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The EIS Navigator

Brian Moretta, Hardman & Co

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For those interested in the venture capital, particularly in the UK and investors through the Enterprise Investment Scheme, EIS, Seed Enterprise Investment Scheme, or SEIS, and Venture Capital Trusts. Guests are leading people in the industry, whether fund managers, company founders or experts from other service providers. The aim is to dig deeply into topics, getting away from the promotional material that predominates elsewhere. Venture capital investing is a long-term endeavour and we wil ...
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Angel Insights takes you deep into the world of angel investing and what makes some of the most successful angel investors tick. Join our host Tom Britton in conversations with the world's most successful investors, and some of their portfolio company entrepreneurs, to understand their investment strategy, approach to due diligence, and tips that can dramatically improve your own approach to investing. Angel Insights is created by SyndicateRoom: https://www.syndicateroom.com
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In this episode of the EIS Navigator we get a great founder story. Despite not having a medical background, Clare Brenner founded Myogenes which specialises in pharmocogenetic testing. She has a very personal story about her motivation for initially focusing on mental health to begin with, as well as her experiences in starting in a new area. In th…
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Nick Dimmock founded 350PPM as an incubator for various environmental businesses, but has followed a different path from many incubators. In this episode, he discusses how he developed the 350PPM business model, developing companies more generally and the state of environmental investing. Amongst other items, Nick discusses: how he developed 350PPM…
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Software-as-a-Service (SaaS) founders rightly focus on their product and market, but sound finances underpin any success. Anthony Nitsos founded fractional CFO business SaaS Gurus after working in a couple of successful exits. He has seen the inside of many SaaS businesses so has lots of experience in developing good practice and seeing the mistake…
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How we fit EIS funds and VCTs in an advice process is something that the tax advantaged industry has got many different answers for. Rob Bell of Finova Money has been using these for clients for many years. In this episode we discuss their place in a financial plan, how he chooses between different products and investor perceptions of the industry.…
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Manufacturing and operations is an area that has been much neglected by venture capital, but has plenty of issues that can be address. Renan Devillieres of venture builder OSS Ventures focuses on this space, with distinct methods and successful results. In this episode we discuss how he goes about creating successful new businesses, with very good …
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Governance is all too often seen in startup companies as a chore, or necessary evil when it can be a positive and enable success. Dermot Campbell, founder of CEEIO, is trying bring more of the latter to the venture world. In this episode, he discusses how startups can enable good governance without spending too much time on it and make it a means t…
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Getting big returns in venture capital can involve stepping away from the mainstream and investing in opportunities that others won't. Will Gibbs of Octopus Ventures has a reputation for investing in areas others see as taboo. We ask him about being a contrarian investor, how to do it well and what needs to change to create a successful investment.…
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Valuations are always a popular topic. With much discussion about whether we are at the bottom of the current cycle, it seems a good time to revisit and we invited back someone who has experienced several market cycles: John Glencross, co-founder of Calculus Capital. We had a great discussion on how the current market, how this compares with recent…
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When we last spoke with Harry Heartfield of Edition, the leisure sector was all about recovering the pandemic. Fortunately, we have moved on so we thought it was time to get him back to discuss where we are now, how his investment philosophy has evolved and what the prospects for exits are now. We covered a lot areas in our discussion, including: t…
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Assessing companies for venture capital investment is often more of an art than a science. Richard Blakesley is trying to change that with Venture Cubed. Its rating system aims to objectively assess how investible new companies are. We asked him to talk about how they built their rating system, what it tells us about the venture industry and how it…
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Assessing companies for venture capital investment is often more of an art than a science. Richard Blakesley is trying to change that with Venture Cubed. Its rating system aims to objectively assess how investible new companies are. We asked him to talk about how they built their rating system, what it tells us about the venture industry and how it…
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Investing in companies that are starting out presents different challenges from when they are more established. Oxford Technology has probably been investing in new science and technology companies for longer than than anyone else in the (S)EIS/UK VC world. We get Director Andrea Mica to discuss how to go about it. In a discussion that is full of e…
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Yet again, the EIS navigator team has got its all-star panel to discuss what happened in 2023 and how 2024 is shaping up. Christiana Stewart-Lockhart, Director General of EIS Association, Neil Cole, Head of Private Markets Distribution, UBS Wealth Management, and Kealan Doyle, Director, Symvan Capital join Brian to pick through the events of the pa…
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In this episode we take another look at debt funding for high growth companies. Juice has a novel approach using marketing data and its CEO, Katherine Chan, comes on to discuss their approach and the wider funding market. We cover a lot topics., including: why alternative funders have arisen in the market the pros and cons of using revenue based fu…
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Amongst EIS funds and VCTs, consumer companies is less popular than B2B investments but still have their attractions. VGC Partners is one of the few managers that focus on this area and we get Investment Director, Phoebe Scriven to discuss it. In a fascinating discussion we cover many topics: why consumer is still attractive despite the economy how…
