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.
| Sector: | Technology |
|---|---|
| Target return: | 2-3x |
| Minimum investment: | £25,000 |
| Targeted allotment: | 24 months |
| Next deadline: | Discretionary |
Important documents
| Sector: | Technology |
|---|---|
| Target return: | 2-3x |
| Minimum investment: | £25,000 |
| Targeted allotment: | 24 months |
| Next deadline: | Discretionary |
Important documents
MMC Ventures has been investing exclusively in technology for over 20 years. Over that time, it has built an enviable track record of backing some of the UK’s fastest-growing technology companies – from Gousto and Bloom & Wild to interactive investor and Copper.
MMC seeks companies it believes can transform today’s markets — or create new ones — by improving existing technology, rebuilding tech infrastructure and using data in fundamentally new ways, in areas such as e-commerce, fintech, and digital health.
Since 2010, the MMC Ventures EIS fund has invested in 75 companies and achieved 19 full or partial exits – there have also been failures. It has invested £357.5 million, returned £165.4 million to investors, with the remaining portfolio valued £500.8 million (March 2025). Past performance is not a guide to the future.
- Target return of 2-3x after five to eight years, not guaranteed
- Targets a diversified portfolio of around 10 companies, deploying investors' funds over 24 months, not guaranteed
- £25,000 minimum investment – you can apply online
- Next deadline: Discretionary
Important: The information on this website is for experienced investors. It is not advice nor a research or personal recommendation to invest. If you’re unsure, please seek advice. Investments are for the long term. They are high risk and illiquid and can fall as well as rise in value: you could lose all the money you invest.
The manager
MMC Ventures (“MMC”) was founded in 2000 by Bruce Macfarlane, current managing partner, Alan Morgan, current chairman, and Allan Cockell, partner – hence the initials MMC.
MMC has always exclusively targeted high-growth technology businesses. It started as a syndicate for high net worth individuals and launched the EIS fund in 2005.
Today, MMC manages around $1 billion across its EIS funds, institutional limited partnership funds, and its syndicate of business angels (June 2025).
The team of 20 includes investment specialists and founding partner Bruce Macfarlane. They come from a range of backgrounds, from experienced venture capital investors to younger professionals from consultancies, investment banks, law firms and asset managers.
The team seeks to develop a deep understanding of the technologies in its areas of focus, such as quantum computing, blockchain, and artificial intelligence to help identify the opportunities with the highest potential. The investment team works closely with portfolio companies and several MMC team members have joined portfolio companies and now serve as advisers to MMC.
The MMC team commits to investing in every EIS fund deal and has invested around £15 million to date. This helps align the management team’s interests with those of investors.
Mainspring Nominees Limited acts as custodian and nominee.
Investment strategy
MMC invests across a variety of subsectors within technology, including fintech, AI, cloud and data infrastructure and data-driven health.
It operates a two-stage investment committee process when assessing new investments. The first is before terms are offered, to shape the due diligence focus. The second is to review the due diligence findings before investments complete.
As well as providing capital, MMC draws on its own experience and network to assist companies in areas including international expansion, senior hiring, access to potential clients, corporate governance, fundraising, bank finance and exit. Its research team works closely with companies to help them grow.
MMC targets an initial investment of £1 million – £10 million in each company. MMC can support companies as they grow through further EIS funding and beyond that, potentially through MMC’s institutional funds.
The fund aims to return 2-3x over the investment period, with realisation expected from year five. This is not guaranteed – it could take significantly longer.
Portfolio
Investors into the MMC EIS Fund can expect a portfolio of around 10 companies (not guaranteed) comprising new deals and follow-on investments. MMC aims to deploy funds within 24 months, which is longer than most other managers. Investors will not be able to claim tax relief until their capital is deployed and they have received EIS certificates.
Below are examples of previous investments. They are outlined to give a flavour of the types of companies you might expect but are unlikely to be part of a new investor’s portfolio.
Recent investment
BotGuard
Nearly half of all internet traffic comes from bots, exposing website owners to threats such as data theft and scams. When used for good, bots can benefit a company by crawling and indexing a website to improve search engine results. However, bad bot traffic can be harmful to operations and drive-up costs.
BotGuard has developed an easy-to-implement, cloud-based solution, partnering with hosting providers to help website owners filter their web traffic, lower website management costs, defend their infrastructure, and protect their assets.
BotGuard was founded in 2019 by engineers Nik Rozenberg, (CEO), and Denis Prochko, (CTO) after their experience of battling malicious bots and hackers on their own websites. BotGuard now operates globally with clients and partners in more than 30 countries.
MMC led BotGuard’s €12 million Series A funding round in February 2024, alongside existing investors Tera Ventures and Expeditions Fund. The proceeds are expected to be used to develop its technology, recruit tech developers, and expand its sales and marketing teams.
Modo Energy
As the global shift towards renewable energy gains momentum, there is a pressing need for a more flexible, agile power grid, which can quickly respond to shifts in supply and demand. But this is more than just a physical infrastructure problem – it’s a data puzzle, too.
Founded in 2019, Modo Energy has developed a software-as-a-service platform to help manage and optimise renewable energy assets. Modo offers revenue benchmarking, price forecasts, real-time data, and in-depth research, all in one place. In the last quarter of 2024, the business opened an office in Australia to offer the same services as in the British and American markets.
