The EIS & VC Navigator

For a business that looks so much at technology, venture capital is often poor in applying it. How should they use AI? Empirical Ventures has already embedded it into their investment process, so we asked Co-founder and General Partner Johnathan Matlock to tell us about what they are doing. We also discussed their approach to deeptech investing.

Amongst other topics, we talk about:

1. using AI in an investment process
2. how well AI works in niche areas
3. keeping the focus on real people
4. using a YouTube channel with millions of subscribers
5. what a venture scientist is
6. the value of execution over ideas
7. getting the right founder
8. filtering our weak opportunities

Johnathan and Empirical have been thoughtful about their investment process, including using AI, so there's lots of insights into effective investing. Enjoy!

00:50 Johnathan introduces himself

05:00 how angel investing developed into Empirical Ventures

07:45 what Empirical Ventures does

09:00 what is a venture scientist?

16:30 getting the right founder

18:30 talent scouting in pools of PhD talent

22:00 value in execution not ideas

26:00 challenges in getting good feedback

27:30 using AI in investment process

32:00 how well Ai works in niche areas

35:00 keeping the focus on the real people

38:30 how far can the use of AI go in venture capital?

41:30 using a successful Youtube channel

43:00 filtering out weak opportunities

46:00 using YouTube to help existing portfolio companies

50:00 favourite questions

Empirical Ventures website: https://www.empiricalventures.vc/

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

Clear Thinking: The Art and Science of Making Better Decisions by Shane Parrish

Johnathan Matlock, Co-founder and General Partner, Empirical Ventures

With a PhD in Organic Chemistry and 15 years at the intersection of science, entrepreneurship, and capital, Johnathan helps build and back technologies that define the next century, focused on Atoms > Bits.

Investor

He is Co-Founder and General Partner at Empirical Ventures, a UK-based DeepTech fund backing entrepreneurial scientists at pre-seed and seed.

-- > £20m AUM | 25 portfolio companies | Top decile TVPI (2022 vintage)

-- > Secured £5m from the British Business Bank as a Regional Angel Programme delivery partner

Portfolio companies have raised £30m in follow-on capital to date, employee 200 people and have an collective enterprise value of £200m (Nov 2025).

Beyond the fund, he has built a 50-company angel portfolio across DeepTech and Life Sciences and made 5 LP commitments to next-generation VC funds.

Operator

Prior to founding Empirical Ventures, he was employee #7 and inventor on the patent behind Ziylo, a University of Bristol spin-out developing a glucose-sensitive insulin, that was acquired by Novo Nordisk for £623m (2018). The largest exit for a University spin-out via acquisition until 2025 (Organox).

In 2024, he co-founded Tru Fit Training UK, a small-group training facility and have currently scaled this business to £250k annual revenue and 140 members (Nov 2025).

He also founded Tru Fit Asset Management in 2024, a commercial property investment business in Bedfordshire that owns 2 x 4,200 sq ft facilities. Built and developed one of those barns with completion in 2025.

Scientist

-- > Published 11 papers, inventor on 4 patents, 5 academic awards

-- > Chartered Chemist (CChem), Royal Society of Chemistry

Driven by a belief that scientific discovery and entrepreneurial drive is the greatest lever for human progress, he now focuses on enabling the next generation of scientist-founders to translate breakthrough research into globally impactful companies.

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

There are lots of concerns about how AI will affect software companies, but could deeptech give investors some insulation from that? EMV Capital CEO, Ilian Iliev, certainly thinks so. In this episode we examine the challenges that software may be facing and how deeptech is more of a beneficiary.

Amongst other topics, we talk about:

1. the current worries about how AI will affect software
2. how robust B2B SaaS could be
3. how AI affects competition for startups
4. how AI can help scientific innovation
5. examples of how portfolio companies use AI
6. how small companies compete with large companies in hardware
7. how AI affects IP strategies
8. examples of naive IP approaches

Ilian has been working in this space for a long time and gives great insight into the world of deeptech. Enjoy!

