Don't invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 mins to learn more.
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?
- 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.
- You are unlikely to be protected if something goes wrong
- Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance. Try the FSCS investment protection checker 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.
- 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.
- 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 any one to do well.
- A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
- 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.
Featured
Featured VCTs, EIS and SEIS funds
Our favourite current VCT, EIS and SEIS opportunities: investments we think have genuine merit, whose managers we believe can deliver returns to investors. Read more »
Help young and ambitious companies grow and receive up to 30% income tax relief, tax-free dividends and tax-free growth. Tax rules can change and benefits depend on circumstances; dividends are not guaranteed.
= Featured Offer
| VCT name | Target dividend | Wealth Club initial saving | Net initial charge | Annual rebate | Funds raised / sought | Minimum investment | Next deadline | Invest now |
|---|---|---|---|---|---|---|---|---|
Albion VCTsLong-established VCTs with a diversified portfolio of technology and scale-up companies Find out more |
5% of NAV
|
–
|
3%
|
0.10%
|
£41.2m / £60m
Overallotting
|
£6,000
|
16 Dec 2025 (9am) for first allotment
|
|
Baronsmead VCTsAmongst the longest-standing and most diverse VCTs with exposure to private and AIM companies Find out more |
7% of NAV
|
2% (2.25% existing investors)
|
2.5% (2.25% existing investors)
|
0.15%
|
£13.9m / £30m
|
£5,000
|
Limited early bird capacity
|
|
British Smaller Companies VCTsTwo of the longest-established Venture Capital Trusts, managed by YFM Equity Partners. Find out more |
Not specified
|
2%
|
3%
|
0.10%
|
£71.5m / £85m
84% full
Overallotting
|
£6,000
|
27 Mar 2026 for 2025/26
|
|
Maven VCTsLong established VCTs managed by one of the largest investment teams in the VCT sector, and diversified portfolio of 100+ private and AIM-quoted regional companies Find out more |
6% of NAV
|
4.25% (4.5% existing investors)
|
1.25% (1% existing investors)
|
0.10%
|
£11.3m / £30m
|
£5,000
|
12 Jan (9am) for Jan 2026 allotment
|
|
Northern VCTsAmong the longest-running VCTs, with a strong investor following, managed by Mercia Ventures Find out more |
4.5% to 5% of NAV
|
2.5% (3.0% existing investors)
|
3% (2.5% existing investors)
|
0.10%
|
£48.4m / £50m
96% full
Overallotting
|
£6,000
|
Only one VCT open
|
|
Octopus Apollo VCTManaged by Octopus Ventures, the UK’s second-largest VCT targets revenue-generating businesses with a focus on B2B software companies Find out more |
5% of NAV
|
4.5% (5.5% existing investors)
|
1% (0% existing investors)
|
0.10%
|
£26m / £75m
|
£5,000
|
16 Dec 2025 for 2% early bird
|
|
Pembroke VCTVCT seeking to back young companies developing brands in the consumer, technology and business services sectors Find out more |
5p per share
|
2%
|
3%
|
0.10%
|
£13.4m / £40m
|
£5,000
|
2 Apr 2026 (noon) for 2025/26
|
|
ProVen VCTsEstablished VCTs with a track record of investing in growth capital companies, particularly e-commerce. Find out more |
5% of NAV
|
3% (3.5% existing investors)
|
2.5% (2% existing investors)
|
0.10%
|
£3m / £30m
|
£5,000
|
15 Dec 2025 (9am) for dividend and early bird
|
|
Triple Point Venture VCTA VCT investing primarily in B2B companies from an early stage in their lifecycle Find out more |
5% of NAV
|
4% (5% existing investors)
|
1.5% (0.5% existing investors)
|
0.10%
|
£10.5m / £20m
Overallotting
|
£3,000
|
31 Dec 2025 for early bird saving
|
|
| View ALL Venture Capital Trusts OFFERS | ||||||||
Help young and ambitious companies grow and receive up to 30% income tax relief, defer capital gains from elsewhere and qualify for IHT relief. Tax rules can change and benefits depend on circumstances.
