FOR PROFESSIONAL INVESTMENT SPECIALISTS
MAGAZINE
O NWA RDS A N D U PWA RDS J U N E 2 0 21
GOVERNMENT BACKED - GREAT BRITISH INVESTMENTS - EIS - SEIS - BR - SITR - VCT
Real change starts small. At Vala, we’re investing in the early-stage, innovative companies that will change our future for the better. Their visionary founders are creating technologies, products and services that will help us all live more sustainably. And with change comes growth the Vala Sustainable Growth EIS targets substantial returns to investors. Get in touch to find out more. invest@valacap.com 0203 951 0590 Investing in start-ups and early-stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. EIS-qualifying investments should be seen as long-term investments. Investments are targeted exclusively at investors who understand the risks of investing in early-stage businesses and can make their own investment decisions. Please note that any investments into the Vala Sustainable Growth EIS Fund can only be made after an investor has received the information memorandum, Key Information Document and completed an application form. Investments made in investee companies via alternative investment funds are not covered by the Financial Services Compensation Scheme (FSCS). Vala Capital Ltd (FCA number 827386) is an appointed representative of Sapphire Capital Partners LLP (565716), which is authorised and regulated by the Financial Conduct Authority.
CONTENTS
CHAPTER • 1 4-5
Nova Introduces I
The first of our series of investee spotlight interviews, Nova introduces us to Gavin Delaney, CEO of Hy-Genie
CHAPTER • 2 6-7
The perfect EIS company?
GBI talks to Sarah Ellerby, CEO, Nova Pangaea on their perfect partnership with Par Equity
CHAPTER • 3 8-9
Nova Introduces II
The second in our investee spotlight series in conversation with Ben Sweeney, Founder of VidiVet
CHAPTER • 4 10-12 Best practice, risk and sustainability in the post-Covid world
Part 1 of our interview with Richard Roberts, Oxford Capital
CHAPTER • 5 13-21 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.
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I NVESTE E SPOTLIGHT
June 2021
NOVA INTRODUCES In the first of our series of investee spotlight interviews, for GBI Nova introduces us to Gavin Delaney, CEO of Hy-Genie
WHAT WAS YOUR LIFE LIKE BEFORE HY-GENIE? I have been involved throughout my career with early-stage businesses, especially with medical devices and NHS partnerships, so it was in my blood!
business to come in and develop the business. That is where I came in. I was particularly attracted by the ownership model, with Nova Growth Capital providing the financial backing, Nova Cofoundery providing the expertise and support (and me), and the relationship with Alder Hey Hospital providing the ink to the NHS.
Prior to Hy-Genie I was with a company that focused on the issue of hand hygiene compliance in healthcare settings.
In terms of identifying the need for something like Hygenie, it was really the World Health Organisation that must take the credit!
This was a natural background for Hy-genie, as hospital acquired infections are made worse by a lack of hand-washing!
SO WHAT DOES HY-GENIE OFFER?
WHAT GAVE YOU THE IDEA?
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.
It was Richard Cooke, Director of Infection Prevention and Control at Alder Hey Children’s Hospital that had the idea, and as it developed and matured both he and Nova needed someone with the experience of growing a
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The current baseline in the NHS with independent validations is that less than 50% of staff actually wash their hands appropriately.
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If all hospital staff were hand hygiene compliant MRSA would largelybe eradicated from Hospitals. Hy-genie has the potential to save thousands of lives each year and the NHS an estimated £1.2bn in treatment costs annually. Hygenie provides the measurement and monitoring system that is needed at an individual level. WHAT PROBLEMS AND CHALLENGES DID YOU ENCOUNTER? The biggest problem was to manage the need for speed in development because of demand, alongside the ability to run regular testing programmes to learn what works best. It has also been important to find ways of changing people’s behaviour, without appearing as though we are ‘big brother’, and watching them all the time!
