Prosper Issue 7 | October 2025 | Adviser with no existing clients email
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3
Welcome from our Managing Director
6
Interview with Jamie McCloskey, Co-Founder, LOVE CORN
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In conversation with Rupert West, Managing Director, Puma Growth Partners
4 News from our portfolio companies
8 Exclusive discounts from our portfolio companies
12 Puma Client Relations Team — here to support you
Jeremy Roberts Managing Director, Puma Investments
As we open our latest Puma VCT 13 fundraise, we’re delighted to bring you the next edition of Prosper magazine.
Welcome to the latest edition of Prosper
Firstly, I would like to introduce myself, I’ve recently joined the Puma Investments business as Managing Director. With over 25 years of experience in fund management, including 20 years at BlackRock, the world's largest asset manager, I'm delighted to have joined Puma at such an exciting time for the growth of our business.
Following a strong period of deployment in our VCTs, this edition of Prosper is packed full of content. We share the latest companies to join our portfolio including YASO, which supports global brands scaling into the Chinese market.
It also features an interview with Jamie McCloskey, Co-Founder, of LOVE CORN. Sold in over 20,000 stores, Jamie highlights their growth journey across the UK and US.
On pages 12-15, you will find useful information from our Client Relations team regarding the administration of your investment plus information on our new Shareholder Portal.
Thank you for your continued support and as always, please do reach out to our Client Relations team if you have any feedback or questions about your Puma VCT shareholding.
Jeremy Roberts Managing Director, Puma Investments
NEWS
FROM ACROSS THE PORTFOLIO
Puma VCTs have invested £6.2 million to support the growth of LOVE CORN, the crunchy corn snack. Recognised as The Grocer UK’s SME Brand of the Year 2024, the business has grown rapidly since launch and is now sold in 20,000 stores across the UK and US –including Sainsbury's, Tesco and Waitrose in the UK and Whole Foods and Target in the US.
The Puma VCTs most recently invested £5 million into YASO, the operating system that enables global consumer brands to grow in the Chinese market.
Clients include Cowshed, Pixi Beauty, and Nip + Fab. The investment will support YASO in scaling its sales and marketing function, accelerate onboarding of new clients, expand its platform capability and increase operational capacity.
Puma VCTs invested £4.25 million to support the growth of Runa, the global fintech infrastructure payments provider. Runa’s platform distributes digital gift cards, prepaid cards, and offers Pay to Bank Card functionality.
In the past three years, Runa has processed billions in payouts across more than 45 countries, 16 languages, and a network of over 5,000 merchants including Amazon, ASOS, Xbox, John Lewis and M&S.
Led by founder and CEO Shafiq Ahmed, the business has completed the acquisition of Pump Gyms, expanding NRG’s gym estate from 7 to 12 sites and nearly doubling its membership base. This marks a major milestone in NRG’s journey to becoming one of the UK’s leading high value, low price gym operators.
Aveni delivers market-leading generative AI solutions for the UK financial services industry and has recently released FinLLM - a large language model purpose-built for the UK financial services sector. FinLLM is a major step towards responsible, enterprise-grade AI in a highly regulated industry. Developed with strategic input and investment from Lloyds Banking Group and Nationwide Building Society, the foundational version already outperforms general-purpose models on key financial tasks.
The UK’s leading dedicated alcohol-free beer brand has recently broken into the top five low and no brands ranking in UK grocery. In addition, they’ve grown faster year-on-year than any other brand in the top 20 against competitors such as Brewdog, Beck’s Blue and San Miguel.
In recent months they have also launched two new beers – their Superior Lemon Lager and Superior German Weissbier, brewed in Bavaria.
Building a leading UK snack brand
Interview with Jamie McCloskey, Co-Founder of LOVE CORN
Watch the interview here
Jamie McCloskey, Co-Founder of LOVE CORN
We sat down with Co-Founder, Jamie McCloskey to discuss the brand’s significant growth.
With the global snack market booming and consumers increasingly seeking healthier, allergen-free options, LOVE CORN has emerged as a standout challenger brand. Recognised as the UK’s fastest-growing snack brand in 2024 (Circana research), Puma VCT 13 and Puma
Alpha VCT recently collectively invested £6.2 million to support the business that is scaling rapidly in the UK and US.
Jamie discusses their growth journey, the challenges they’ve faced plus how they have cracked the US market.
Can you describe LOVE CORN?
LOVE CORN is the first premium crunchy corn brand, built around a simple mission: to be the family’s feel-good, crunchy snack, a healthier alternative to crisps and nuts.
We’ve taken the crunch and kernel shape of nuts and combined it with the flavour and satisfaction of crisps. It’s a snack that ticks all the boxes – crunchy, tasty, and allergen-free.
