into c. 8-10 promising young businesses and expect to fully deploy the capital within 6 months of each relevant close date. The fund is targeting a minimum return profile of 2x return on capital. This, combined with the tax reliefs available and Praetura's track record, offers investors an attractive investment opportunity.
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EIS Open
Close
17 November 2020
n/a
Amount to be Raised:
n/a
Minimum Investment:
£50,000
Octopus Ventures EIS Service A new service from Octopus supported by Europe’s largest venture capital firm. We created the Octopus Ventures EIS Service to give investors the opportunity to invest in 10-15 earlystage businesses with high growth potential (each targeting 10x growth), handpicked and managed by our expert investment teams. The Octopus Ventures EIS Service could be suitable for those who want to target high growth from a long term investment, want to diversify their portfolio and those who want to directly own shares in exciting earlystage companies, providing they are comfortable with the risks of early stage investing. We believe that there are three stages to achieving capital growth from investments in early-stage businesses, which our specialist in house investment teams are experienced at delivering: 1. Access to investment opportunities that have the potential to achieve high growth. 2. Effective nurturing and support of a business as it matures.
T. 0800 316 2067 E. support@octopusinvestments.com
octopusinvestments.com
3. The ability to manage a successful exit. For someone investing on their own, each of these stages would pose a challenge. We are fortunate that through 20 years of investing in smaller companies, we have established a reputation that means many talented entrepreneurs approach us with their ideas when they are looking for a first investment into their business. We also have access to an exciting range of follow-on investment opportunities in smaller companies seeking additional funding for further expansion. Key risks to keep in mind • The value of an EIS investment, and any income from it, can fall as well as rise. Investors may not get back the full amount they invest. • Tax treatment depends on individual circumstances and may change in the future. • Tax reliefs depend on the portfolio companies maintaining their EIS-qualifying status. • The share price of EIS companies may be volatile and they may be hard to sell. EIS investments are not suitable for everyone. We do not offer investment or tax advice. Issued by Octopus Investments Limited, which is authorised and regulated by the Financial Conduct Authority. Registered office: 33 Holborn, London, EC1N 2HT. Registered in England and Wales No. 03942880. We record telephone calls. Issued: November 2020. CAM010471.
VCT Open
21 October 2020
Close
20 October 2021
Amount to be Raised: £120 million
Minimum Investment: £3,000
Octopus Titan VCT Since 2007, Octopus Titan VCT has earned a reputation for backing pioneering entrepreneurs. Octopus Titan VCT is the largest VCT in the market, with over £900 million of funds under management1 and a diverse portfolio of around 80 companies. Titan has a proud history of backing some of the UK’s most successful entrepreneurs, having made early investments in Zoopla Property Group, Secret Escapes and graze.com, among many others, and continues to provide backing to promising companies with the potential to become household names. Octopus Ventures is the team that manages the investments in Titan, investing mainly in UK-based techenabled companies with global ambitions and the potential to grow quickly. The team is one of the largest in Europe, and our network reaches from China to Silicon Valley from our base in London and office in New York. Octopus Ventures backs pioneering entrepreneurs who are changing the world, focusing predominantly on four key areas: Future of Health, Future of Money, Deep Tech and Consumer.
T. 0800 316 2067 E. support@octopusinvestments.com
octopusinvestments.com
Having deep expertise in these key areas helps attract the best entrepreneurs, who tend to have a preference for investors who specialise in their sector. It also allows us to find the best opportunities in each area more efficiently while continuing to build specialist skills and expertise. Key risks to keep in mind • The value of a VCT investment, and any income from it, can fall as well as rise. Investors may not get back the full amount they invest. • Tax treatment depends on individual circumstances and may change in the future. • Tax reliefs depend on the VCT maintaining its VCT-qualifying status. • VCT shares are by their nature high risk, their share price may be volatile and they may be hard to sell. Octopus Investments, 30 June 2020
1
VCT investments are not suitable for everyone. We do not offer investment or tax advice. This advertisement is not a prospectus. Investors should only subscribe for shares based on information in the prospectus and Key Information Document (KID), which can be obtained from octopusinvestments.com. Issued by Octopus Investments Limited, which is authorised and regulated by the Financial Conduct Authority. Registered office: 33 Holborn, London, EC1N 2HT. Registered in England and Wales No. 03942880. We record telephone calls. Issued: November 2020. CAM010472.
