Puma VCT Investor Newsletter ISSUE 9 / SEPTEMBER 2026
In this issue:
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Company spotlight on MOTH – our latest investment
08 In conversation with HubBox
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Inside the CameraMatics journey with Rupert West and Ben Leslie
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Useful resources to help you manage your investment
Contents
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Welcome from our CEO
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News from our portfolio companies
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Company spotlight on MOTH – our latest investment
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In conversation with HubBox
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Inside the CameraMatics journey with Rupert West and Ben Leslie
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Puma Client Relations Team — here to support you
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Useful resources to help you manage your investment 2
PROSPER NEWSLETTER
ISSUE 9 / SEPTEMBER 2026
Welcome to the latest edition of Prosper In this edition, we celebrate the latest news and developments from across our VCT portfolio. We are also pleased to see continued momentum across our VCT range, with Puma AIM VCT currently open for investment and Puma VCT 13 having recently announced its intention to fundraise. David Kaye CEO, Puma Investments
We're delighted to bring you the Autumn edition of Prosper magazine.
We take a closer look at the ambitious scale-up businesses within our portfolio, from HubBox's role in shaping the future of e-commerce delivery to our recent investment in MOTH, one of the UK's fastest-growing ready-to-drink cocktail brands. Alongside these stories, Rupert West and Ben Leslie reflect on the CameraMatics journey following the recent partial exit, highlighting the company's growth and what this means for shareholders. Finally, our Client Relations Team provides practical information and resources to help you stay informed and manage your investment, including key reporting dates, guidance on accessing your latest valuation, and details of the Dividend Reinvestment and Share Buyback schemes. Thank you for your continued support. As always, if you have any questions about your Puma VCT shareholding, please get in touch with our Client Relations Team.
Awarded to Puma VCT 13
David Kaye CEO, Puma Investments
An update on our VCTs Puma AIM VCT is currently open for new investment, providing access to a portfolio of AIM and AQSE-traded growth companies and the potential VCT tax reliefs available to eligible investors.1 We are also pleased to share that Puma VCT 13 has announced its intention to fundraise. We look forward to sharing more information with you in the coming months. 1 Tax reliefs are not guaranteed and depend on individuals’ personal circumstances. Tax reliefs may also be subject to change.
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NEWS FROM ACROSS THE PORTFOLIO
The company driving an AI revolution in financial services, was selected by Quilter Financial Planning to support the introduction of AI into its advice operations. It also won Professional Adviser’s Specialist Technology Award, ranked 45th in Sifted’s 100 UK & Ireland leaderboard of fastest-growing startups and scale-ups, and was named joint winner of the 2026 AI Tech Sprint hosted by PIMFA WealthTech, Morningstar and Finextra.
The leading UK snack brand, sold in more than 20,000 stores across the UK and US, officially became a Certified B Corp. Its Sweet & Salty flavour won at the Good Housekeeping 2026 Snack Awards, while the business secured nationwide distribution across all US Costco warehouses, putting LOVE CORN products in front of Costco’s 60 million members.
The digital account provider offering prepaid cards and current accounts, was recognised in the Financial Times 1000 ranking of Europe's fastestgrowing companies and named in Sifted's 2026 UK & Ireland leaderboard of the fastest-growing start-ups and scale-ups, reflecting the business's continued growth and expansion, following the acquisition of Monese in 2024.
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PROSPER NEWSLETTER
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NEWS FROM ACROSS THE PORTFOLIO
The leading accessibility technology business signed a Memorandum of Understanding with Hitachi Digital Systems & Services to advance inclusive mobility in Japan. It also secured a contract with Iarnród Éireann (Irish Rail) to roll out its Passenger Assistance Management System across Ireland's national rail network, marking its first rail deployment in the EU.
The global creator marketing agency won GOLD at the Campaign US Agency of the Year Global Awards in the Best Network North America category. In North America alone, Influencer partnered with 1,600 creators in 2025, activated 298 campaigns, welcomed 35 new brand partners, and contributed to the company hitting its cumulative milestone of paying out over $100 million directly to creators.
The UK’s number one dedicated alcohol-free beer brand collaborated with Lime Bikes to promote the launch of its new Lime & Sea Salt Lager. Over a bank holiday weekend, riders near Broadway Market in London were given free Lucky Saint Lime & Sea Salt Lagers, served with a side of ice, for their Lime baskets, from the joint branded pop-up hydration station.
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PROSPER NEWSLETTER
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NEW COMPANY SPOTLIGHT
Staying focused: the story behind MOTH’s growth Interview with Sam Hunt, Co-Founder of MOTH.