What makes LOVE CORN stand out is that it fills a genuine gap in the market. Before we launched, there wasn’t a single crunchy corn brand on the shelf. We saw a white space and built a product that aligned with consumer trends –better-for-you snacking, allergen-free ingredients, and bold flavours.
What inspired you to launch the business?
It started with a shared vision between myself and my co-founders – my brother Gavin and his wife Missy. I’m based in the UK, and they’re in the US, which gave us a unique perspective on both markets. We were all passionate about creating a snack that was both delicious and better for you.
We noticed that while crisps and nuts dominated the snack aisle, there was nothing that offered the crunch and satisfaction of those products without the allergens or guilt. Crunchy corn was popular in other parts of the world, but it hadn’t been brought to the mainstream in the UK or US. That was our opportunity and we launched LOVE CORN to fill that gap.
What has driven the growth of the business and what have been the biggest challenges?
Retail partnerships have been absolutely key to our growth. In the UK, we’re stocked by Tesco, Sainsbury’s, and Waitrose. In the US, we’ve partnered with Whole Foods, Target, and Kroger. These retailers saw LOVE CORN as a way to drive incremental growth and attract a more health-conscious consumer.
But growth hasn’t come without challenges. Our biggest hurdle has been education. Most consumers don’t know what crunchy corn is, so we’ve had to work hard to introduce the concept. We’re not just launching a product – we’re building a new snacking category.
We’ve also found creative ways to reach new consumers, such as partnerships with British Airways and American Airlines. It’s a memorable way to introduce the brand to people who might not have discovered it otherwise.
It’s notoriously difficult for UK brands to launch into the US market – how have you achieved this?
Having co-founders on both sides of the Atlantic has been a huge advantage. Gavin and Missy are based in the US, which meant we could build relationships and understand the nuances of the market from the start.
We didn’t treat the US as an “expansion” market, we built LOVE CORN as a transatlantic brand from day one. That’s helped us navigate the complexities of launching in the US, from retail partnerships to consumer behaviour.
We’ve also leaned into strategic sampling and brandbuilding. Being featured on airlines, attending trade shows, and working with retailers who understand our mission has helped us gain traction in a market that’s notoriously tough for UK brands.
What’s next for the business?
Right now, we’re in 20,000 stores – 5,000 in the UK and 15,000 in the US. But we’re just getting started. Household penetration is still low: around 5% in the UK and just 1% in the US. That means the opportunity is massive.
Over the next few years, we’re focusing on building out distribution and increasing awareness. Our goal is to be in 100,000 stores and reach 10–15% household penetration. We’re doubling down on the strategies that have worked – sampling, retail partnerships, and brand storytelling.
We also see opportunities in new formats and flavours. We’re constantly listening to our customers and exploring ways to innovate while staying true to our core mission.
LOVE CORN is the first premium crunchy corn brand, built around a simple mission: to be the family’s feel-good, crunchy snack, a healthier alternative to crisps and nuts.”
How has external investment from Puma VCTs helped to support your growth journey?
Puma’s support has been instrumental. Building a brand from scratch is tough, and having experienced partners who understand how to scale a business has made a huge difference.
The team has helped us navigate challenges, refine our strategy, and stay focused on long-term growth. Whether it’s expanding our senior team, exploring new markets, or investing in marketing, Puma has been a strategic partner every step of the way.
Their experience in scaling consumer brands has been invaluable, and it’s given us the confidence to think bigger and move faster.
Bringing you exclusive discounts from our portfolio companies
We are delighted to offer you a range of exclusive discounts from our portfolio companies. Whether you're looking to book a holiday or want to sample Lucky Saint, these discounts are our way of thanking you for being part of our growth journey.
Please note that these discounts are only available for existing Puma VCT investors, and not for onward distribution. Terms and conditions may apply.
Lucky Saint is the UK’s number one dedicated alcohol-free beer brand. Discover its superior alcohol-free beers, including its Superior Unfiltered Lager and Superior Hazy IPA, with a 20% discount.
Available for new customer online purchases, on a minimum spend of £12. The discount applies to the beer, and a delivery fee is added after.
luckysaint.co
Specialist cycle and e-mobility insurer Bikmo protects over 75,000 riders and offers a range of insurance products to protect every type of cyclist. It also offers extras to protect cyclists, including legal protection and breakdown assistance. Currently available on UK bike products only. Minimum premium applies.
Discount available on the UK website and cannot be combined with other promotions. bikmo.com
Fusing
Hear from our investment team
In conversation with Rupert West, Managing Director, Puma Growth Partners
Rupert West, Managing Director Puma Growth Partners
Rupert West and his team oversee all aspects of portfolio management for the VCTs. They support portfolio companies through investment, specialist expertise, a rigorous scale-up framework and a real understanding of the people involved.