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GB Investment Magazine
Open Offers
BPR Open
Close
2007
n/a
Amount to be Raised:
n/a
Minimum Investment:
£25,000
Octopus Inheritance Tax Service Since 2007, the Octopus Inheritance Tax Service has given investors the opportunity to invest in the shares of companies making a positive contribution to the UK’s economic growth. The companies are unquoted, which means their shares do not trade on any stock exchange. We select companies that we expect to qualify for Business Property Relief (BPR). This is a government approved relief from inheritance tax. Provided the investment has been held for at least two years at the time of death, it can be left to their beneficiaries free of inheritance tax. Octopus Inheritance Tax Service is a Discretionary Fund Management Service. The service aims to deliver steady investment growth of 3% per year on average over the lifetime of an investment. The service is flexible enough to adapt to the investors needs, should their circumstances change in later life, subject to liquidity. Key risks to keep in mind
T. 0800 316 2067 E. support@octopusinvestments.com
octopusinvestments.com
• The value of an investment, and any income from it, can fall as well as rise. Investors may not get back the full amount they invest. • Tax treatment depends on individual circumstances and could change in the future. • Tax relief depends on portfolio companies maintaining their qualifying status. • The shares of unquoted companies could fall or rise in value more than shares listed on the main market of the London Stock Exchange. They may also be harder to sell. BPR-qualifying investments are not suitable for everyone. Any recommendation should be based on a holistic review of your client's financial situation, objectives and needs. We do not offer investment or tax advice. Issued by Octopus Investments Limited, which is authorised and regulated by the Financial Conduct Authority. Registered office: 33 Holborn, London, EC1N 2HT. Registered in England and Wales No. 03942880. We record telephone calls. Issued: July 2020. CAM010110.
EIS Open
Evergreen
Close
Evergreen
Amount to be Raised: N/A Minimum Investment: £25,000
Oxford Capital Growth EIS Established in 1999, Oxford Capital is an alternative investment manager passionate about investing in early stage technology companies. For over 20 years, we have offered private investors access to many high-impact technology companies in sectors which the UK is considered a world leader. We partner with portfolio companies and founders to help grow their businesses and deliver meaningful impact in their fields. The Oxford Capital Growth EIS is an evergreen fund that offers investors the opportunity to invest in a portfolio of shares in early stage technology companies that have the potential to grow rapidly. The portfolio of 8-12 companies provides exposure to sectors such as artificial intelligence and machine learning, financial technologies and future of retail. We aim to invest in companies that are:
T. 01865 860760 E. investors@oxcp.com www.oxcp.com
• Run by credible, talented and highly driven entrepreneurs, founders and management teams • Solving commercial, technological and scientific problems in innovative ways • Businesses that have the potential to have a positive impact to the environment and on society We aim to fully invest each initial subscription within 12-18 months and exit most investments within 5-7 years. Capital at risk, unquoted companies are a high risk investment.