= Featured Offer
| Fund name | Sector | Target return | Minimum investment | Targeted allotment | Next deadline | Invest now |
|---|---|---|---|---|---|---|
Fuel Ventures Follow-on EIS FundMaking follow-on investments in companies Fuel previously backed and considers promising Find out more |
Technology
|
5x
|
£20,000
|
2025/26
|
19 Dec 2025
|
|
Fuel Ventures Scale-up EIS FundManaged by entrepreneur-turned-investor Mark Pearson, the fund targets early-stage digital businesses Find out more |
Technology
|
10x
|
£20,000
|
12 to 15 months
|
Discretionary
|
|
Guinness EISTargets scale-up businesses already generating revenue, preferably £1 million or above Find out more |
Various
|
2x
|
£20,000
|
2025/26
|
19 Dec 2025
|
|
Haatch EIS FundEntrepreneur-led team targeting primarily software-as-a-service businesses Find out more |
Technology
|
3x
|
£20,000
|
2025/26
|
31 Dec 2025
|
|
MMC Ventures EIS FundFocuses on businesses improving existing technology, rebuilding tech infrastructure, or using data in innovative ways Find out more |
Technology
|
2-3x
|
£25,000
|
24 months
|
Discretionary
|
|
Molten Ventures EIS FundFund targeting early-stage technology companies, managed by the same team as Molten Ventures VCT Find out more |
Technology
|
Unspecified
|
£25,000
|
12 to 18 months
|
2 Jan 2026
|
|
Parkwalk Opportunities EIS FundFund focused on UK university spinouts, managed by one of the UK’s most active spinout investors Find out more |
University spinouts
|
Unspecified
|
£25,000
|
12 to 18 months
|
Discretionary
|
|
| View ALL EIS OFFERS | ||||||
Help ambitious startups grow and receive up to 50% relief on income and capital gains tax on gains from elsewhere, plus qualify for tax-free growth and IHT relief. Tax rules can change and benefits depend on circumstances.
= Featured Offer
| Fund name | Sector | Target return | Minimum investment | Targeted allotment | Next deadline | Invest now |
|---|---|---|---|---|---|---|
Fuel Ventures SEIS FundFuel Ventures SEIS Fund aims to provide seed funding to very early-stage startups and mentor their growth Find out more |
Technology
|
5x
|
£20,000
|
2025/26
|
19 Dec 2025
|
|
Haatch SEIS FundEntrepreneur-led team targeting primarily software-as-a-service businesses Find out more |
Technology
|
5x
|
£10,000
|
2026/27
|
13 Feb 2026
|
|
Startup Funding Club SEIS FundFund investing in startups, managed by one of Europe’s most active seed investors Find out more |
Technology
|
3x
|
£10,000
|
2025/26
|
15 Jan 2026
|
|
| View ALL SEIS OFFERS | ||||||
Help young and ambitious companies grow and receive up to 30% income tax relief, tax-free dividends and tax-free growth. Tax rules can change and benefits depend on circumstances; dividends are not guaranteed.
= Featured Offer
| VCT name | Target dividend | Wealth Club initial saving | Net initial charge | Annual rebate | Funds raised / sought | Minimum investment | Next deadline | Invest now |
|---|---|---|---|---|---|---|---|---|
Albion VCTsLong-established VCTs with a diversified portfolio of technology and scale-up companies Find out more |
5% of NAV
|
–
|
3%
|
0.10%
|
£41.2m / £60m
Overallotting
|
£6,000
|
16 Dec 2025 (9am) for first allotment
|
|
Baronsmead VCTsAmongst the longest-standing and most diverse VCTs with exposure to private and AIM companies Find out more |
7% of NAV
|
2% (2.25% existing investors)
|
2.5% (2.25% existing investors)
|
0.15%
|
£13.9m / £30m
|
£5,000
|
Limited early bird capacity
|
|
British Smaller Companies VCTsTwo of the longest-established Venture Capital Trusts, managed by YFM Equity Partners. Find out more |
Not specified
|
2%
|
3%
|
0.10%
|
£71.5m / £85m
84% full
Overallotting
|
£6,000
|
27 Mar 2026 for 2025/26
|
|
Maven VCTsLong established VCTs managed by one of the largest investment teams in the VCT sector, and diversified portfolio of 100+ private and AIM-quoted regional companies Find out more |
6% of NAV
|
4.25% (4.5% existing investors)
|
1.25% (1% existing investors)
|
0.10%
|
£11.3m / £30m
|
£5,000
|
12 Jan (9am) for Jan 2026 allotment
|
|
Northern VCTsAmong the longest-running VCTs, with a strong investor following, managed by Mercia Ventures Find out more |
4.5% to 5% of NAV
|
2.5% (3.0% existing investors)
|
3% (2.5% existing investors)
|
0.10%
|
£48.4m / £50m
96% full
Overallotting
|
£6,000
|
Only one VCT open
|
|
Octopus Apollo VCTManaged by Octopus Ventures, the UK’s second-largest VCT targets revenue-generating businesses with a focus on B2B software companies Find out more |
5% of NAV
|
4.5% (5.5% existing investors)
|
1% (0% existing investors)
|
0.10%
|
£26m / £75m
|
£5,000
|
16 Dec 2025 for 2% early bird
|
|
Pembroke VCTVCT seeking to back young companies developing brands in the consumer, technology and business services sectors Find out more |
5p per share
|
2%
|
3%
|
0.10%
|
£13.4m / £40m
|
£5,000
|
2 Apr 2026 (noon) for 2025/26
|
|
ProVen VCTsEstablished VCTs with a track record of investing in growth capital companies, particularly e-commerce. Find out more |
5% of NAV
|
3% (3.5% existing investors)
|
2.5% (2% existing investors)
|
0.10%
|
£3m / £30m
|
£5,000
|
15 Dec 2025 (9am) for dividend and early bird
|
|
Triple Point Venture VCTA VCT investing primarily in B2B companies from an early stage in their lifecycle Find out more |
5% of NAV
|
4% (5% existing investors)
|
1.5% (0.5% existing investors)
|
0.10%
|
£10.5m / £20m
Overallotting
|
£3,000
|
31 Dec 2025 for early bird saving
|
|
| View ALL Venture Capital Trusts OFFERS | ||||||||
Help young and ambitious companies grow and receive up to 30% income tax relief, defer capital gains from elsewhere and qualify for IHT relief. Tax rules can change and benefits depend on circumstances.