Following our recent investment into MOTH, one of the UK's fastestgrowing premium ready-to-drink cocktail brands, we caught up with Co-Founder Samuel Hunt to discuss the inspiration behind the business, the growth of the ready-to-drink category, and MOTH's ambitious plans for the future. From humble beginnings making cocktails in their kitchen, to securing major retail partnerships and expanding internationally, Samuel reflects on the journey so far and the opportunities ahead.
SAM HUNT Co-Founder of MOTH
What was the inspiration behind launching MOTH? MOTH started in 2018 when my co-founder, Rob Wallis, and I identified a gap in the market. We both loved cocktails and knew how to make them, but on a Friday night we often found ourselves reaching for a beer or glass of wine because it was quicker and easier.
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PROSPER NEWSLETTER
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NEW COMPANY SPOTLIGHT
We looked for a ready-to-drink cocktail that delivered bar-quality taste and ingredients in a convenient format, but we couldn't find one that met our expectations. So, we started making our own in our kitchen, bottling cocktails for friends and family before selling them at market stalls. What began as a side project quickly became a business opportunity that we felt passionate about pursuing. Why do you think the ready-to-drink market has expanded so rapidly in recent years? Two key factors have driven the category's growth: quality and occasion. Historically, ready-to-drink products were often viewed as sugary spirit mixers. Today, consumers can buy premium cocktails that deliver an experience much closer to what they'd expect in a bar. At the same time, people are enjoying readyto-drink products across a much wider range of occasions, whether at home, travelling, socialising outdoors or in hospitality venues. Those trends were already emerging before the pandemic, but Covid accelerated them significantly, and helped establish ready-to-drink cocktails as a long-term category, rather than a passing trend. What has been key to your growth trajectory? Focus has been the biggest factor in our growth. As an early-stage business, we've always recognised that resources are finite, so we've concentrated on doing a small number of things exceptionally well. A defining moment came when Waitrose agreed to stock MOTH in 200 stores. Rather than chasing every opportunity available to us, we focused entirely on making that partnership a success. That in turn helped us secure further investment, grow our retail footprint and expand into other major retailers. As a business, we've always tried to stay disciplined in deciding where our time and capital can have the greatest impact. Growth inevitably brings complexity, but we've worked hard to maintain clarity and simplicity as we've scaled. Can you give us some insight into your relationship with your co-founder, Rob Wallis, and how you've worked together to build the business? Rob and I have known each other for years. We grew up together, went to university together and even lived together. That shared history has created
a level of trust that's incredibly valuable when building a business. We're also very different people, which I think is one of the reasons our partnership works so well. We bring different skills and perspectives to the table, but we're united by a shared ambition. My favourite way of describing it is that Rob thinks it's a sprint, while I think it's a marathon, but we both agree it's a race. That combination of complementary skill sets and trust allows us to make decisions quickly and confidently, which is essential when you're growing a business at pace. What's the focus for expanding the business going forwards? While we're excited about the opportunities in the US, there's still significant growth potential in the UK. The ready-to-drink category continues to grow strongly, with MOTH outpacing the category, and we're seeing particularly encouraging momentum across grocery and convenience channels – with a MOTH sold every four seconds.1 Our focus is therefore twofold: continuing to strengthen our position in the UK while expanding thoughtfully in the US. It's a huge market with enormous potential, but we're taking a measured approach and ensuring that every investment delivers the right returns. Having a strong UK business gives us the platform to make smart, longterm decisions as we grow internationally. How has external investment from Puma helped to support your growth journey? How would you describe the experience of working with the team so far? The investment from Puma is helping us accelerate the next phase of growth, providing capital to support both our UK expansion and our longterm ambitions in the US. Just as importantly, the partnership has been a positive experience from the outset. The investment process was thorough but efficient, with clear communication throughout. What stood out most was Puma's focus on founders and management teams, combined with the rigour you'd expect from an institutional investor. We've met plenty of investors over the years, so we don't say this lightly, but the experience of working with Puma has been genuinely positive and we're excited about what we can achieve together.
1 NielsenIQ retail data, total coverage, 52 weeks ending 13/06/26 7
PROSPER NEWSLETTER
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IN CONVERSATION WITH
In conversation with HubBox Delivering the future of e-commerce, one collection point at a time.
As consumers increasingly embrace parcel lockers, click-and-collect services and local collection points, the way goods reach our doorsteps is changing rapidly. Behind this shift is HubBox, a technology business helping online retailers offer convenient out-of-home delivery options directly at checkout. We caught up with CEO Sam Jarvis to discuss the evolution of the sector, the opportunities ahead, and how Puma's investment is supporting the company's growth ambitions. HubBox is a software platform that enables retailers to integrate out-of-home delivery options directly into their online checkout experience. The business works with some of the world's leading courier networks, giving retailers access to thousands of collection
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points, while simplifying what is often a highly complex technical process. "We are a software provider to online retailers," explains Jarvis. "Our software allows any online retailer to offer an out-of-home delivery option directly at their e-commerce checkout, whether that's a locker, pickup point, supermarket or other collection location." While the concept may appear straightforward to consumers, the technology behind it is far more complex. Retailers, couriers and collection networks often operate on different systems, requiring a platform capable of connecting multiple technologies seamlessly.