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EIS Open
Close
30 November 2018
Evergreen
(monthly closes), next closes
28 February 2021 26 March 2021 Amount to be Raised:
£10,000,000 (£4,300,000 raised to date) Minimum Investment: £25,000
Nexus Investments’ EIS Scale-Up Fund A leading FCA Authorised sector-specialist EIS Scale-Up Fund For 2020/21 that helps advisors & investors deploy targeted, specialist risk capital, empowering growth and productivity at this important time. We build each subscriber a curated portfolio of 8-10+ exciting, early-stage, EIS qualifying, businesses scaling up in the Data, Digital, Educational and Health sectors. Nexus is owned by entrepreneur and financier, Harry Hyman, who in 1996 founded, and is still managing director of Primary Health Properties Plc, a FTSE-250 listed Healthcare Real Estate Investment Trust with over £2.4bn AUM itself. Nexus also founded and runs HealthInvestor magazine, Education Investor and now Nutrition Investor, which are specialist B2B information, news and events titles for each respective sector. The only UK EIS specialist: – part of a wider corporate group historically managing >£2.4bn AUM – with 27 years group history (including a FTSE-250 Healthcare REIT) – solely Scale-Up, and since inception, solely Data, Digital, EdTech & Health
T. 0207 104 2059 E. nexusinvestments@nexusgroup.co.uk www.scaleupfund.co.uk www.nivl.co.uk
SEIS Open
Close
June 2019
Evergreen
Amount to be Raised: £3m Minimum Investment: £10,000
– with exciting track record of Venture Investments since 2014 – with meaningful partial exits (+84% first-time score by MJ Hudson Allenbridge)
Jenson SEIS Fund Pioneer of SEIS investments, Jenson have been investing in early stage companies since 2012 with 108 investments. The Jenson SEIS Fund aims to target new innovative companies which are developing disruptive technologies with established plans and management teams, demonstrated growth potential with strong commercial opportunities with a planned exit strategy. The Fund is a generalist fund, thereby the sector focus is agnostic and the type of businesses and opportunities can be anything that is SEIS compliant (typically small early stage companies in non-capital intensive sectors). Jenson has a strong pipeline of investment opportunities. Highlights
T. 020 7788 7539 E. invest@jensonfunding.com www.jensonfundingpartners.com
EIS Open
July 2019
Close
Evergreen
Amount to be Raised: £5m Minimum Investment: £10,000
T. 020 7788 7539 E. invest@jensonfunding.com www.jensonfundingpartners.com
• Target Size - £3 million in respect of the 2020/2021 tranche • Diversified Portfolio Size of 8 to 12 SEIS companies • Eight exits to date with a range of multiple returns from x.5 to potential of x12.
Jenson EIS Fund The Jenson EIS Fund has a mandate to focus on long-term capital growth and enables private investors to invest in a range of committed and ambitious entrepreneurs and their early stage growing companies. The Jenson EIS Fund predominantly facilitates syndicated follow-on funding to its existing portfolio, external opportunities are also considered allowing us to benchmark against our existing opportunities. Investing in our portfolio allows us to support management teams that we have already worked along side. All companies will be small unquoted UK companies that qualify under the EIS tax rules. The Fund is a generalist fund, thereby the sector focus is agnostic, and the type of businesses and opportunities can be anything that is EIS compliant (typically small early stage companies in non-capital intensive sectors). Highlights • Follow-on funding for 19 of our existing portfolio companies. • Syndicated investment strategy releasing £3 for every £1 of Jenson Investment. • Solid pipeline of investment opportunities with capacity to deploy, targeting £6m for deployment into 10-15 portfolio companies.
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GB Investment Magazine
Open Offers
VCT Open
02/10/2020
Close
30/09/2021
Amount to be Raised:
£20m Ordinary shares + £10m over- allotment facility Minimum Investment: £3,000
Blackfinch Spring VCT Growth-Stage Investing The Blackfinch Spring VCT invests in technology-enabled firms at growth stage, bringing a higher chance of success. We invest in firms that have already raised funding, gained traction and aim to accelerate the scale-up process.
Tech-Enabled Firms We’re focused on companies using the Internet, mobile devices and social media to offer better products and services. Exposure to different firms and sectors helps create portfolio diversification.
Return Targets We target firms offering the potential for higher returns at exit. They need to show they have revenue and customers, and are capable of disrupting large, growing markets.
Tax Benefits • Up to 30% Income Tax relief (minimum holding period five years) • Gains exempt from Capital Gains Tax (CGT) when investors sell shares T. 01452 717070 E. enquiries@blackfinch.com www.blackfinch.com
• No Income Tax on dividends
Discounts • 1% per share for new applications received before 3pm, 5 April 2021 • 1% per share for existing investors (additional to the above discount) up until 3pm, 5 April 2021 Capital at risk.