00:50 Ilian introduces himself

03:15 Change in EMV Capital (EMVC)

06:00 What is happening with SaaS and AI

10:00 Is B2B SaaS too deeply embedded to replace?

14:00 Changes in the dynamics of competition

15:45 How far AI can help scientific innovation?

19:15 Dangers of increased slop

21:30 Examples of how investee companies use AI

23:00 Use of AI in patents

27:00 Will small companies be able to compete in hardware

29:30 How is AI impacting IP strategies

33:30 Could AI undermine patent protection?

35:50 How valuable is hardware IP?

39:10 Examples of a naive approach to IP

40:30 favourite questions

EMV Capital website: https://emvcapital.com/

EMV Capital on LinkedIn: https://www.linkedin.com/company/emvcapital/

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

Time Shelter by Georgi Gospindov

21 Lessons for the 21st Century by Yuval Noah Harari

Churchill: Walking with Destiny by Andrew Roberts

Politics On the Edge by Rory Stewart

Ilian Iliev, CEO, EMV Capital

Ilian founded EMV Capital in 2018. After its acquisition by NetScientific PLC (now EMV Capital PLC), he became group CEO. Previously he co-founded and was CEO of CambridgeIP Ltd, which he built into a leading IP strategy and patent data analytics provider. He also worked as a strategy advisor for various corporate blue chip clients and public policy. Previously he founded and co-led a family business in industrials and electric engineering in Southern Africa. He is a Board member on behalf of the Group at many portfolio companies, including , Glycotest Inc. (Chair), Sofant Technologies, PointGrab, Q-Bot, Martlet Capital, DName-iT, Vortex and Wanda Health. He is a Board member of NASDAQ-listed PDS Biotech Inc.

Ilian holds a PhD from Cambridge University’s Judge Business School with a focus on Venture Capital and science commercialisation models; Master’s in Economics and BA Politics, Economics and International Relations from the Witwatersrand University, South Africa. He was an Associate Fellow at Chatham House with a focus on sustainability and renewables. He has authored numerous academic, policy and industry reports.

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

You don't need to look too hard to find negative views about AIM, but is it overdone? Oliver Bedford, Lead Manager of the Hargreave Hale AIM VCT certainly thinks so and in this episode we give him a chance to make his case.

Amongst other topics, we talk about:

1. the challenges AIM has gone through
2. how undervalued AIM is
3. why Britain is not broken
4. listing in London versus elsewhere
5. the impact of private equity
6. why IPOs are not a good goal in themselves
7. why its the companies not the macro picture that will change
8. how the valuation gap doesn't need to fully close to outperform
9. the effect of the recent changes to VCT rules

Oliver has thought about the issues deeply and that shows in the very considered perspective that he brings. Enjoy!

00:50 Oliver introduces himself

03:00 When companies are better being private than public

07:50 The challenges that AIM has gone through

10:00 the undervaluation of AIM

13:30 Britain is not broken

15:10 Why quality matters more than quantity of AIM listed companies

20:00 Why list in London versus the US/NASDAQ

23:00 Impact of private equity

24:00 IPOs are not a goal in themselves

25:30 Is being bullish on AIM contrarian?

28:00 Is looking for a big macro change the wrong idea?

30:00 the recent better period for AIM

34:00 How only a partial rerating is needed

35:45 How the recent legislative changes affect VCTs and investing on AIM

43:00 A further change that would increase capital availability

46:00 favourite questions

Hargreave Hale AIM VCT website: https://www.hargreaveaimvcts.co.uk/

Hargreave Hale AIM VCT on LinkedIn: https://www.linkedin.com/company/hargreave-hale-aim-vct/?viewAsMember=true

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

The Undoing Project by Michael Lewis

Hillbilly Elegy by J.D. Vance

Oliver Bedford BSc MCSI, Lead Manager, Hargreave Hale AIM VCT

Oliver Bedford graduated from Durham University with a degree in chemistry. He served in the British Army for nine years before joining the Investment Manager in 2004. After initially working as an analyst in support of the VCT, Oliver was appointed as co-manager in 2011 and then lead manager in 2019.