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WHAT DIFFERENCE HAS NOVA MADE? The main thing is that Nova has been utterly supportive of us. There has been the financial input of course, but to goes far beyond that. They actually empower a company to succeed. The support that I received included a dedicated person to help, support on the Board, using their network to find the right people to help take us on to the next stage, and of course the team to develop the technology. Yet through all these. They don’t dictate, rather guide and suggest. They also organised an academic study to prove the efficacy of what we were doing. The relationship with Nova is one very much based on partnership rather than ownership. AND WHAT DOES THE FUTURE LOOK LIKE?
HAS COVID-19 HAD ANY SIGNIFICANT IMPACT ON THE DEVELOPMENT OF YOUR BUSINESS? The impact of Covid-19 has been immense in terms of growing awareness of the need for very regular handwashing. In turn it has focused much more attention on what we are offering, but it has also brought its own challenges. Partnering with Alder Hey hospital was an enormous plus, but Covid-19 slowed us down as it became harder to access live environments to test the product. There were far tighter access controls in hospitals, and staff were far too stretched to give us as much time as they might have liked. By being forced to slow down, it has made us very methodical and precise, which has been very helpful for regulatory testing.
Having proved what we can do through the tests at Alder Hey, we are now ready to go live with our service there. Already there are 6 other hospital trusts that we are talking to about introducing our service…and after that, the sky’s the limit. NOVA’S VIEW ‘Hy-genie offer a product that is absolutely right for our world today. When you combine this with the support of Alder Hey hospital, it has been a very powerful combination. The public awareness of the importance of handwashing is going to be with us for very many years, and Hy-genie will undoubtedly be at the forefront of how this is implemented.’ GBI
But overall, the government have been running a great advertising campaign for what we do!
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PAR EQU ITY
June 2021
THE PERFECT
EIS PORTFOLIO COMPANY? GBI talks to Sarah Ellerby CEO of Nova Pangaea, on their perfect partnership with their investors Par Equity.
INTRODUCING NOVA PANGAEA Very simply, Nova Pangaea is a cleantech business that has created a revolutionary process to convert woody and agricultural plant residues into sustainable biocarbons, biopolymers, biochemicals and biofuels. It displaces the need for industry to use fossil based products It is a process and product that is attracting interest from across the globe. Multi-national companies are at their door, because of what they offer, as the whole world moves towards decarbonisation. Sarah Ellerby, the CEO, was quick to point out that there is a funding gap in the early-stage ‘scale-up market. She said ‘there’s lots of funding support for start-ups and
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then support from the larger venture capital companies and Venture Capital Trusts once revenues hit £1m+ per annum, but there is a gap in between. Par Equity have been tremendous as they backed us near the start and have kept on supporting us. Not just with money, but in helping to develop the strategy and assisting develop our network within specific sectors. They have gone far beyond what one would expect from an investor. Since I joined the company, Par have continued to invest throughout our scale-up journey. They have been our perfect partner for growth.’ THE FUTURE Nova Pangaea are currently going through a further funding round of £3.5m. The purpose is to help them accelerate their growth and scale up the business prior to a potential IPO in 2022.
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PAR EQU ITY
Par Equity has led the round, supported by the Northern Powerhouse, Cambridge Angels, and their Chairman, John McNeil (one of Par Equity’s operating partners). Sarah said, ‘This funding will help us accelerate our strategic plan, including securing our first licence and first of a kind REFNOVA plant in the UK. It will also help us extend our range of partnerships, and to continue to innovate and grow our team. Currently we have 17 people, and I see this increasing over the next 18 months’. Paul Munn from Par Equity said ‘Nova Pangaea has in many ways been a model EIS portfolio company. It has a ground-breaking idea with global applications. It is right on trend as the world seeks to live more sustainably. It has been a pleasure to work with the team and they have been very responsive to the help and support that we have been able to offer them.’ A CEO WITH A DIFFERENCE The step from being the No 1 women’s Pool player in the world to CEO of a fast-growing cleantech company with a process that is now in global demand seems to be a giant leap. But the CEO in question doesn’t agree! Sarah Ellerby won over 80 Pool tournaments in the UK, before going to live in the US for greater challenges. She said ‘It was really a natural progression. I have always wanted to be the very best at what I do, and that is the same in business as in sport. Working in sport I worked with several global brands, so I always looked at what value I could bring to them, before I looked at ‘what's in it for me’. Striking mutually beneficial partnerships came naturally to me’.