MMC Ventures led Modo Energy’s $15 million Series A funding round in November 2023, alongside existing investors Triple Point, Fred Olsen Limited and Catalyst Capital. That investment is now valued at 1.2x cost following a further funding round in December 2024. Past performance is not a guide to the future.
Example of previous exit
Current Health
Founded in 2015, Current Health is an AI software platform that automatically detects warning signs of health deterioration, so patients can be attended to promptly – optimising patient outcomes and overall cost of care. Patients can be continuously monitored at home or in hospital using a wireless wearable armband. Clients in the UK and US include NHS Trusts, Mount Sinai and AstraZeneca.
MMC first invested in the Current Health’s seed round in July 2018, then leading the 2019 Series A round and participating in the 2021 Series B. Over that time the business received approval for its technology from the US regulator and started its expansion into the US.
In November 2021 the company was acquired by Best Buy for $400 million, delivering an average return on investment of 4.9x. Past performance is not a guide to the future.
Example of previous failure
Ondat
More and more businesses are moving their applications and data to the cloud – it’s estimated half of the world’s data (around 100 zettabytes) is stored in the cloud. Scalable, cloud storage, enabling real‑time collaboration and data security is crucial to this.
Ondat created a SaaS platform, enabling both IT teams and developers to allocate storage for Kubernetes applications, so they can be run from anywhere at scale.
MMC first invested in 2018 and followed on in 2020. The company experienced positive early traction with customers but needed additional funds to scale. Unable to secure funding, Ondat was acquired in March 2023 by Akamai Technologies, a major US cloud storage and computing company. Unfortunately, early investors, including the MMC EIS fund, received no return, although the team was able to continue product development under the new ownership.
Performance
Since 2010, the MMC Ventures EIS Fund has invested in 75 companies and achieved 19 full or partial exits, as well as 15 failures. It has invested £357.5 million, realised £165.4 million, with a remaining value of £500.8 million (March 2025). Past performance is not a guide to the future.
The chart below shows the average performance of the total subscribed into the funds each in each of the last 10 full tax years (or from when the current strategy was adopted if later). The chart is based on the latest valuations provided by the manager, expressed on a £100 invested basis. Please note, individual investor portfolios’ performance will deviate from the average.
Performance per £100 invested per tax year
Source: MMC Ventures, as at March 2025. Past performance is not a guide to future performance. The chart shows realised returns (where share proceeds have been returned to investors as cash) and unrealised returns (where cash has not yet been returned and the value of the investments is based on the manager’s own valuation methodology). There is no ready market for unlisted shares. The figures shown are net of all fees and do not include any income tax relief or loss relief.
Risks – important
This, like all investments available through Wealth Club, is only for experienced investors happy to make their own investment decisions without advice.
EIS investments are high risk and should only form part of a balanced portfolio. As must be expected with early-stage investments, some or even all of the companies in the portfolio could fail: the fewer the companies included in the portfolio, the higher the risk of loss if things don’t go to plan. You should not invest money you cannot afford to lose.
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 EIS3 certificates, normally issued once shares have been allotted. This can take several months: please check the deployment timescales carefully. Tax reliefs depend on the portfolio companies maintaining their EIS-qualifying status. Remember, tax rules can change and benefits depend on circumstances.
Before you invest, please carefully read the Risks and Commitments and the offer documents to ensure you fully understand the risks.
Charges
A summary of the main charges and savings is shown below. Some of these will be payable by the investor, others by the investee companies. The investment may have additional charges and expenses: please see the provider documents, including the Key Information Document, for more details.
| Investor charges | |
|---|---|
| Initial charge | 4% |
| Annual management charge | 2.5% |
| Administration charge | 0.15% |
| Dealing charge | — |
| Performance fee | 20%* |
| Investee company charges | |
| Initial charge | — |
| Annual charges | — |
The fees and charges above are stated exclusive of VAT, which applies in some cases, as determined by the manager. Please check the VAT position carefully in the provider documents. Any fees and charges payable by the investee companies or the underlying businesses do not directly come out of your investment. However, they will effectively reduce the returns generated by investee companies and therefore impact your investment.
More detail on the charges
When you invest through us, Wealth Club will receive initial commission (2.5%) and trail commission (0%). These are paid by the provider – there is no additional cost to you.
Any charges deducted from the subscription will reduce the amount invested and on which tax relief can be claimed.
Any investee company charges are levied on the underlying companies. They will not affect the amount of tax relief available but can still impact investor returns.
The performance fee applies on returns in excess of £1 per £1 invested. Whilst not uncommon, this is a low hurdle. Performance fees are calculated on a portfolio basis.
Other charges apply. Please see the provider’s documents, including the Key Information Document, for more details.
Our view
We believe MMC Ventures is a credible, experienced and well-resourced manager.
It has built an impressive track record backing some of the UK’s fastest-growing technology start-ups and delivering realised returns to investors. The fund has announced a series of high profile exits in recent years with eight successful exits since 2021, returning over £160 million to investors. Several portfolio companies have also raised funds at a significant valuation uplift to MMC’s original investment.
MMC’s recent successes may further strengthen its reputation, potentially enhancing future deal flow. Overall, we believe MMC’s EIS fund is worthy of consideration.
This financial promotion has been communicated and approved by Wealth Club Ltd on 14 July 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.