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B2B SaaS is a very popular business model amongst venture capital and (S)EIS/VCT investors. Haatch Ventures specialise in investing in this sector and we get Partner Fred Soneya and Principal Jeremy Luzinda to talk about how they work and how they help the companies scale. We look at several topics about managing these companies: what B2B SaaS is a…
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While there is much discussion in the media of the macro-economy, its effect on startups is not always a obvious as it is for quoted companies. Ewan MacKinnon, a Partner at Maven, has been investing for almost a decade and half and draws on this experience to give us some insights. In the discussion we focus on three big areas: recruitment and wage…
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Elliot Limb is co-founder and CEO of Cubed and spends his days supporting fintech companies scale. Having worked with many startups, he has a broad insight into their challenges and difficulties. He also has some strong views, which makes for a very interesting discussion! We covered a huge number of areas, including: - why fintech has a long way t…
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Since its founding eight years ago, British Business Bank has established itself as an important participant in the funding markets for UK SMEs and startups. In this episode, its CEO Louis Taylor tells us what it is doing and how it is going about it. We start by discussing how the Bank fits into the UK ecosystem. Louis discusses the bank's mandate…
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Hardware startups have often struggled to get funding, but Damon Bonser of British Design Fund is trying to change that. In this episode, he talks about his experiences and how hardware can be more attractive than many investors think. The first half of our discussion focusses on how companies can mitigate risk. Damon discusses how he avoids invest…
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Anyone with a passing interest in technology or venture capital cannot have missed the rapid increase in interest in AI over the past few months. We are overdue talking about it on the podcast, so we got an expert in James Pringle. He used AI as a founder and it now impacts how he invests so he is the ideal guest to discuss the topic. We start off …
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When planning this episode with Kealan Doyle of Symvan Capital, he told a story about a venture capital conference where the compere asked who had been through a downturn before and nobody raised their hands. So we decided to discuss the last couple of venture capital cycles and how previous downturns compare with the current one. We also talk abou…
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There have been two recent changes that will affect how ESG is applied in practice by fund managers, advisers and, most importantly, investors. Lee Coates of ESG Accord has been advising on ethical investment for three decades, runs a consultancy to help others implement ESG and and is on a relevant FCA committee. We had such a great discussion tha…
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There have been two recent changes that will affect how ESG is applied in practice to fund managers, advisers and, most importantly, investors. Lee Coates of ESG Accord has been advising on ethical investment for three decades, runs a consultancy to help others implement ESG and and is on a relevant FCA committee. We had such a great discussion tha…
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Healthcare is a large industry and is a lot more than just drugs. We have two experts, Savvas Neophytou and Ben Carter of Deepbridge, to discuss the industry and how there is a lot of other life science areas that are attractive to venture capital investors. We talk a lot about devices. We discuss the challenges and benefits of investing in hardwar…
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Venture debt is a niche within the venture capital market that has been growing in importance. In this episode we get David Hayers, who is Head of Venture Debt at Hambro Perks, to explain what venture debt is and how it works. We start off by going through the basics. David talks about what types of companies venture debt is suitable for, what they…
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In today's episode we get more of a corporate finance perspective on venture capital, with two guests from PwC. Antonia Burridge co-founded the Raise team and John Baker is heavily involved in equity crowdfunding, so we get a perspective that extends right across the market. We start we some background on the Raise Team. Antonia discusses founding …
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While we usually focus on EIS and VCT in this podcast, there is a larger venture capital industry outside this area. Although its been mainly for institutional investors to date, Sprout is looking to change that. In this episode, founder and CEO, Jonny Blausten discusses the GP/LP market in general and how they are opening it up to retail investors…
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Hannah Leach, Partner at Houghton Street Ventures & Co-founder at VentureESG, joins us on this exciting episode of Angel Insights where we delve into ESG and what it really boils down to when it comes to startups and Venture Capital. In this episode we look beyond the products and services being built to the supply chains, hiring processes, and a w…
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Exits were described by an earlier guest as mythical beasts, but the reality is much more positive. Beauhurst used their database in report that they published in 2022, we we get their Head of Research, Henry Whorwood, to discuss it. While our discussion doesn't need the report in front of you, some people will find it helpful to download it using …
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The events with Silicon Valley Bank have been dramatic and concerning for the venture capital industry in the US and UK. The EIS Navigator's host, Brian Moretta, has spent much of his career analysing financial companies, so is uniquely placed to give insights on banking and venture capital in this solo episode. Brian summarises what happened at Si…
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Whether agritech or agtech, agricultural technology is an area that hasn't quite hit the heights of some other areas of technology venture capital. In this episode, Paul Rous of Regenerate Ventures discusses how and why that is changing, with a more promising future ahead. Paul starts by talking about the history of agtech, talking about why it has…