June 2021
With family back home in North Yorkshire, it became time to return to her roots, and she looked round to see what she could bring to the region. One of the reasons why she wanted to come back to Yorkshire is the amount of activity in the renewable energy and clean energy sectors. And so Nova Pangaea, right at the heart of the cleantech economy, was a natural choice. Sarah joined them in January 2020. ABOUT PAR EQUITY Par Equity is a leading venture capital firm, based in Edinburgh, investing in innovative, high growth technology companies in the North of the UK. Since it was founded in 2008, Par Equity has invested more than £95m across 62 companies, leveraging a further £172m of capital from third party investors. Par’s investment focus is on enterprise technologies, and more specifically “deep tech”, i.e., companies with strong IP and technical expertise, including innovation across AI, photonics, energy storage, sensors, advanced materials, and nanotechnologies. The portfolio includes other rising stars like Current Health, Integrated Graphene, Qikserve, Cumulus and Novosound. Par’s investment approach is to combine the professionalism and rigour of a venture capital manager with the skills and expertise of a broad base of individual investors who can add value throughout the investment life cycle. This investment approach has produced strong and consistent returns across 22 realisations to date, gaining UK wide recognition. Most recently Par won the “Highly Commended” award in the Best EIS Fund Manager category at the 2020 EIS Association Awards. GBI
While still playing Pool, Sarah started her own business consultancy, and then had several CEO roles across energy, natural resources and manufacturing.
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I NVESTE E SPOTLIGHT
June 2021
NOVA INTRODUCES
In the second of our investee spotlight series, we are in conversation with Ben Sweeney, Founder of VidiVet
WHAT WAS YOUR LIFE LIKE BEFORE VIDIVET? I qualified as a vet back in 2008. Seeing trends in the veterinary market, I set up my first business, Simply Locums, in 2016. This was a digital careers platform that I grew and sold in 2019. Like all founders, my cogs started turning again and recognised the opportunity for a digital-first pet owner engagement which lay the foundations for what has become VidiVet. INDUSTRY CHANGES BRING NEW OPPORTUNITIES The veterinary industry has changed out of all recognition over the past 40 years. Back in 1980 90% of vets were male, today 82% are female. Many want their job to fit around a more flexible lifestyle, particularly if they are bringing up children. Increasingly vets and nurses want their job to
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suit them, rather than dictate to them. The days of James Herriot are largely gone forever! What is also clear is that there is a shortage of vets and veterinary nurses to cater to the ever-increasing population of pets in the world. As a result, the industry is having to adapt to new ways of working and offer more solutions that are customer centric. SO WHAT DOES VIDIVET OFFER? In determining what VidiVet offers, we talked to a wide range of vets and pet owners to ensure that what we offered is absolutely in line with what both sides wanted. The result was what we offer today-a genuine replacement alternative for google search that is personalised to people’s pets... The opportunity for animal owners to ask any question about their pet at any time and get an instant personalised response AND to have digital appointments at a time that suits them. It is designed to reassure owners, to educate
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them and direct them to the right treatment where it is needed. It is more flexible and cheaper for owners in most instances. The service gives us the opportunity to explain and educate what is needed to the owners of the animals. VidiVet is a service that works in partnership with traditional practices, helping them with their workflow, so that they are only used where their real expertise is needed. If a visit is required, it enables both sides to plan and prepare for what is required, again, saving time and improving outcomes. Pet owners have never been better supported than they are now and VidiVet gives them a reliable, easy way to engage with their pets’ health. WHAT PROBLEMS AND CHALLENGES DID YOU ENCOUNTER? The veterinary profession tends to be traditional, with slow adoption of new alternatives for change. There is a generational split. But our aim was not to harm the industry. Far from it. It is an industry we love. Instead, we wanted to offer a solution for a profession that is responsive to the needs of its clients and to improve access to our expertise rather than a reliance on google searches and Facebook ‘experts’. The biggest challenge was how to build a scalable business, but with the help of Nova, we are now achieving this. HAS COVID-19 HAD ANY SIGNIFICANT IMPACT ON YOUR DEVELOPMENT OF THE BUSINESS? If anything, Covid-19 has had a beneficial impact on the development of the business. People have become more digitally engaged and used to video communications. VidiVet has helped reduce face to face contacts and offers a more efficient use of time.