IHT Open
Close
Evergreen
N/A
Amount to be Raised:
N/A
Minimum Investment:
£25,000
Adapt IHT Portfolios Meeting the Inheritance Tax Challenge Inheritance Tax (IHT) legislation, set against property values, means this tax remains a challenge for many. Our IHT solution uses Business Relief for a swifter route to IHT exemption after just two years (and if held at death).
Diverse Opportunities Three investee firms provide access to a wide range of opportunities: • Lyell Trading: property development finance • Sedgwick Trading: renewables investment • Henslow Trading: asset-backed finance
Choice Each client can choose from four model portfolios. This means each can find what’s right for them in terms of sustainable investing, their objectives and risk profile. T. 01452 717070 E. enquiries@blackfinch.com www.blackfinch.com
• Ethical: focus mainly on renewables and low carbon projects, target return of 3%* p.a. • Balanced: focus on capital preservation, target return of 4%* p.a. • Balanced Growth: focus on capital preservation with growth, target return 4.5%* p.a. • Growth: focus on growth, target return of 5%+* p.a. *All target returns net of costs and charges
Value We only take an annual management fee of 0.5% +VAT after we have achieved the minimum target return on the model portfolio a client selects.
Control Clients retain access to and control of capital, enabling withdrawals if their situation changes. They can also take regular payments or leave capital invested. Capital at risk.
GB Investment Magazine
27
EIS Open
Close
Evergreen
N/A
Amount to be Raised:
N/A
Minimum Investment:
£10,000 advised £50,000 non-advised
Blackfinch Ventures EIS Portfolios EIS Provider The Blackfinch Ventures EIS Portfolios are our open offering as a provider of Enterprise Investment Scheme (EIS) services. We have a strong track record in EIS, having previously raised funding across sectors. We’re passionate about supporting new firms as they grow.
Tech Focus We invest in forward-thinking new technology companies. Firms operate across sectors, with offerings based on ground-breaking new concepts, using highly specialised technology. With the potential to change the way we live and work, they’re set to make an impact in global markets.
Return Targets We target higher returns of 3-5x on investment, focused on successful outcomes for clients and companies. We identify firms early in their life and invest before they take off. Risk management is key to our strategy.
Tax Benefits • Up to 30% Income Tax relief T. 01452 717070 E. enquiries@blackfinch.com www.blackfinch.com
• 100% Inheritance Tax (IHT) exemption on qualifying investments after two years (and if held at death) • Capital Gains Tax (CGT) deferral relief (up to three years prior to investment and up to one year in advance) • Growth free of CGT (if Income Tax Relief has been claimed) • Offsetting of capital losses up to 45% • Carry back to previous tax year (for Income Tax relief) Capital at risk.
EIS Open
Evergreen
Close
Evergreen
Amount to be Raised: £10m Minimum Investment: £25,000
E. invest@o2h.com www.o2hventures.com
The o2h human health EIS knowledge intensive fund o2h ventures launched the o2h human health EIS knowledge intensive fund as the first HMRC approved knowledge intensive fund. The investment focus of the HMRC approved knowledge intensive fund will be therapeutic drug opportunities or technologies that enable drug discovery with an emphasis on Artificial Intelligence (AI). The geographic scope shall be UK wide, following on from the success of the ‘o2h human health EIS Fund. Knowledge intensive investing offers investors an opportunity to take advantage of the predictability of the tax year, from which they are able to claim relief. To date, investors in EIS funds claim relief when the funds are deployed into a business. However, in the new HMRC approved knowledge intensive funds, relief is dated when the investment into the fund is made (with carry back options depending on individual circumstances). The biotech sector is one of the leading sectors in the UK economy. The large pharma companies now rely on the small innovative biotechs for new ideas in disease areas such as cancer, genomics, anti-ageing and neurosciences amongst others which has led to higher potential exit valuations. The fund will widen the community of investors that will help expand early stage research in the UK. The o2h team are leaders in the biotech community and have been actively involved as investors, holding various board/industry positions as well as being engaged in grassroots scientific activity for over 20 years. o2h operate from their proprietary 2.7 acre o2h SciTech Park where they are developing a unique model for incubating small life science companies. Key Highlights The first HMRC approved Knowledge intensive fund • Portfolio Diversification - Investment in 5-7 portfolio companies • o2h Ventures, CEO & Fund Manager - Sunil Shah has been awarded UKBAA Angel of the year 2019 award as well as the OBN Special Recognition Award for his exemplary contribution in lifesciences industry • Closing Date – Bi annually (April and September)