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We had the opportunity to sit down and chat with the incredible Dr. Brian Moretta of Hardman & Co. Brian is a quant by nature, a former fund manager by past, and a fund analyst and reviewer at present. Not to mention, in his spare time, Brian is a professor at the prestigious Heriot-Watt University. Brian spends his days picking apart funds (EIS an…
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In venture capital investing it is easy to focus on the excitement of doing deals, but the reality is all the hard work happens after the investment is made. In this episode, Ben Leslie of Puma talks about how fund managers can support companies and help them achieve their goals. In a wide ranging discussion we cover many areas. Ben discusses how a…
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Venture builders has only one representative amongst SEIS and EIS fund managers, but Andy Davidson of Nova strongly believes it will become more important in the future. We get him to explain how venture building works and why he's so bullish. We start off digging into venture building, using Nova's business as an example. We talk about finding fou…
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Raising money through angels or fund managers is something that most management does, at best, infrequently. For SEIS, EIS and VCT money, it is often the first time founders have sought equity. Richard Cooper of Oxford Innovation Finance has advised many companies in the past and is now a fund manager, so has lots of experience to help founders pre…
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What does one do with a PhD in visual processing? Naturally, one would join the entrepreneur first accelerator, launch a machine learning-based visual processing business, sell it to twitter, then work one's way up the Twitter hierarchy before retiring around 30. Then one would turn one's hand to angel investing. Don't believe me? Listen in to toda…
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Although investing on AIM through EIS fund and VCTs would appear to have several attractions, there are very few fund managers who invest in this area. Seneca Partners are one and we get fund manager Matt Currie to talk about it. We cover many areas in the discussion. We talk about the differences in governance between AIM, fully listed companies a…
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Despite hopes that we may have a quieter year, 2022 turned out to be much more dramatic than 2021. The EIS navigator team have got another all-star panel to discuss what happened. Cristiana Stewart-Lockhart, Director General of EIS Association, Neil Cole, Head of Wealth Planning Solutions, UBS Wealth Management, and Kealan Doyle, Director, Symvan C…
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The leisure sector faces very different challenges from the more tech focussed companies that most EIS and VCTs focus on. Harry Heartfield of Edition Capital specialises this area and gives insights into its past, present and future. We start by chatting about the challenges that covid brought. We talk about how leisure companies coped with their d…
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The power law is something that most venture capital investors are aware of, but usually only in the most general sense. Graham Schwikkard, CEO of SyndicateRoom, has just written a white paper on the topic using their data driven approach. We start on a bit of background, discussing what the power law is and what motivated the paper. Graham then ex…
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The lack of secondary market liquidity has been a long term challenge, especially for companies that are not venture scale but still viable. Rufus Pearl is trying to improve that with a new scheme for investors to exit some of these investments and bring forward their loss relief. We start by talking about secondary markets for EIS and venture capi…
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Addie Pinkster is the Founder and Chief Executive of Adelpha, a female-led corporate financial advisor and leading investment network, that specialises in high-quality, fast-growth, UK-focused companies. Prior to that, she spent 15 years in investment banking, most recently as Head of Hedge Fund Strategy at Citi. She is also a NED, and a growth & t…
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While the business world is an ever-changing place, we seem to be in an exceptional time of flux. Reuben Wilcock has seen many small growth companies pivot and adapt and we tap into his knowledge. Our discussion starts with what drives pivots and what sort of changes we might see. Reuben gives several examples and talks about the evidence that comp…
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We've spoken a lot about tax advantaged investing, but how should an investor choose which VCT or EIS fund to give their money to? Ewoud Karelse is one of the long-standing analysts in the tax-advantaged market and has immense experience of looking at these products. In this episode, he discusses what to look at giving a wealth of tips. Essential l…
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The biotech industry attracted huge amounts of capital during the pandemic, but how is it faring in the post-pandemic world? Sunil Shah of o2h returns to give us an update on what's been happening. We start off by talking about the wider market. We discuss what's happening with capital and valuations, the contrast between public and private markets…
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While we have focused on venture capital and EIS/ VCT investors on the podcast, ultimately it is all about the companies that we invest in. Here we find out about two of them, together with the EIS fund managers who invested in them. Weedingtech supplies machines and supplies that can kill weeds without using herbicides. Its CEO, Leo de Montaignac,…
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Valuations are a frequent topic of discussion for venture capitalists and founders alike, and are extra topical just now. We get Dave Foreman to draw on his experience to place them in context. He starts off by outlining what's happened in the past couple of years and where the market is now. He talks about what is or is not a reasonable valuation,…
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Edtech is far from uncommon in EIS investing, but is still a little away from the mainstream. Today Matthew O'Kane from Nexus Investment Ventures discusses his experiences from investing in the area. We talk about the sector a little and why the target customers may not be who we think they are. However, the bulk of our discussion is a dive into th…
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Foresight Group recently announced that it was buying most of Downing's venture business, including two VCTS and EIS funds. To talk about, this episode's guests are Matt Smith, a long-standing Partner at Foresight, and Jack Eadie, who moved across with the Downing business. After introducing the deal itself, we discuss some of the motivations for t…
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