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SO HOW DID YOU COME ACROSS NOVA? Nova Cofoundrey Ltd (Nova) popped up on LinkedIn as a company looking for new ideas to invest in. This was just at the time when I was looking for both development finance and a sounding board for my ideas. I have extensive market expertise and experience, but recognised that we needed help in building a tech business. What really appealed about Nova was twofold. Their methodology that helped ensure that the service was really wanted before it was launched, and the expert tech support that they offered to build a scalable service. THE DIFFERENCE THAT NOVA MADE Nova was the perfect match for us. Nova Growth Capital Ltd provided the funding and Nova Cofoundrey Ltd the digital development, to build a robust and highly attractive service. That left me free to undertake detailed client research and build relationships with potential clients, leading to their appetite for the service. THE FUTURE Together we have built a service that is one that people want and is making veterinary services more accessible and efficient. We are looking forward to creating real growth and business scale over the months and years to come. NOVA’S VIEW ‘We were attracted to Ben and his ideas because he clearly knew his market very well, understood the changes happening in it, and had identified opportunities arising from this. It has been a bonus that Covid-19 has encouraged both vets and their clients to use digital communications more.’ GBI
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OXFORD CAPITAL
June 2021
BEST PRACTICE, RISK AND SUSTAINABILITY IN THE
POST-COVID INVESTMENT WORLD
In this first part of our in-depth two part interview, GBI Magazine speaks to Richard Roberts, Director of Investor Relations at Oxford Capital about who, what and how they are investing following an unprecedented year.
HOW WOULD YOU DESCRIBE YOUR INVESTMENT STRATEGY? Our investment strategy is about supporting what we consider the best of British companies. We focus on businesses that are solving commercial, technical or scientific problems in innovative ways. We're also looking to support credible, talented entrepreneurs to deliver their business ideas. DO THESE COMPANIES FALL INTO PARTICULAR CATEGORIES OR ANY DIFFERENT TYPES? HOW WOULD YOU DESCRIBE THAT? One category is tech companies that are developing ground breaking technology. For example, Xihelm, a company in the portfolio produces a tomato-picking robot that's looking to revolutionise the way that growers across the world harvest stock like tomatoes. That’s first on their list but the idea is to allow this to be developed out to become a world leading company. We're also looking for what we consider early growth - tech enabled companies that are disrupting existing markets. We're looking for product/market fit stage where we are investing, asking if we can we actually help these
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companies exploit slow moving incumbents. An example of that would be Money Box, which advisers may have heard of, and many of their clients may actually be using it as an investment tool for their ISAs. It’s a company that allows investors to save money through their mobile devices and build assets. WHAT ABOUT THE SORT OF THE PERSONNEL THAT YOU ARE LOOKING TO BACK WITHIN THESE BUSINESSES, WHAT CHARACTERISTICS ARE YOU LOOKING FOR? We have a very diverse portfolio, but it's really people that are looking to exploit existing markets, using their experiences. Many entrepreneurs have actually had businesses before or worked in industry and have already spotted market opportunities to try and exploit. WE HEAR SO MUCH ABOUT ESG INVESTING AT THE MOMENT, WHAT’S YOUR PHILOSOPHY OR THOUGHT PROCESS ON THIS? ESG is something that we feel very strongly about within Oxford Capital. When it comes to choosing and investing
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OXFORD CAPITAL
