Don’t invest unless you’re prepared to lose all your money.

These are high-risk investments and you are unlikely to be protected if something goes wrong.

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Risk summary for non-readily realisable securities which are shares:

Last updated: 15 April 2024 | Estimated reading time: 2 min

Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk!

What are the key risks?

1. You could lose all the money you invest

If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail.

2. You are unlikely to be protected if something goes wrong

The business offering this investment is not regulated by the FCA. Protection from the Financial Services Compensation Scheme (FSCS) only considers claims against failed regulated firms. Learn more about FSCS protection here.

Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection here.

3. You won’t get your money back quickly

Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these.

4. Don’t put all your eggs in one basket

Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well. A good rule of thumb is not to invest more than 10% of your money in high-risk investments. Read more about it here.

5. The value of your investment can be reduced

The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. If you are interested in learning more about how to protect yourself, visit the FCA’s website here.

Please find the PDF version here.

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Investors

• The Funds have invested over £200m of capital in 160+ companies

• One of the first investors in companies such as Volt valued at £256m, ContentCal, acquired for $110m, and Capdesk which was acquired for $88m.

• The funds are ranked as some of the best performing funds in the market by third party analysts

• The funds have a significant investor base of 1,000+ individuals, consisting of exited technology entrepreneurs, financial services professionals, Family Offices and Corporate investors.

Vibrant Ecosystem

The UK continues to be an excellent place to invest, with $1tn+ value created within tech

170+ Companies

The Fuel Ventures funds have invested £180m+ in over 160+ early-stage companies since 2016

PrOven Record

We have a proven record in successfully scaling tech companies

Entrepreneurial

We are operator led, with a track record of exiting the funds' own ventures

SEED TO SERIES A

The Fuel Ventures funds invest initially at seed and later double down into potential winners

6000+ DEALS

PER Year

We see a vast amount of the early stage tech ecosystem in the UK

The Fund Range

Pre-Seed SEIS Fund

Ticket size: up to £250,000

SEIS qualifying

Revenue or pre-revenue

Both lead or follow the round

Post-MVP preferred

Diversified portfolio of 10-30 companies per tranche

Scale-up EIS Fund

Ticket size: £1-3m

EIS qualifying

Revenue Generating Businesses

We can lead rounds

Investing in 10-15 companies per tranche

Follow On EIS Fund

Ticket size: £2-£5m

EIS qualifying

Seed - Series A Capital

Backing strongest performers

Investing in 5-8 companies per tranche

VCT Fund

Ticket size: £500k - £7.5m

30% Income Tax Relief

Highly diversified portfolio

Backing strongest performers

Consistent Valuation Uplifts Across Vintages

(Stated as at 29 Novemeber 2023. Note: the below is subject to changes)

2016/17
2017/18
2019/20
2021/22
2022/23

* Multiple uplift to date with dilution. Returns are unrealised. Valuation increase is based on the latest company share price (December 2023). NB: Past performance may not be indicative of future performance. Capital at risk. Please note, the uplifts are based on the latest fund round and may not be reflective of the current market.

See the Fuel Ventures funds' recent Exits

ContentCal, one of the Fuel Ventures funds' portfolio companies, was acquired by Adobe, for $110m

Initial Investment in Jan 2020 Multiple

7.9x

Follow-on Round in Mar 2020 Multiple

6.1x

Follow-on Round in Mar 2021 Multiple

4.7x

“Fuel were an integral part of my company’s success and we'll continue having a close relationship!”

Alex Packham - ContentCal

“Fuel Ventures have been instrumental in my successful journey as a Founder. They provided both our seed and follow on funding, along with introducing us to other strategic VC’s.”

Christian Gabriel - Capdesk

Capdesk, one of the Fuel Ventures funds' portfolio companies, was acquired by Carta, for $85m in a cash & equity deal

Initial Investment in Mar 2019 Multiple

8.8x

Follow-on Round in Mar 2020 Multiple

3.8x

Follow-on Round in Aug 2020 Multiple

3.8x

Please note: EIS tax reliefs are only available to investors because of the higher risks associated with investing in early-stage companies. Also, the availability of tax reliefs will depend on the investor's individual circumstances, and may be subject to change in the future. In addition, the availability of any tax relief depends on the investee companies maintaining their qualifying status.

The enterprise investment scheme was setup by the UK Government back in 1994 to encourage investment into early stage UK companies, which in turn creates jobs and contributes to the wider UK economy.


To 2022, £27.9bn was invested across 36,145 companies (Intelligent Partnership)

EIS vs. SEIS: Eligibility Criteria

The Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS) are two initiatives implemented by the UK government to encourage innovation by increasing investment into early-stage, high-risk businesses in the UK. 