= Featured Offer
| Fund name | Sector | Target return | Minimum investment | Targeted allotment | Next deadline | Invest now |
|---|---|---|---|---|---|---|
Fuel Ventures Follow-on EIS FundMaking follow-on investments in companies Fuel previously backed and considers promising Find out more |
Technology
|
5x
|
£20,000
|
2025/26
|
19 Dec 2025
|
|
Fuel Ventures Scale-up EIS FundManaged by entrepreneur-turned-investor Mark Pearson, the fund targets early-stage digital businesses Find out more |
Technology
|
10x
|
£20,000
|
12 to 15 months
|
Discretionary
|
|
Guinness EISTargets scale-up businesses already generating revenue, preferably £1 million or above Find out more |
Various
|
2x
|
£20,000
|
2025/26
|
19 Dec 2025
|
|
Haatch EIS FundEntrepreneur-led team targeting primarily software-as-a-service businesses Find out more |
Technology
|
3x
|
£20,000
|
2025/26
|
31 Dec 2025
|
|
MMC Ventures EIS FundFocuses on businesses improving existing technology, rebuilding tech infrastructure, or using data in innovative ways Find out more |
Technology
|
2-3x
|
£25,000
|
24 months
|
Discretionary
|
|
Molten Ventures EIS FundFund targeting early-stage technology companies, managed by the same team as Molten Ventures VCT Find out more |
Technology
|
Unspecified
|
£25,000
|
12 to 18 months
|
2 Jan 2026
|
|
Parkwalk Opportunities EIS FundFund focused on UK university spinouts, managed by one of the UK’s most active spinout investors Find out more |
University spinouts
|
Unspecified
|
£25,000
|
12 to 18 months
|
Discretionary
|
|
| View ALL EIS OFFERS | ||||||
Help ambitious startups grow and receive up to 50% relief on income and capital gains tax on gains from elsewhere, plus qualify for tax-free growth and IHT relief. Tax rules can change and benefits depend on circumstances.
= Featured Offer
| Fund name | Sector | Target return | Minimum investment | Targeted allotment | Next deadline | Invest now |
|---|---|---|---|---|---|---|
Fuel Ventures SEIS FundFuel Ventures SEIS Fund aims to provide seed funding to very early-stage startups and mentor their growth Find out more |
Technology
|
5x
|
£20,000
|
2025/26
|
19 Dec 2025
|
|
Haatch SEIS FundEntrepreneur-led team targeting primarily software-as-a-service businesses Find out more |
Technology
|
5x
|
£10,000
|
2026/27
|
13 Feb 2026
|
|
Startup Funding Club SEIS FundFund investing in startups, managed by one of Europe’s most active seed investors Find out more |
Technology
|
3x
|
£10,000
|
2025/26
|
15 Jan 2026
|
|
| View ALL SEIS OFFERS | ||||||
Other investments
Free guides & factsheets
Knowledge bank
Want to learn about VCTs, EIS and SEIS? Wondering how private markets funds work? Interested in ways to make more of your ISA and SIPP? Our free guides and resources explain briefly and in plain English the benefits and risks of investment opportunities for experienced investors.
INSIGHTS & UPDATES
Stay in the know
-
Guest article: Cockroaches in the Coal Mine
Oaktree’s Co-Chairman, Howard Marks, examines the recent string of well-publicised credit problems, considering how they serve as a reminder that the yield premium offered by sub-investment grade credit isn’t a freebie but rather compensation for bearing credit risk.
-
Which offers are attracting investors’ interest? Here are the top ten most viewed investment opportunities across VCTs, EIS/SEIS, IHT portfolios, AIM ISAs…
-
The Maven VCTs have announced the profitable sale of DPP, one of the UK’s leading commercial maintenance contractors – a return of between 2.1x and 2.5x for the VCTs. Why did Maven invest? How could you get exposure to similar companies?