In this interview, Rupert shares his perspective on deal origination, portfolio strategy, and the outlook for scale-up companies in the current environment.
What does a typical week look like for you and your team?
It’s a mix of working with our portfolio companies, deploying uninvested capital, and retaining oversight of the VCTs themselves. We’re governed by complex VCT rules and listed company regulations, so there’s a lot of expertise and experience needed to run VCTs
with confidence. But for the investment team the day-to-day is really about supporting the portfolio – helping businesses grow, solve problems, and ultimately deliver value. Deal execution is important, but we see portfolio support as our core job.
How do you find new investment opportunities?
We invest heavily in origination – we continue to build our footprint and have opened offices in Manchester and Edinburgh to tap into local ecosystems and expand our teams in those regions. Deals don’t travel well, so being present matters. We have also hired a dedicated origination specialist from Houlihan Lokey to bring more rigour and process. Fundamentally, it’s about being known for something – larger ticket investments, deeper involvement with the companies we back, and close partnerships. We stay visible through events, meetings, and a wide network of advisors, chairs, lawyers, and professionals.
How is the current environment for investing in scale-up companies?
The last five years have been challenging which impacts the decisions founders are making and the types of investment rounds they're looking for. This is part of what's contributed to VCT investment volumes being so depressed for the past two years. Fortunately we're bucking that trend to an extent, and it's looking like we might add a record number of positions to our portfolio this year. It’s hard to see beyond geopolitical challenges, but the overall performance of our portfolio is really strong, which is very reassuring.
Can you highlight a portfolio company that’s made a real impact over the last year?
Transreport stands out. It’s a digital platform improving travel for people with mobility needs. Initially focused on UK railways, it then secured contracts with Japanese railway operators and it’s now expanding into aviation and hospitality, with trials at Manchester Airport. Earlier this year the business was awarded The King’s Award for Enterprise In Innovation, the UK’s highest business accolade. It’s a pleasure to back a business that’s both impactful and commercially successful.
What new investments are you excited about?
We’re excited about all our new investments; one of the great privileges of the job is investing in businesses that we’re passionate about. But there are some companies where our offer of significant funding with deep support has really resonated.
Aveni is an AI-powered RegTech firm helping wealth managers meet compliance needs efficiently, with a huge growth rate from top-tier blue chip clients. YASO helps Western brands sell into China through a game-changing tech and infrastructure platform –a way for us to gain exposure from consumer strength in China without making a bet on a specific brand. Runa is digitising the gift card market with amazing growth and over £100 million a month currently flowing through its platform. And on the consumer side there's LOVE CORN – a non-ultra-processed food snack. It’s a great business, as the product is baked rather than fried so is fairly healthy, and avoids the allergen issues we see with nuts. And NRG Gyms is a high-growth, low-cost fitness brand that’s smashing every metric at the moment: membership numbers, yield, revenue, you name it. It’s just acquired a smaller competitor (Pump Gyms) and is set to be a meaningful player on the UK gym scene. I could go on, but as you can see it’s an exciting time and we’ve added some fantastic businesses over the past year.
What’s your approach to exits?
Managing an exit is a 12–24 month process. We work with boards to align strategy and bring in corporate finance advisors who know potential buyers. Timing is key – companies should focus on their main businesses performing strongly and should avoid being mid-way through costly projects. Buyers look for free cash flow, sustained growth, or strategic dominance. We help companies position accordingly.
We stay visible through events, meetings, and a wide network of advisors, chairs, lawyers, and professionals.”
Finally, how do you approach portfolio diversification?
We aim for a balance across software, scalable business services, and consumer brands with the potential to be market leaders. Each vertical has its own ecosystem – we host events, share expertise, and encourage collaboration across the portfolio. For example, portfolio companies, Lucky Saint and LOVE CORN are both stretching their categories and learning from each other. That cross-pollination adds strategic value and accelerates growth.
Ellie Kakoulli Client Relations & Operations Director
Key dates for Puma VCT 13 and Puma Alpha VCT
Interim results to 31 August 2025
Published in November 2025
Puma VCT Shareholder update webinar
November 2025
Annual results to 28 February 2026
Published in June 2026
Annual General Meeting
To be held in July/August 2026
Share price and regulatory news
Shares for Puma VCT 13 and Puma Alpha VCT are listed on the London Stock Exchange. You can sign up for email alerts, via londonstockexchange.com, to receive updates.
Earlier this year, in response to an online feedback survey sent to Shareholders, you highlighted the importance of obtaining online access to your investment information. We listened to this feedback and are excited to announce that we accelerated the launch of our Puma Portal, which is now available for all Shareholders to access! Details on how to register for the Portal can be found on page 15, and we strongly encourage you to do so.
We value your opinion
We really do value your opinion and where possible, we will try to implement changes to improve your experience with us.