The differences between EIS and SEIS are primarily around the type of company to which they are applicable to and the type of tax relief they offer to underlying investors. While there are key difference between the two schemes, it is worth noting that SEIS and EIS can be used in tandem. Some of the key differences between the schemes are highlighted here: 

Maximum trading period to date

Maximum total investment under the scheme

Maximum gross assets

Maximum full time staff

EIS

7 years

£12m


(£20m if Knowledge Intensive)

£15m

250

SEIS

3 years

£250,000

£350,000

25

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Fuel Ventures Funds' Portfolio

VIEW ALL PORTFOLIO COMPANIES

A social media planning and publishing tool

Next generation in open banking payment services

Heroes acquires, operates and optimises Fulfilled By Amazon businesses (FBA)

Equity management platform for private companies

Peckwater Brands offers delivery franchises to kitchen operators

B2B marketplace connecting enterprise clients with best agencies

TOP

Important information

Investments of this type carry risks to your capital and are illiquid in nature. Tax reliefs depend on individual circumstances, maybe subject to change and depend on the investee companies maintaining their qualifying status. Investments should only be made on consideration of the full information memorandum and the detailed risk factors contained therein.

Please click on the headings below to select your investor type:

I AM A HIGH NET WORTH INDIVIDUAL

I certify to the following HIGH NET WORTH INVESTOR STATEMENT;

If you meet condition A or B below, you may choose to be classified as a high net worth individual for the purposes of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

A) In the last financial year, you had annual income of £170,000 or more. Income does NOT include any one-off pension withdrawals.

AND/OR

B) Net assets of £430,000 or more. Net assets do NOT include: your home (primary residence), any loan secured on it or any equity released from it, your pension (or pension withdrawals) or any rights under insurance contracts. Net assets are total assets minus any debts you owe.


I declare that I have answered yes to A and/or B and wish to be treated as a high net worth individual.


I understand this means:

a) I can receive financial promotions where the contents may not comply with rules made by the Financial Conduct Authority (FCA)

b) I can expect no protection from the FCA, the Financial Ombudsman Service or the Financial Services Compensation Scheme.


I am aware that is open to me to seek advice from someone who specialises in advising on investments.

I accept that I could lose all of the money that I invest.

I AM A FINANCIAL ADVISER
I AM A SELF-CERTIFIED SOPHISTICATED INVESTOR

If you meet condition A, B or C below you may choose to be classified as a self-certified sophisticated investor for the purposes of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005.


Have you:

A) Worked in a professional capacity in the equity sector, or in the provision of finance for small and medium enterprises in the last two years?

B) Been the director of a company with an annual turnover of at least £1.6 million, in the last two years?

C) Been a member of a syndicate of business angels for more than six months, and are you still a member?


I declare that I have answered yes to A and/or B and/or C and wish to be treated as a self-certified sophisticated investor.


I understand that this means:

a) I can receive financial promotions where the contents may not comply with rules made by the Financial Conduct Authority (FCA)

b) I can expect no protection from the FCA, the Financial Ombudsman Service or the Financial Services Compensation Scheme.


I am aware that is open to me to seek advice from someone who specialises in advising on investments.

I accept that I could lose all of the money that I invest.

I AM A RESTRICTED INVESTOR

I make this statement so that I can receive promotional communications relating to non-readily realisable securities as a restricted investor. I declare that I qualify as a restricted investor because:

  • In the twelve months preceding today’s date, I have not invested more than 10% of my net assets in non-readily realisable securities;
  • and I undertake that in the twelve months following today’s date, I will not invest more than 10% of my net assets in non-readily realisable securities.
  • In the twelve months preceding today’s date, I have not invested more than 10% of my net assets in non-readily realisable securities;
  • and I undertake that in the twelve months following today’s date, I will not invest more than 10% of my net assets in non-readily realisable securities.

Net assets for these purposes do not include:

  • The property which is my primary residence or any money raised through a loan secured on that property;
  • Any rights of mine under a qualifying contract of insurance;
  • or Any benefits (in the form of pensions or otherwise) which are payable on the termination of my service or on my death or retirement and to which I am (or my dependants are), or may be entitled;
  • or Any withdrawals from my pension savings (except where the withdrawals are used directly for income in retirement).I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all of the money or other property invested. I am aware that it is open to me to seek advice from an authorised person who specialises in advising on non-readily realisable securities.

COBS 4 Annex 5 Restricted investor statement available here.

I AM A PROFESSIONAL INVESTOR

COBS 3.5 Professional clients available here

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I AGREE