in companies, we are looking to back those that have the potential to have a positive impact on the environment and society as a whole. We believe this is part of our role as a VC investor especially when it comes to ESG within small companies. Often the thought of ESG is with regard to much larger companies, or seen as something to do when a company gets to a much bigger stage. But actually, if we can influence how the smaller companies develop best practice in creating their policies we can help to shape them to become responsible companies. In turn we find that by adopting these ESG policies they have the potential to achieve much stronger levels of growth. TELL US ABOUT THE COMPANIES YOU'VE GOT WITHIN YOUR EXISTING PORTFOLIO, WHAT ARE THE SECTORS THEY ARE INVOLVED IN? The sectors cover a wide range as we're trying to build a diverse portfolio for investors. They include artificial intelligence and machine learning. We also have a number of investments in digital health, Fintech and Insurtech which form a large part of our portfolio. We also look at the e-commerce world, the future of work and the future of mobility. FROM AN INVESTMENT POINT OF VIEW, WHAT ARE YOUR SPECIFIC GOALS AND OBJECTIVES? We aim to help investors build a portfolio of alternative assets to sit alongside their core investment portfolio. We're looking to build a portfolio of approximately 8 to 12 different companies that cover a variety of stages, geographies and sectors and really allow investors to access high potential companies at early stages in their growth. COULD YOU TELL US MORE ABOUT THE SECTORS YOU SPECIALISE IN AND WHY THESE ARE IMPORTANT? We look to specialise where we think there is the highest growth potential. When you look at what's happening in the market at the moment and ahead to a post-Covid
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world, the incumbents within retail, within the workplace there’s going to be huge amount of disruption. We're looking to back companies that are ready to exploit the opportunities that result from this and to become the FTSE 100 companies of the future. We're also looking at different themes. These include the future of mobility, future of retail, the future of work and how artificial intelligence and machine learning really enhance some of those opportunities and allow for explosive growth in early stage companies. ONE OF THE KEY AREAS WE SHOULD ADDRESS IS RISK WITHIN THESE INVESTMENTS. WHERE DOES THAT FIT WITHIN YOUR PHILOSOPHY AND HOW DO YOU MANAGE RISK? Risk is obviously key, especially within early stage investment management. The EIS sector is high risk too. Risk management sits at the core of our portfolio construction, beginning at the initial screening of companies that we see through the due diligence process. The central tenets within the portfolio construction are twofold. Firstly, we invest early -from late seed stage. We are often the first institutional investor that will come into a company's round. When we're building a portfolio for our investors we are taking a small amount of that initial subscription and investing it into maybe three or four early stage companies. Our aim is to invest early and then back progress. As companies look to grow and require more money, if they're demonstrating that their strategy is working, hitting their KPIs and really growing quickly, we look to follow on. We want to back the emerging winners. Ultimately 60 percent of investors’ subscriptions are going on to the later stage company. From Series A all the way through series C rounds, these are companies that have demonstrated market fit with less risk than those at very early stage. Investors are therefore getting a more blended opportunity with a variety of different investments rather than everything being very early stage. This helps manage both investment risk of progression within each company, but also duration risk of their overall investment. Not every single company is going to take potentially seven years to exit, because if we're investing at a later stage, hopefully they are reaching maturity much earlier.
