Triple Point Venture VCT launches £10m fundraise

Early Bird discount available to investors subscribing before 31 December 2024

LONDON, 4 September: Triple Point, the purpose-led investment manager, has launched a new £10 million fundraise* for the Triple Point Venture VCT plc (‘the VCT’). The VCT provides the opportunity to invest in a diversified portfolio of 50 game-changing B2B startups across 20 different sectors.

The additional capital will allow the VCT to fund a pipeline of new investments in ambitious early-stage companies and provide follow-on funding for existing portfolio holdings.

The Triple Point Venture VCT focuses on investing in B2B companies, as these businesses become acquisition targets at almost double the rate of their B2C counterparts¹. By targeting companies at the early stages of their growth, this approach increases the VCT's ability to maximise potential returns for investors. This strategy has already yielded results, including 13p per share in tax-free dividends, with a 2p dividend paid in March 2024².

Targeting businesses that address corporate challenges in growing markets, the VCT prioritises companies with a sustained long-term demand for their products and services. By partnering with management teams who possess deep sector knowledge, Triple Point can uncover opportunities that others might overlook. This approach has driven impressive growth in the value of the underlying companies in which the VCT has a stake, with their combined total market value increasing from £154 million in February 2020 to £1.25 billion as of June 2024³.

The VCT portfolio is managed by a 7-strong team which is led by Seb Wallace, who was promoted to Head of Triple Point Ventures earlier this year.

Seb Wallace, Head of Triple Point Ventures commented; “Triple Point Ventures backs new ideas, clear vision and an obsessive pursuit of change. Since 2019, the Triple Point Venture VCT portfolio has seen combined revenue growth increase from £4.2 million to £145 million by June 2024⁴. This growth reflects not only the robust demand for portfolio companies’ products and services, but also the impact of the expertise and vision of the management teams we work with.

“Furthermore, our portfolio companies have created 2,200⁵ new jobs, contributing to the long-term prosperity of the UK economy. This fundraise will allow us to continue supporting innovative businesses that drive sustainable growth.”

Jack Rose, Head of Sales at Triple Point added; “This new fundraise is an exciting opportunity for investors looking to support the next generation of UK businesses while benefiting from the attractive tax reliefs available via VCT investment. With our proven track record of nurturing high-growth companies, we’re confident that this new fundraise will help us continue to deliver strong returns for our investors.”

Triple Point Venture VCT offers significant tax benefits to investors, including up to 30% upfront income tax relief, tax-free dividends, and exemption from capital gains tax on profits from share sales. These incentives are designed to encourage investment in emerging UK businesses, with the potential for high returns compensating for the associated risks.

Triple Point will be offering investors an Early Bird 1% reduction on the initial fee for all completed applications received before 31 December 2024**. Existing investors are also eligible for a 1% loyalty discount.

A link to the RNS on this announcement can be found here.

*If the Offer is oversubscribed it may be increased to £30 million at the discretion of the directors of the Company.

**Early Bird discount of 1% closes 31 December 2024 or when the Offer reaches £5m, whichever is sooner.

Sources

¹ Triple Point & Beauhurst Research, 2022.

² Triple Point, as at March 2024.

³ Triple Point, as at June 2024. This is the combined total value of companies in the Triple Point VCT portfolio but does not represent the stake held by the VCT.

⁴ Triple Point, as at June 2024. This reflects the combined revenue growth of companies in the VCT portfolio. As companies have been added to the portfolio, their revenue growth has been included.

⁵ Triple Point, as at June 2024. Figures estimated by Triple Point, based on LinkedIn portfolio company data cross-referenced with company reports.