28
GB Investment Magazine
Open Offers
EIS Open
Close
Evergreen
Evergreen
Amount to be Raised:
N/A
Minimum Investment:
£20,000.00
Newable EIS Scale Up Fund 3 The Fund seeks to leverage Newable’s unique corporate infrastructure to invest in knowledge intensive companies at the point of commerialisation and once a company has proven the concept through early-stage revenues. The investments are supported by Newable's wider platform, providing serviced offices, advisory services, and lending solutions. Newable also benefits from the expertise of circa 300 professionals, the Newable EIS Scale-Up Fund 3 has a unique eco-system from which to originate, undertake due diligence, execute, support, monitor and ultimately exit investments. The Fund aims to provide investors with a diversified portfolio of 7-10 knowledge intensive companies, offering investors exposure to an exciting asset class without the need to stock pick and commit management time. Newable is independently recognised as one of the UK’s leading investment networks and draws on a 36 year track record as well as long term partnerships with the U.K. government and business community.
T. 0785 091 5378 E. sanjeev.gordhan@newable.co.uk www.newable.co.uk
Risk is mitigated through a selection methodology and due diligence built around Newable’s +300 strong investor group as well as by leveraging the Enterprise Investment Scheme for early stage investments. Highlights • Newable can provide strong support at the scale-up growth stage, drawing on broader group resources across a range of disciplines including grant writing services, export services and innovation advice. • Newable curates one of the most comprehensive and sophisticated deal flow eco-systems in earlystage investing. This eco-system yields around 1,500 investment opportunities every year. • The Newable Ventures Investment Advisory committee has over 110 years of combined investment experience with a track record of making successful investments across the Innovation and Technology space. Recent examples include: • Atelerix: Invested Jan 2018 returning a 2.07x uplift in share price • Cognism: Invested in March 2018 returning a 3.42x uplift in share price • Hummingbird Technologies Invested in March 2018 returning a 2.25x uplift in share price
EIS Open
Evergreen
SEIS Close
Evergreen
Amount to be Raised: £5m Minimum Investment: £15,000
Oxford Technology Combined SEIS and EIS Fund - “The Start-up Fund” Oxford Technology invests in high risk, high reward technology start-ups, in general within an hour’s drive of Oxford, and has been doing this since 1983. The latest fund, OT(S)EIS made its first investment in 2012. By 31st December 2020, OT(S)EIS had completed 149 investments in 42 companies. Things continue to go well and in the most recent quarter, the tax free gain on the portfolio increased from £10.59m at the end of Q3 to £11.80m at the end of Q4. The figures for the fund as a whole since its inception are as follows:
T. 01865 784466 E. info@oxfordtechnology.com www.oxfordtechnology.com
Gross amount invested by OT(S)EIS:
£ 7.91m
Cash back to investors via tax reliefs (1):
£ 2.98m
Net cost of these investments after tax reliefs (2):
£ 4.93m
Cash back from exits (3):
£ 0.24m
Fair value of remaining portfolio (4):
£ 16.73m
Total value: £ 19.95m Tax free gain (on paper only so far):
£ 11.80m
After tax losses on the three failures:
£ 0.14m
*OT(S)EIS investors who made an SEIS investment in Animal Dynamics, an Oxford University spinout at 14p per share (7p after SEIS tax relief) in Jun 2015, had the opportunity to exit in March 2019 at 97p per share (so 14x the after tax share price). About 50% of the shareholders opted to sell with 50% opting to remain – the company is doing very well. OT(S)EIS remains open for investment at any time. We average about one or two new investments per quarter, and investors in the fund receive their pro-rata share of these. The latest quarterly report, with a page of information on each investment is downloadable from www.oxfordtechnology.com. At 10am on the first Thursday of every month, Oxford Technology holds a Zoom meeting at which 3-4 of its existing investee companies which are seeking expansion capital present, enabling investors to make direct EIS investments; sign up to attend via the website.