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

Founding a new VC firm isn't easy, and one headed by two women is exceptionally rare in the UK. Jessica Rasmussen co-founded Two Magnolia to invest in underrepresented founders and the regions so can tell us all about the challenges of founding and building a female-led firm.

Amongst other topics, we talk about:

1. how Jessica got into angel investing
2. why she started a VC firm
3. the gaps she found in the market
4. the challenges of there being no playbook for starting a fund
5. raising money to invest in underrepresented founders
6. the investment case
7. developing the right investment pipeline
8. how VCs just need to do the right thing!
9. comparing first and second time fundraising

Jessica's journey has been really interesting and she gives great insight into what she has learnt along the way. Enjoy!

00:50 What is Two Magnolias

03:10 how Jessica got into angel investing

06:50 why start a venture capital firm

09:00 how she identified a gap in the market

10:15 why choose running GP/LP over EIS fund or VCT

13:10 the lack of a playbook for starting a VC fund

18:00 is UK venture capital protectionist?

21:20 the challenges of raising money to invest in underrepresented founders and regions

26:40 investment case for underrepresented founders

29:00 how do you find companies with underrepresented founders

30:45 support for companies in the regions - role of government and local networks

33:40 has support for underrepresented founders stalled recently?

37:00 changing the numbers - just do the right thing

38:40 comparing fundraising for a first & second fund

40:00 favourite questions

Two Magnolias website: https://www.twomagnolias.co.uk/

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

Trillion Dollar Coach by Eric Schmidt, Jonathan Rosenberg & Alan Eagle

Jessica Rasmussen, Co-Founder & CEO, Two Magnolias

Jessica Rasmussen is Co-Founder and Chief Executive Officer of Two Magnolias, an early-stage UK venture capital firm established to address structural opportunity gaps within the UK venture ecosystem.

Prior to founding Two Magnolias, Jessica spent three decades in investment banking as a Global Markets specialist in Fixed Income. She held senior leadership roles across international markets, including ten years at Bank of America where she led Macro Sales within the Fixed Income Division, covering both Foreign Exchange and Rates. Her career was defined by managing complex market risk, advising institutional clients, and building high-performing teams in highly regulated, global environments.

Since co-founding Two Magnolias in 2019 with Marie Korde, Jessica has led the firm from its origins as an angel investment platform to its successful launch as an institutional early-stage venture capital fund. Under her leadership, Two Magnolias completed the final close of Fund I in early 2024, establishing a differentiated investment strategy rooted in conviction, discipline, and long-term public value.

Two Magnolias was purpose-built to support underrepresented founders developing solutions in sustainability and human health, exclusively within the UK. Jessica has played a central role in shaping the firm’s investment philosophy, governance, and market positioning, ensuring that female and ethnically diverse founders are afforded equal access to capital, credibility, and decision-making power.

A recognised advocate for diversity and inclusion across the UK venture and private equity landscape, Jessica is committed to demonstrating that inclusive capital allocation is not only a social imperative, but a driver of stronger innovation, better risk-adjusted returns, and more resilient economic outcomes.

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

Deep maketech is not well known to investors, but is the theme that Everquest Capital Partners focus on. In this episode, Partners Stephane Mery and Hannah Wade discuss this blend of technology and manufacturing and its attractions to investors.

Amongst other topics, we talk about:

1. what deep maketech is
2. what's needed to make restoring of manufacturing work
3. the current schemes around to support this
4. working with university spinouts
5. how to help companies optimise manufacturing processes
6. the challenge of building robust supply chains in the current environment
7. managing capital intensity in businesses
8. bringing the right partners on board
9. how AI is being used

Stephane and Hannah brings great insights with lots of real life examples from their investments. Enjoy!

