Kore Labs EIS

Regulatory compliance platform Kore Labs (“Kore” or “the Company”) helps financial institutions digitise product management whilst reducing regulatory risks, costs and time to market for financial products.

The Company has prepared a new update for Q2 2025 with information on trading, product, and fundraising. You can download it from this page or your Portal.

Since its last fundraise at the end of 2024, Kore has focused on converting and adding to its pipeline, improving its product and expanding the team.

In early 2025, Kore was approached by a new angel investor – a well-regarded and well-connected figure in the Fintech industry – wanting to invest multiple £millions.

Kore had no immediate requirement for additional funding, however, it decided to accept the investment for strategic reasons: it believed the investor’s experience and extensive personal network could facilitate introductions to leading European financial institutions, supporting the Company’s expansion. As part of the deal, a formal distribution partnership was also agreed with this investor.

To date, Kore has received the following from the angel investor:

• An initial investment of £700k – taking up the remaining capacity of the round in which Wealth Club invested in 2024.
• A further £1 million under an Advance Subscription Agreement (ASA). This ASA had an 18-month Longstop Date with conversion at a 30% discount to a future Series A Price. These terms were designed as a commercial incentive, reflecting the new distribution partnership.

The same angel investor now wishes to invest a further £1 million under a similar ASA (see below). Before accepting the investment, Kore has decided to offer its other existing investors, including Wealth Club, the opportunity to co-invest in this newer ASA on the same terms and avoid further dilution.

To clarify, the Company currently has a cash runway of 13 months and believes it does not require additional funding in the short term to support its growth.

The plan is now to launch an institutional Series A round in Q4 2025-Q1 2026 – not guaranteed. The Company reports it continues to receive regular indications of interest from VCs and intends to spend the next few months assessing its options.

Kore has agreed up to £3 million can be raised this year under an ASA. £1 million has already been received and a further £1 million has been committed, all by the new strategic angel investor. Other existing investors are now offered the opportunity to invest under the same terms as the second £1 million.

The relevant ASA document is attached for your information. Shares allotted via this ASA are expected to be EIS qualifying on conversion – not guaranteed. The ASA conditions are outlined below:

Longstop Date:

• 12 months from the date of the ASA;

Conversion conditions:

• If a Series A round (Qualifying Investment Round) launches before the Longstop Date – the ASA will convert at the higher of:
  • A 15% discount to the Series A round price.
  • The most recent share price of £3.37.
• If a Series A round does not launch before the Longstop Date - at the Longstop Date, the ASA will convert at the higher of –
  • A 15% discount to the price per share based on the company’s pre-money valuation. Valuation will be calculated on the same basis and multiple as the last funding round.
  • The most recent share price of £3.37.

For Wealth Club investors, there is no minimum investment amount. Individual investors can apply to invest more than their estimated pre-emption rights, but please note that this will be subject to capacity and investors may be scaled back.

Anti-dilution illustration

Due to the fluid nature of the valuation and Series A price, it is difficult to give a specific figure for pre-emption rights.

For illustrative purposes only:

• If £3 million is raised under this ASA; and
• If shares convert at £3.37 per share

Then Wealth Club investors should multiply their existing shareholding by c. 9.7% to calculate the additional investment required to avoid dilution. For example, if an investor holds 5,000 shares, they would need to purchase 485 additional shares at £3.37 per share to maintain their shareholding. If you are unsure, please seek professional advice.

The new investment will be made under the same structure and fees as the original investment.

All the services Wealth Club and, where applicable, its subsidiaries provide are governed by the Terms and Conditions of the Wealth Club Services.

This, like all investments available through Wealth Club, is only for experienced investors happy to make their own investment decisions without advice.

This is a single company offer with no diversification. It involves investing in an early-stage, loss-making business, which is by nature high risk and prone to failure. There is a risk that the capital raised may not be sufficient to achieve the Company’s objectives. You could lose all the amount you invest.

There is no ready market for unlisted EIS shares: they are illiquid and hard to sell and value. There will need to be an exit for you to receive a realised return on your investment. Exits are likely to take considerably longer than the three-year minimum EIS holding period; equally, an exit within three years could impact tax relief.

To claim tax relief, you will need an EIS3 certificate, normally issued once shares have been allotted. This can take several months: please check the deployment timescales carefully. Tax reliefs depend on the company maintaining its EIS-qualifying status. Remember, tax rules can change and benefits depend on circumstances.

Before you invest, please carefully read the Information Memorandum which contains further details on the considerable risks – alongside the Wealth Club Risks and Commitments.

This financial promotion has been communicated and approved by Wealth Club Ltd on 20 August 2025

Wealth Club aims to make it easier for experienced investors to find information on – and apply for – investments. You should base your investment decision on the offer documents and ensure you have read and fully understand them before investing. The information on this webpage is a marketing communication. It is not advice or a personal or research recommendation to buy any of the investments mentioned, nor does it include any opinion as to the present or future value or price of these investments. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination.