Ahead of the tax year-end deadline, Blackfinch Ventures has completed investment deals valued at £11m into 17 early-stage UK companies.
The funds were raised through Blackfinch’s Enterprise Investment Scheme (EIS) portfolios, which invests in innovative UK early-stage technology companies operating across a variety of sectors, as well as the Blackfinch Spring Venture Capital Trust (VCT), which invests primarily in technology-enabled companies that are already generating revenues and building their customer base.
As a result of the rapid deployment of funds, Blackfinch investors benefit from instant ownership of highly diversified investment portfolios while also being eligible to claim tax reliefs for the 2022/2023 tax year.
For the Blackfinch EIS portfolios, a total of £7.8m was invested into 17 companies, whilst for the Blackfinch Spring VCT, a total of £3.2m was invested into 13 companies. Funds will be used by investee companies to expand their teams, deliver exciting product developments, ramp up sales activity and kick start international expansion plans.
The move sees three exciting new businesses join the ever-growing Blackfinch Ventures portfolio, with MarTech 3D, RideTandem and Up Learn collectively securing a total of £2.7m. A further 14 companies, including Watchmycompetitor, Culture Shift, Clientshare, Illuma, StaffCircle and Tended received follow-on investments to reach their next stage of growth.
Commenting on the new investments, Dr Reuben Wilcock, Head of Ventures at Blackfinch, said: “Once again we are proud to be backing some of the UK’s most talented founders and their teams, while also assembling well-diversified tech-led portfolios for a growing number of Blackfinch investors.
He continued: “This year’s investment activity builds on last year’s funding efforts, where we completed 12 deals. Many of those businesses demonstrated rapid growth in 2022 and received further investment as part of this latest round.”
“We are thrilled to welcome MarTech 3D, RideTandem and Up Learn to the portfolio. Three exceptional companies making waves in marketing, sustainable transportation, and education sectors respectively. Their innovative technology and products have already helped them achieve impressive sales and revenue growth, and we are committed to supporting these founders to deliver on their ambitious growth plans. This is a time when entrepreneurs can really shine and show their mettle, and we look forward to playing an integral role in furthering their ambitions.”
The Ventures team has invested a total of £65m across 35 companies since it was established in 2019. The team targets high-growth opportunities, supporting start-ups, and early stage and growth stage businesses with technological potential. The focus is on disruptive businesses, offering products that address real world needs, with the capability to make an impact in global markets.
The Ventures team sits within the wider Blackfinch Group, which collectively is committed to helping to create a more sustainable world through its focus on environment, social and governance factors.