01:00 Stephane and Hannah introduce themselves

02:25 introduction to Everquest and CPI

04:15 What is deep maketech?

06:00 How reshoring manufacturing can work

08:45 What is Catapult Network and why it matters

10:40 Challenges of getting good management teams spin outs

12:30 How working with companies can give good diligence

14:45 How to select areas of focus for investment

15:45 Example of how to optimise processes

20:30 Challenges of building robust supply chains

22:30 Managing capital intensity in manufacturing

25:40 Finding the right partners

26:40 How this can generate partial exits

28:00 Role of AI in manufacturing

32:30 What areas are still hot?

39:10 Favourite questions

Everquest Capital Partners website: https://www.everquestcapital.com/

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

The Medici Effect by Frans Hohansson

Welcome to the War Economy by David Baverez

Dr Stephane Mery

Stephane has over 20 years’ experience in private equity and entrepreneurship.

He was CEO of BBSF an early-stage fund behind the success of Spirogen (sold to Astra Zeneca for $400m) and Endomagnetics (sold for $310m to Hologic). He was also partner at Beringea leading investments in Life Sciences and Renewables including Biovex (sold for $1bn to Amgen).

Stephane turned around and successfully exited a company manufacturing and selling laboratory monitoring equipment.

Stephane is a Doctor in Veterinary Medicine, a Veterinary Pathologist and holds an MBA from INSEAD.

Hannah Wade

Hannah is a Partner and has over 20 years experience.

She is also Managing Director at CPI Enterprises and established CPI’s investor engagement and ventures arm in 2019. Under her leadership, CPI has built a strong portfolio of investments.

Through her long engagement at CPI, she has developed a strong network within the innovation sector. She leverages this network to cultivate a strong pipeline of investment opportunities for investors, attract strategic partners and connect portfolio companies into the infrastructure and research organisation ecosystem for technical, business and funding support. She is also passionate about promoting female entrepreneurship and is a member of the Lifted Project’s North East board.

A qualified lawyer, Hannah has a law degree from Leeds University and was a solicitor in private practice for nearly 10 years before joining CPI as in house legal counsel.

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

Now the successful Basics series is past, we return to normal programming with our usual year-end panel. An all-star group of experts get together to discuss what happened in 2025 and the prospects for 2026. This year, Philip Hare, Partner at Philip Hare & Associates; Kealan Doyle, CEO & Director of Symvan Capital and Ewoud Karelse, Specialist-Product at Evelyn Partners bring their knowledge and insight.

In a wide ranging discussion we talk about:

1. how investments and valuations are looking
2. whether investors are keeping their hand in their pockets
3. how K-shaped the market is really
4. whether we are really in an AI bubble
5. the return of exits
6. timescales to achieve exits
7. the state of fundraising for EIS and VCTs
8. how the budget changes affect the market
9. why the budget could help AIM
10. where ESG has gone
11. what will happen in 2026

As usual, the panel bring a lot of knowledge and insights. A lot happened in 2025, so listen and find out what it all means for investors and advisers.

00:50 Introductions

01:45 The investing side of the market

06:00 Are we in a K-shaped market?

08:00 Comparing the current market with the tech bubble

10:50 AI first companies and managers with experience

13:20 Are we in an AI bubble?

20:15 The return of exits

25:00 Time to exit and fund lifespans

28:15 How is fundraising?

31:00 VCT fundraising and budget changes

38:50 Effect of raising company investment limits in budget

46:00 Effect on AIM companies

49:00 Where has ESG gone?

54:00 looking forward to 2026 - consultation

60:00 The panel makes predictions!