We believe there is always room for improvement and encourage you to share your feedback directly with us.
Thank you for your continued support, and we look forward to hearing from you, to help create an even better experience for our Shareholder community.
We would love to keep you informed on the latest updates to your VCT portfolio. Shareholders who have opted for online communications receive not only this magazine and their bi-annual reports and accounts, but also a monthly online newsletter and notifications whenever a new company is added to the portfolio.
Changing your communication preferences is simple and can be done through the Puma Portal. Just navigate to the ‘Edit Details’ tab, where you can update both your communication preferences and personal details. Alternatively, our Client Relations Team is always ready to assist you.
Watch our last Shareholder update webinar
Following the success of our inaugural online event for Puma VCT Shareholders in November last year, we hosted a second webinar in July and were thrilled to see so many of you join.
During this event, Rupert West, Managing Director, Puma Growth Partners, provided an insightful overview of the performance of our VCTs. Additionally, we had the pleasure of hearing from the CEOs of our portfolio companies, NRG Gyms and LOVE CORN, who shared exciting updates on their growth. If you missed it, please click here to watch the recording.
Our next webinar is scheduled for November. Invitations will be sent to all Shareholders closer to the time.
Useful resources to manage your investments
DIVIDEND REINVESTMENT SCHEME
The Dividend Reinvestment Scheme provides the opportunity to reinvest cash dividends into new shares in the VCT, and is open to both existing and new Shareholders. Dividend proceeds used to purchase additional shares in the same VCT are considered a new VCT share issue, meaning Shareholders can claim up to 30% income tax relief on the amount reinvested.1
Shares must be held for a minimum of five years to retain any tax reliefs claimed. Please note that reinvested dividends will count towards your £200,000 annual VCT allowance – the maximum amount on which you can claim tax relief.2
VCT SHARE BUYBACK SCHEME
We recently launched the new Puma VCT Share Buyback Service to support Shareholders with the process of selling their shares in a simpler and more cost-effective way.
The Share Buyback Scheme allows Shareholders who have held their shares for five years or more, to sell their shares back to the VCT at a discount of 5% to the latest published NAV. The intention is for buybacks to occur twice a year, around January and July, subject to the conditions set out below.3
Look out for upcoming buyback dates at www.pumainvestments.co.uk
3 Buybacks are subject to applicable regulations, market conditions at the time and the Company having both the necessary funds and distributable cash reserves available for the purpose. The making, timing and frequency of any share buybacks will remain at the absolute discretion of the Board.
Joining the scheme is easy.
Click to access the T&Cs and download the relevant forms for both Puma VCT 13 and Puma Alpha VCT
1 The Dividend Reinvestment Scheme is subject to terms and conditions which can be found in the Company Prospectus, available on our website.
Shareholders who are in any doubt about their tax position in respect of participating in the Dividend Reinvestment Scheme should consult their financial adviser.
2 Tax reliefs are not guaranteed, depend on the individual investor's circumstances and may be subject to change.
GUIDE TO CLAIMING VCT TAX RELIEF
Investing in VCTs offers valuable tax benefits.4 There is no capital gains tax to pay when you sell your VCT shares, and dividend payments are also tax-free. Additionally, you can claim income tax relief of up to 30% on the amount you invest, provided you hold your VCT shares for at least five years and subject to some other conditions.
Click here to download the full guide.
4 Tax reliefs are not guaranteed, depend on individuals’ personal circumstances and a five-year minimum holding period. Please note, that this is only intended to provide information – it should not be interpreted as tax advice. While it reflects our current understanding of the tax relief benefits of VCTs and how you might be able to claim these tax reliefs, this might change in the future or may not apply to you given your personal circumstances. Tax reliefs depend on the individual investor’s circumstances and may be subject to change. If you are in any doubt or need further advice or guidance about your personal circumstances, contact a Financial or Tax Adviser.
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Risk factors
An investment with Puma Investments carries risks; for more information please see below and visit www.pumainvestments.co.uk. Past performance is no indication of future results and share prices and their values can go down as well as up. Minimum returns are not guaranteed. An investment with Puma Investments can be viewed as high risk. Investors’ capital may be at risk and investors may get back less than their original investment. Tax reliefs depend on individuals’ personal circumstances, minimum holding periods and may be subject to change. Some investments should be regarded as illiquid and it may prove difficult for investors to realise immediately or in full the proceeds.
Legal disclaimer
This communication has been prepared by Puma Investments for information purposes only and should not be read as advice; it is intended for the recipient only and should not be forwarded on. Puma Investments is a trading name of Puma Investment Management Limited (FCA No 590919), which is authorised and regulated by the Financial Conduct Authority. Registered office address: Cassini House, 57 St James’s Street, London SW1A 1LD. Registered as a private limited company in England and Wales No 08210180.