GB Investment Magazine
29
EIS Open
Close
Evergreen
Amount to be Raised:
N/A
Minimum Investment:
£100,000
Mercia BIR fund This Business Investment Relief (BIR) wrapper enables Resident Non-Dom (RND) investors the opportunity to very tax-efficiently invest in Mercia EIS Fund. RND investors can use BIR to bring off-shore capital into the UK potentially without taxation, in addition to the generous EIS benefits. Mercia’s EIS Funds have an investment-led venture capital strategy, investing nationally with a focus on the underserved regions; specialising in the identification, creation, funding and scaling of innovative technology businesses with high growth potential, creating a strong investment proposition. Mercia has an Investment Team of industry specialists with venture capital expertise, working extensively with portfolio companies to scale each business with the aim of ultimately delivering shareholder returns. Mercia can fund companies with different pools of capital, initially via its own EIS Funds or other thirdparty funds, and then selectively using Mercia’s proprietary capital. Mercia is therefore able to provide a ‘Complete Capital Solution’ for entrepreneurs and small companies, starting from seed rounds of £100,000, larger rounds of up to £2.0million, and building to funding rounds of £10.0million. Highlights
T. 0330 223 1430 E. enquiries@merciatech.co.uk www.merciatech.co.uk
Sustained Deal Flow - the consistency in both value and volume of Mercia's deal flow is hugely supported by deep relationships and networks in each region. Diversified Portfolio - consisting of approximately 15 EIS qualifying technology companies. Advance Assurance - will be sought from the HMRC for each investment. Proactive, specialist asset manager providing capital to regional SMEs (96% invested outside of London). Eight offices across the UK with 90 investment staff and 19 university partnerships. The Mercia Group has a substantial track record of delivering realisations from early-stage technology companies. This EIS fund is managed by a team that has seeded unicorns, and delivered some very high multiple returns for both EIS investors (Clear Review 8x Oct 2020, Native Antigen Company 8.6x July 2020) and Mercia’s other venture capital funds (Allinea 26x Dec 2016, BluePrism 104x July 2019).
EIS Open
Close
Evergreen
Amount to be Raised:
N/A
Minimum Investment:
£25,000
Mercia EIS fund Mercia’s EIS Funds have an investment-led venture capital strategy, investing nationally with a focus on the underserved regions; specialising in the identification, creation, funding and scaling of innovative technology businesses with high growth potential, creating a strong investment proposition. Mercia has an Investment Team of industry specialists with venture capital expertise, working extensively with portfolio companies to scale each business with the aim of ultimately delivering shareholder returns. Mercia can fund companies with different pools of capital, initially via its own EIS Funds or other thirdparty funds, and then selectively using Mercia’s proprietary capital. Mercia is therefore able to provide a ‘Complete Capital Solution’ for entrepreneurs and small companies, starting from seed rounds of £100,000, larger rounds of up to £2.0million, and building to funding rounds of £10.0million. Highlights Sustained Deal Flow - the consistency in both value and volume of Mercia's deal flow is hugely supported by deep relationships and networks in each region. Diversified Portfolio - consisting of approximately 15 EIS qualifying technology companies. Advance Assurance - will be sought from the HMRC for each investment.
T. 0330 223 1430 E. enquiries@merciatech.co.uk www.merciatech.co.uk
Proactive, specialist asset manager providing capital to regional SMEs (96% invested outside of London). Eight offices across the UK with 90 investment staff and 19 university partnerships. The Mercia Group has a substantial track record of delivering realisations from early-stage technology companies. This EIS fund is managed by a team that has seeded unicorns, and delivered some very high multiple returns for both EIS investors (Clear Review 8x Oct 2020, Native Antigen Company 8.6x July 2020) and Mercia’s other venture capital funds (Allinea 26x Dec 2016, BluePrism 104x July 2019).