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OXFORD CAPITAL
AS AN INVESTOR, WHAT ARE THE MAIN CHALLENGES THAT YOU FACE? Challenges are split into two parts; trying to identify and work with these early stage companies and helping shape them to grow in the future. It's incredibly difficult and takes huge amounts of effort and hard work from our management team. On the other side it’s trying to manage that dynamic between the adviser and the investor and ultimately the investment timeline to build these companies. These are early stage and are going to take a while to build and develop products to be of sufficient value to then build out. There is a tension between EIS tax relief and building high value quality companies for the long term. In EIS, this three year holding period to ensure qualification often dictates an exit time horizon that's shorter than it actually takes to build valuable large scale businesses. Managing that dynamic is a key challenge that we encounter on a daily basis. It's one that we manage by educating advisers and investors. Our risk management and portfolio construction challenge is helping to ensure that that's managed across the investment table. IN TERMS OF THE LAST 12 MONTHS AND THE PANDEMIC HOW HAS THAT AFFECTED THE BUSINESS OR WERE THERE SPECIFIC CHALLENGES YOU FACED AS INVESTORS? The initial shock of lockdown affected the UK as a whole. Within our portfolio, there was a lot of nervousness amongst entrepreneurs and founders; concerns around how this would affect businesses, how could they respond to the challenges and about cash flow. That's a key central tenet when we're making investments, to ensure that these companies have got strong enough balance sheets to at least see themselves through a rolling 12 month period. The founders that we backed have been incredibly resilient. They've really adapted to the challenges in the way their businesses operate, often making them more efficient through the impact of Covid-adopting technology and reducing unnecessary overheads. Much of the portfolio is much stronger because of Covid. They have become leaner and more focused on what they're doing, rather than allowing it to become inflated. So it is a huge challenge for everybody. It's been incredibly wearing, having to have zoom calls for hours on end but we’ve discovered that our portfolio and our founders are incredibly resilient. They have adapted and met the challenges head on.
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WHAT ABOUT THE IMPORTANCE OF THE OXFORD CLUSTER IN TERMS OF SUPPORTING NEW BUSINESSES? Yes, the Oxford clusters are very hot at the moment. I think the Oxford/AstraZeneca Covid vaccine has helped draw attention back to this. We are central supporters of the tech-enabled businesses that sit within Oxford and the surrounds. We are a key supporter and we are very well networked in with a lot of the other early stage supporters within the universities and other VCs in the area. WHAT ABOUT OXFORD CAPITAL IN TERMS OF BUSINESS, DO YOU FEEL YOU HAVE CHANGED OVER THE LAST 12 MONTHS? We've had to change our working practices, we’ve become a fully digital organisation and we’ve embraced that. We've recruited new staff and increased our headcount and we’ve moved to a hybrid working structure, similar in many respects in terms of what's been happening with our portfolio. We have looked at better ways of working, so using technology to improve what we're doing and really becoming a much more efficient business overall. The learnings that we've taken on internally can then be shared with our portfolio companies across the board. We have different companies at different stages in their growth and not all of them want to have to learn the hard way. By sharing our experiences across the portfolio of what we have been doing and what we have learnt about what other companies have been doing really benefits everyone. GBI
Oxford Capital invest in unquoted securities, which are classified by the FCA as a Non-Readily Realisable Security (NRRS). As such, these products may only be marketed to limited categories of investors, relating to knowledge, experience or financial situation. If an investor decides to pursue any investment opportunity after your personal investment recommendation, they will be investing in an unquoted company. Capital is at risk and investors should only invest if they can afford to lose their capital. Investment is of a long term and illiquid nature. It can be difficult to value and to sell unquoted investments. Any tax advantages associated with investing are based on current legislation, are subject to change, and depend on the individual circumstances of each investor. Sole responsibility for suitability of the investment for an investor lies with the investment adviser.
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GBI OPEN OFFERS A selection of tax efficient opportunities currently open for investment
EIS
SEIS
Open
Close
Evergreen
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.
EIS Open
Close Evergreen
Amount to be Raised:
£10m+ this year
Minimum Investment: £10,000
T. 07958 213122 E. jessica@haatch.com www.haatch.com
EIS Open
Evergreen
Close
Evergreen
Amount to be Raised: N/A Minimum Investment: £25,000
Haatch Ventures EIS Fund The Haatch Ventures EIS Fund is an award-winning Fund managed by successful entrepreneurs who have between them founded, scaled and sold businesses worth over $150 million. The Fund aims to back four to six early stage companies per tranche that have highly scalable and disruptive models for growth through digital transformation. The Haatch team of hands-on value creators use their knowledge, experience and network to accelerate the growth of portfolio businesses via its 'Smart Money' approach, providing support in many areas, including go-to-market, digital development and marketing. "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.