PROSPER NEWSLETTER
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IN CONVERSATION WITH
It feels like we're a team as opposed to them being an investor. That's a really nice balance.” That challenge is precisely where HubBox has built its competitive advantage. A growing market opportunity The growth of out-of-home delivery is being driven by powerful economic incentives across the entire delivery ecosystem. For courier networks, consolidating deliveries into collection points significantly improves efficiency. Rather than making dozens of individual household deliveries, couriers can deliver multiple parcels to a single location in one stop. "From a courier perspective, the more deliveries they can put into single stops, the better their economics," says Jarvis. "If they can drop 50 parcels in one place, they make a lot more money than doing 50 individual stops." Those efficiencies benefit couriers, retailers and consumers alike. Couriers reduce costs, retailers gain access to lower delivery charges, and shoppers enjoy greater flexibility. "It's a beautiful economic virtuous circle," says Jarvis. "That means out-of-home delivery is only going to grow." The numbers are already significant. Through one courier partnership alone, HubBox facilitated more than 10 million out-of-home deliveries last year. According to the courier, each of those deliveries generated a saving of more than £1.50 compared to a traditional home delivery model. Retailers are seeing benefits too. One recent customer reported a 62% reduction in misdeliveries after implementing HubBox's solution, reducing the operational costs associated with customer service queries, redeliveries and failed deliveries. Building through partnership As the out-of-home delivery market expands, HubBox has developed a distinctive position within the ecosystem. Over the past decade, the business has
worked closely with both retailers and courier partners to refine its technology, creating a strong market position and foundation for future growth. Jarvis believes those years of development have created meaningful barriers to entry. "We developed our technology in partnership with many retailers and couriers in a way that really isn't possible today," he explains. "It's that knowledge gathered over ten years that gives us our position in the market."1 Today, nearly 2,500 retailers use HubBox's software, providing significant scale and reinforcing the company's position within the market. The next phase of growth is focused on Europe, where HubBox is expanding relationships with leading courier networks. The company has already signed several new courier partnerships over the past year, creating new routes to market and broadening its retailer reach. Supporting the next stage of growth In November 2025, Puma invested £5.1 million in HubBox to support the company's continued growth and expansion. As HubBox scales across new territories and develops additional courier partnerships, Jarvis says access to growth capital has been critical in helping the business capitalise on the rapidly growing out-of-home delivery market. However, Jarvis is equally positive about the relationship beyond the funding itself. He highlights the balance between structured governance and informal support as an important contributor to HubBox's development. "There is a combination of having discipline in the reporting and board process, while also being able to have normal human conversations about what is happening in the business," he says. That partnership approach, he believes, creates a stronger foundation for navigating both opportunities and challenges. "It feels like we're a team as opposed to them being an investor. That's a really nice balance." Looking ahead As consumer demand for flexible delivery options continues to increase, HubBox is focused on expanding its courier network, growing its retailer base and strengthening its position at the centre of the rapidly evolving out-of-home delivery market.
1 HubBox.com, 08/2026 9
PROSPER NEWSLETTER
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COMPANY SPOTLIGHT
Inside the CameraMatics journey Following Puma's recent partial exit from CameraMatics, Rupert West, Managing Director, Puma Growth Partners, and Ben Leslie, Investment Director, Puma Growth Partners reflect on the growth journey, the importance of backing experienced management teams, and what the transaction means for shareholders. CameraMatics has been an important part of the portfolio since 2021. Rupert, can you explain what the company does and what attracted Puma to the opportunity? Rupert West: CameraMatics is a safety business. It provides AI-powered technology that helps fleet operators reduce accidents, improve efficiency and lower operating costs. We actually tracked the business for several years before investing. During that time, we were able to see the progress it was making and got to know the management team. What impressed us most was their deep understanding of the sector and the clear vision they had for building the business. The founders had previously built and exited a company in the same market, which gave us confidence in both the opportunity and the team's ability to execute. The business has grown significantly since then. What has that journey looked like? Rupert West: Performance has been very strong. Revenues have grown around fivefold during our investment period, and the company has established a significant presence in the US market. Today, CameraMatics is winning increasingly large contracts and working with bigger customers than when we first invested.1 That growth created the opportunity to bring in a substantial new round of investment to support the next phase of the company's development.