30
GB Investment Magazine
Open Offers
EIS Open
April 2017
SEIS Close
Evergreen
Amount to be Raised:
Up to £25,000,000
Minimum Investment: £10,000
T. 020 7071 3945 E. enquiries@growthinvest.com www.growthinvest.com
GrowthInvest Portfolio Service The GrowthInvest Portfolio Service is a discretionary managed EIS & SEIS portfolio service that leverages the experience and expertise of the GrowthInvest investment team to select a diversified portfolio of some of the most promising companies that are brought to the platform, and the Investment Committee. Clients can invest in three different strategies in the GrowthInvest Portfolio Service. The first will target investee companies which qualify for SEIS reliefs only; these companies tend to be the highest risk that are often developing their minimum viable product and will be pre-revenue businesses. The second strategy will target investee companies which qualify for EIS reliefs only, i.e. those businesses that are already trading and require equity capital to expand their operations. The third strategy is a mixed investment policy which will target investee companies which qualify for both SEIS and EIS relief and offering a more moderate level of risk. The GrowthInvest Portfolio Service aims to return to clients twice the initial invested amount (not including tax reliefs) and is aiming to exit investments and return capital three to seven years after the initial investment into the Portfolio Service. GrowthInvest is an independent platform, which provides whole-of-market access to alternative and tax efficient investments for the clients of financial advisers, wealth managers and investors.
EIS Open
Evergreen
SEIS Close
Evergreen
Amount to be Raised: N/A Minimum Investment: £5,000
GrowthInvest - The Tax Efficient Platform for Advisers GrowthInvest simplifies research, investment and reporting on alternative and tax-efficient assets. Through our smart technology platform, we serve wealth managers, financial advisers, and their clients. Our core service offers: • A market-leading range of investment offers including EIS, SEIS, VCT, IHT and other alternative investments. • Reporting on all alternative assets in one online secure portal (including the onboarding of historical assets) • An extensive library of educational materials alongside research from independent partners,
T. 020 7071 3945 E. enquiries@growthinvest.com www.growthinvest.com
• Digital administration solutions and innovative products, driven by client demand, such as our diversified VCT service. • Personalised client service with an experienced team from institutional backgrounds: because technology is not always enough We have placed the adviser and their clients at the heart of everything we do. Contact us to discuss your specific requirements and for a demonstration of the future of alternative and tax efficient investing.
GB Investment Magazine
31
Open for investment
Jenson SEIS & EIS Funds A proven track record of managing S/EIS Funds since 2013 with over £17 million invested in 110* eligible companies carried out by a longstanding team
Fund offering Diverse portfolio of investments: • 8-12 for SEIS and • 5-10 for EIS
SEIS focussing on tech-enabled companies with some deep tech and product. Founders with in-depth knowledge and experience within their sector.
Evergreen Funds with rolling tranches. Next expected close: 24th March 2021
Funds are predominantly used for scaling and supporting the continued commercialisation of the company’s product.
EIS Fund targets existing portfolio companies that have demonstrated execution.
Target the ‘EIS Equity Gap’ – round of funding after an SEIS round (commercial traction) and prior to a later stage EIS/Pre-Series A round.
9 SEIS and 1 EIS exits to date Eligible for generous tax reliefs: Income Tax, CGT and Loss Relief Automated application process Capital at Risk *From the 110 investments made to date, 57 are still active after the nine exits.
For more information contact: T: 020 7788 7539 E: invest@jensonfunding.com
jensonfundingpartners.com The MJ Hudson Trustmark indicates that Jenson EIS successfully completed an independent review and a full due diligence research report was published by MJ Hudson Allenbridge on 23/04/2020.
Jenson Funding Partners LLP is a limited liability partnership incorporated in England and Wales No. OC375306. Registered Office: 2nd Floor, Runway East, 20 St Thomas Street, London SE1 9RS. Jenson Funding Partners LLP is authorised and regulated in the UK by the Financial Conduct Authority. FCA No. 820516.