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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GB Investment Magazine
Open Offers
EIS Open
17 November 2020
Close
n/a
Amount to be Raised:
n/a
Minimum Investment:
£50,000
Octopus Ventures EIS Service 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. 3. The ability to manage a successful exit.
T. 0800 316 2067 E. support@octopusinvestments.com
octopusinvestments.com
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.
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. It's also flexible, and should circumstances change investors can request to sell their shares at any time, although liquidity cannot be guaranteed. 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.
GB Investment Magazine
15
PLATFORM Open
Evergreen
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.
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
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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 ixdes whole-of-market access to alternative and tax efficient investments for the clients of financial advisers, wealth managers and investors.
GB Investment Magazine
Open Offers
EIS
SEIS
Open
Open
Evergreen
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
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:
GB Investment Magazine
17
EIS Open
Evergreen
Close
30th September 2021
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 option depending on individual circumstances). Our first human health hybrid S/EIS fund was launched in November 2018 and closed to new investors in October 2020. This allowed us to ensure that the fund was fully deployed in the last tax year giving investors access to a diverse portfolio of 8-15 companies for each of our investors depending on the date of their investment. As a result we closed the 2020/2021 tax year with an increase in overall AUM of the o2h Ventures funds by almost 65%. At o2h Ventures, we have been working diligently behind the scenes to curate and build a strong pipeline of deals to invest in over the next few months. The deal pipeline is likely to ensure our investors’ get one of the most diversified and unique portfolios in the ‘human health’ and related AI sector. 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 group 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 Ventures operates from their proprietary 2.7 acre o2h SciTech Park where they are developing a unique model for incubating small life science 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 the life sciences industry. He was also recently awarded as CEO of the year at Cambridge Independent Science and Technology Awards. Key Highlights • The first HMRC approved Knowledge intensive fund • Portfolio Diversification - Investment in 5-7 portfolio companies • Closing Date – Bi annually (April and September)
SEIS Open
Evergreen
Close
30th June 2021
Amount to be Raised: £1m Minimum Investment: £10,000
The o2h human health SEIS fund o2h Ventures also launched “the o2h human health SEIS fund” in December 2021 to invest in early seed stage SEIS qualifying companies covering novel drug discovery along with enabling services, tools and AI Technologies. By investing in SEIS, UK investors have the potential to claim up to 50% income tax relief on their investment amount and pay no Capital Gains Tax on returns. ** 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.
E. invest@o2h.com www.o2hventures.com
The o2h group 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 Ventures operates from their proprietary 2.7-acre o2h SciTech Park where they are developing a unique model for incubating small life science 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 the life sciences industry. He was also recently awarded as CEO of the year at Cambridge Independent Science and Technology Awards. Key Highlights • SEIS fund - Focused on investing in seed stage therapeutic and biotech companies. • Minimum investment amount for investors is £ 10k. • Portfolio Diversification - Investment in 5-7 portfolio companies • Closing Dates – 30th June 2021, 30th September 2021, 31st December 2021 & 31st March 2022 *capital at risk **o2h Ventures limited is regulated by the Financial Conduct Authority (FRN 812245). ***Please note that tax reliefs depend on individual circumstances
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GB Investment Magazine
Open Offers
EIS Open
Close
Evergreen
Amount to be Raised:
Mercia EIS Funds The Mercia’s EIS funds have been independently reviewed multiple times and are recognized to be amongst the top four EIS fund managers – please request reviews from enquiries@mercia.co.uk.