EIS Assocation - https://eisa.org.uk/

Symvan Capital - https://www.symvancapital.com/

Evelyn Partners - https://www.evelyn.com/

Philip Hare & Associates - https://philiphareassociates.tax/

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

Kealan Doyle

Kealan is CEO and co-founder of Symvan Capital. He has worked with venture capital companies for 15 years, both in a corporate finance advisory capacity as well as a fund manager. He prefers to invest in a wide range of technology companies, but is also very interested in finding synergies within the Symvan portfolio of companies. Company interests include big data analytics, fintech, SaaS, 3D printing and network security. Before his involvement in venture capital investing, Kealan previously lead a structured equity products team at HSBC, and has worked at Deutsche Bank, Merrill Lynch and UBS. Together with Nicholas, he has since founded his own entrepreneurial businesses to focus on VC investing. Kealan holds degrees from the London School of Economics and the University of Toronto.

Philip Hare

Philip Hare is a Chartered Accountant and Chartered Tax Adviser. He spent 25 years with PwC, fifteen as a senior tax manager. From 2006 to 2014, he led PwC’s team providing services to Venture Capital Trusts, Enterprise Investment Scheme and Seed Enterprise Investment Scheme companies, investment fund managers and investors. Philip is a board member of the EIS Association (EISA) and chairs the EISA Tax Committee. He is a member of the VCT Forum of the Association of Investment Companies (AIC) and our firm advises the VCT Association.

Ewoud Karelse

Ewoud started his career in financial services with Allenbridge in 2000 and joined Towry Law in 2008 before joining Tilney in 2016, and Evelyn Partners in 2022. Ewoud is responsible for the research and selection of Venture Capital Trusts; (Seed) Enterprise Investment Schemes; Business Relief for Inheritance Tax Planning (AIM and non-AIM), and Social Investment Tax Relief products. He is also well versed in the use of Business Investment Relief for International clients.

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

In the last in the EIS & VC basics series for the EIS Navigator podcast we discuss exits and why they matter to investors. Symvan Capital are building a track record of successful exits. Co-founder Kealan Doyle also has prior experience in capital markets so has lots of knowledge of the different kind of exits, as well as some of the wrinkles that investors need to watch out for.

Kealan covers all the different kinds of exits that an investor might come across. These include:

• why exits matter to EIS and VCT investors
• failures are still exits
• why failures come before successes
• how trade sales work
• getting shares versus cash
• what is a secondary sale
• why IPOs are less popular than before
• how timing matters

Kealan has had some unusual exit experiences in the past couple of years, so has some interesting examples to throw into the mix. Enjoy!

Symvan Capital - https://www.symvancapital.com/

HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

You can see this episode on video too here. https://youtu.be/gRXiZ8pTkwQ

The playlist for all the videos of the Basics series will be found here.

Kealan Doyle

Co-founder and CEO, Symvan Capital

Before co-founding Symvan Capital and moving into venture capital investing, Kealan led a structured equity products team at HSBC, where he was responsible for developing and managing innovative investment solutions.

Kealan holds degrees from the London School of Economics and the University of Toronto and his earlier career included roles at Deutsche Bank, Merrill Lynch, and UBS - where he gained extensive experience in capital markets and complex financial products.

For over 20 years, he has worked closely with venture capital-backed businesses, initially in a corporate finance advisory capacity and more recently as a fund manager. This dual perspective has given him a deep insight into the challenges early-stage companies face and how best to support their growth and long-term success.

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.

For more information, please read our full disclaimers:

www.hardmanandco.com/research-disclosures

www.hardmanandco.com/disclaimer

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss how investors and advisers can pick the right EIS fund or VCT. SyndicateRoom have moved into third-party management, so have good insight into how to pick a fund. Co-founder Tom Britton joins us to give his views on what investors need to look at and how.

Tom covers lots of areas that investors and advisors need to consider. These include:

• the high level filters
• strategies and sectors
• what is the deployment time
• how does it affect your venture portfolio diversification
• where past performance and exits fit
• the more detailed diligence after filtering
• the existing portfolio and how it fits into current trends
• looking at the fund manager and its stability
• differences in fees and fee structures
• extra factors for VCTs - dividends and buyback policies, cash levels

We cover a lot of ground so get your notebooks ready! Tom definitely has distinctive views, but also great knowledge so it's well worth a listen. Enjoy!