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What role has Puma played in supporting that growth? Ben Leslie: We view our role as being more than simply providing capital. Initially, the focus was on ensuring the right foundations were in place for growth, from governance and infrastructure through to helping identify the most attractive commercial opportunities. From there, we worked closely with the management team on accelerating growth within their core UK and Irish markets, before supporting international expansion. Perhaps just as importantly, we were heavily involved in preparing the business for this transaction, introducing advisers, supporting management through diligence processes and helping assess opportunities as they emerged. Growth is rarely straightforward. Were there any challenges along the way? Ben Leslie: One of the biggest lessons came during the company's expansion into the United States. While we had a great deal of confidence in the product, we quickly discovered that customer behaviour and purchasing decisions differed significantly from our home markets. The team took the time to understand those differences, identify the right market segments and refine its approach. Once that work was completed,
growth accelerated considerably. It's a good example of why scaling businesses requires patience, adaptability and a willingness to continuously learn from the market. What does this partial exit mean for shareholders?
RUPERT WEST Managing Director, Puma Growth Partners
Rupert West: It's an exciting outcome because it combines two things. Firstly, we've been able to release a significant cash sum for our VCTs, equivalent to a cash return of up to 1.7x.2 Secondly, we've retained a meaningful stake in a fast-growing business that has attracted significant new institutional backing.3 The company now has additional capital to support its next phase of growth, alongside a strong management team and growing international footprint. For shareholders, this means we've not only crystallised value from the investment to date, but we also remain invested in the future potential of the business. That's a very attractive position to be in.3
1 As detailed on the CameraMatics website, Customer Success Stories, accessed on 08/09/2026 2 Puma Investments, 2026 3 Past performance of Puma Investments in relation to its other VCTs is no indication of future results, either in relation to these VCTs or in relation to Puma VCT 13 or Puma Alpha VCT. . The payment of dividends is not guaranteed and any such payments may erode the capital value of any underlying investment. Investors have no direct right of action against Puma Investments. The Financial Ombudsman Service / the Financial Services Compensation Scheme are not available
BEN LESLIE Investment Director, Puma Growth Partners
It's an exciting outcome. We've been able to release a significant cash sum for our VCTs, and we've retained a meaningful stake in a fastgrowing business.”
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PROSPER NEWSLETTER
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SHAREHOLDER INFORMATION
UPDATE FROM OUR CLIENT RELATIONS TEAM
Acting on your feedback Earlier this year, we invited shareholders to take part in our annual feedback survey to help us better understand what matters most to you and where we can continue to improve.
Ellie Kakoulli Client Relations & Operations Director
Key dates for Puma VCT 13 and Puma Alpha VCT Interim results to 31 August 2026 Published in November 2026 Puma VCT Shareholder update webinar December 2026 Annual results to 28 February 2027 Published in June 2027
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 sparklive.lseg.com/home to receive updates.
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One of the key themes that emerged was a desire for greater visibility of your investment and more regular updates on portfolio activity. We have listened to that feedback and are enhancing the information and communications available to our shareholders. Shareholders who choose to receive email communications benefit from a range of additional updates, including monthly newsletters, news of portfolio companies joining or exiting the portfolio, and, where marketing preferences are enabled, notifications of new VCT launches and any available fee offers.
Simply scan the QR code below to sign up for online communications and the Puma Portal, to receive more frequent updates on your investment:
Useful resources to help you manage your investment
Download your latest valuation statement
VCT Share Buyback Service
In just three simple steps:
The Puma VCT Share Buyback Service supports shareholders with the process of selling their shares in a simpler and more cost-effective way.
1. Log into or register for the Puma Portal secure.pumainvestments.co.uk/LoginPortal 2. Go to My Investments and select View my holdings 3. Click Download Instant Valuation Your valuation statement will be generated as a PDF, which you can download and save for your records.
Dividend Reinvestment Scheme This 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 20% income tax relief on the amount reinvested.1 Shares must be held for a minimum of five years to retain any tax reliefs claimed. Reinvested dividends will count towards your £200,000 annual VCT allowance – the maximum amount on which you can claim tax relief.2
Joining the scheme is easy Click to access the Puma Alpha VCT T&Cs and the Puma VCT 13 T&Cs. Download the relevant forms for both Puma VCT 13 and Puma Alpha VCT.
The Service 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 on this page.3 Look out for upcoming buyback dates at www.pumainvestments.co.uk
Guide to claiming VCT tax relief Investing in VCTs offers valuable tax benefits.2 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 20% provided you hold your VCT shares for at least five years and subject to some other conditions.4 Click here to download the full guide
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. 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. 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. 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. PI003275 0926 (B)
Get in touch If you have any questions please contact us on 020 7096 8453 or email us at clientrelations@pumainvestments.co.uk For further information, please visit www.pumainvestments.co.uk Puma Investments, Cassini House, 57 St James’s Street, London SW1A 1LD