N/A
Mercia EIS fund creates diverse, early-stage portfolios of technology companies, investing nationally with a focus on the underserved regions of the UK, where the investment entry prices are substantially improved, which enables superior returns to EIS investors.
Minimum Investment:
Mercia has a large team of investment professionals, who are supported by in-house entrepreneurs. Due to the scale of Mercia, it can provide value add services to portfolio companies, such executive search, access to our 750-strong network of NEDs, Chairman and FDs, legal and marketing support and discounts on software packages.
£25,000
Via the Complete Connected Capital strategy, the Mercia group can invest anywhere from £50,000 to £10m or more, enabling Mercia to be a very patient and supportive investor of high growth companies. Highlights A portfolio of 10-15 companies, across industry sectors and stages from seed to series A.
T. 0330 223 1430 E. enquiries@mercia.co.uk www.mercia.co.uk
In the last 8 months, Mercia EIS fund has exited 4 companies very well, including Refract (1.8x), Clear Review (8.0x), Native Antigen Company (8.7x) and OxGene (16.3x). In 2020 Mercia won both of the Exit of the Year awards, and they have stated that this will be their primary target for the coming years, as Mercia states that “exits define the success of an EIS”. Mercia EIS is part of the Mercia group of companies, including the Northern VCT, which has c£900m AuM, over 400 portfolio companies, 19 university partnerships, 8 offices and 110 staff. The Mercia group sees about 3500 deals a year, deploys about £100m a year into regional business, and the EIS fund is less than 25% of that total. There is scope to deploy £250m per year into regional businesses, and there is no limitation on the size of the EIS fund. Due to the number of companies that Mercia invests in per year, the EIS fund deployment averages under 8-months at the time of writing, although Covid-19 has slowed deployment down, Mercia fully expect to capital within a year.
EIS Open
1st February 2020
Close
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/
GB Investment Magazine
19
EIS Open
Close
July 2019
Evergreen
Amount to be Raised: £5m Minimum Investment: £10,000
T. 020 7788 7539 E. invest@jensonfunding.com www.jensonfundingpartners.com
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 25 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. • First EIS Exit in February 2021 providing a return on two Funds from 1.4x to 2.2x which should increase with companies that still remain in the fund.
SEIS Open
June 2019
Close
Evergreen
Amount to be Raised: £3m Minimum Investment: £10,000
Jenson SEIS Fund Jenson are one of the longest running SEIS Fund Managers and have been investing in early stage growth companies since 2012 with over 110 investments to date. 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). Highlights
T. 020 7788 7539 E. invest@jensonfunding.com www.jensonfundingpartners.com
• Two tranches closed and deployed this year. • Target Size – £3 million in respect of the 2021/22 tranche. • Diversified Portfolio of 8 to 12 investments per tranche. • Nine exits to date with a range of multiple returns from x.5 to potential of x12.
20
GB Investment Magazine
Open Offers
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
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 March 2021 • 90+ years’ experience in EIS • 256 EIS qualifying investments • 62 companies backed • £92m invested by Par leveraging a further £142m • 8.9 months average time taken to full deployment into 8 companies • 83 days on average for EIS3 certificates • 22 realisations to date
GB Investment Magazine
• 3.4x money multiple (before tax relief)
• 25% IRR (before tax relief)
• 4.5 years average holding period.
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INVESTING IN EIS DOESN’T ALWAYS MEAN HAVING TO INVEST IN THE ALL OR NOTHING, “BOOM OR BUST” TYPE START-UPS.
The SidebySide EIS fund targets growth companies that are already through the “start-up” phase and are now producing in excess of £1m of annual revenue. These companies are then mentored and supported by a management team responsible for over $1.5bn of exits, to date.
No initial or annual fees are charged to investors – Allowing for EIS relief on 100% of the clients investment. Targeting a return of £3 per £1 invested, Net of all fees.
CONTACT Please contact James D’mello with any questions you may have: Mobile – 07957 712 407 Office – 0207 993 8686 Email – James@thesidebysidepartnership.com