Syndicate Room - https://www.syndicateroom.com/

Tom Britton - [email protected]

HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

You can see this episode on video too here. https://youtu.be/27sHsBQRY70

The playlist for all the videos of the Basics series will be found here.

Tom Britton

Co-founder, SyndicateRoom

After completing his MBA in Cambridge, Tom co-founded SyndicateRoom to give a wider audience access to venture capital investment. As co-founder, Tom works across all aspects of the business, with an emphasis on product development and marketing strategy, and as much direct contact with our super angels and investors as possible. He enjoys being plugged into the wider industry and sits on the board of the UK Business Angel Association. He also hosts SyndicateRoom’s Angel Insights podcast, interviewing key industry figures. Prior to founding SyndicateRoom, Tom was Product Manager at TheTrainline, where he headed up the launch of its mobile applications.

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.

For more information, please read our full disclaimers:

www.hardmanandco.com/research-disclosures

www.hardmanandco.com/disclaimer

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss how companies can find the right EIS or VCT manager for investment. Symvan Capital has been investing through EIS for over a decade so has seen what happens when companies handle it well and badly. Investment manager, Michael Theodosiou talks us through the angles.

Michael covers lots of important issues for founders and management. These include:

• how do companies approach the idea of raising money
• the benefits and expectations of getting venture capital
• the different types of managers
• sector and stage differences
• how targeting can make fundraising more efficient
• when companies should think about starting a fundraising
• how to approach fund managers
• how to choose between different offers
• how terms and value add can vary

It can seem daunting to a founder who is new to fundraising, but with a little guidance they can manage an effective process without making it too complicated. Enjoy!

Symvan Capital - https://www.symvancapital.com/

HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

You can see this episode on video too here. https://youtu.be/ImJJuHxGbm0

The playlist for all the videos of the Basics series will be found here.

Michael Theodosiou

Investment Manager, Symvan Capital

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.

For more information, please read our full disclaimers:

www.hardmanandco.com/research-disclosures

www.hardmanandco.com/disclaimer

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss how investors should choose between EIS and VCTs. Calculus Capital manage products under both schemes, so their Head of Investor Relations, Francesca Rayneu, is ideally placed to discuss the arguments for both.

Francesca covers lots of different areas that may need to be considered. These include:

• how both have the same aim and company rules
• why the different wrappers lead to different portfolios for investors
• what affects different investor profiles, such as risk profile, tax and liquidity or income needs
• how each gives different portfolio visibility and investee company contact
• the different stage of investment
• how CGT or IHT reliefs figure into factors
• how to look at fees

While we cover a lot of areas, investors may wish to take financial advice to see how each applies to their own situation. They may wish to listen to or watch episodes 113 to 116 before this if they are less familiar with the schemes. Francesca gives a good explanation of what investors should think about. Enjoy!

Note: after the recording, the 2025 budget cut Income tax relief from 20% to 30% from 6 April 2026.

Calculus Capital - https://calculuscapital.com/

HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors

Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen

You can see this episode on video too here. https://youtu.be/zJxAr_Ofhnk

The playlist for all the videos of the Basics series will be found here.

Francesca Rayneau

Head of Investor Relations, Calculus Capital

Francesca joined Calculus in 2015 and leads the Sales and Marketing team, overseeing all aspects of fundraising, marketing, and investor communications. She began her career in financial services in Geneva, Switzerland.

She holds a degree in International Management from the University of Manchester, during which she also studied at Bocconi University in Milan. Francesca has also earned the CISI Certificate in Wealth Management and the Client Assets and Money qualification.

Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.

For more information, please read our full disclaimers:

www.hardmanandco.com/research-disclosures

www.hardmanandco.com/disclaimer