Fifth profitable exit for Haatch investors this year: QIS Risk
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.
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What are the key risks?
- You could lose all the money you invest
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Haatch Ventures has recently announced its exit of institutional risk management software QIS Risk. The company, established in 2021, was acquired by US crypto trading platform CoinRoutes for $5 million in cash and stock. Its founder Fred Cox will join CoinRoutes as global CTO to lead its European expansion.
Haatch SEIS fund invested in 2022 and followed on in 2023. The exit delivered a return of 1.18x for the Haatch SEIS Fund, including many Wealth Club investors. Note, the 2023 investment was realised in under three years.
This is the fifth positive exit across Haatch’s SEIS and EIS portfolios in 2025. Three of these originated from SEIS investments, the earliest, highest-risk stage. Past performance is not a guide to the future; there have also been failures.
What does QIS Risk do? Why did Haatch invest? How did the company progress? And how might you invest in similar companies?
Important: The information on this website is for experienced investors. It is not a personal recommendation to invest. If you’re unsure, please seek advice. These investments are for the long term. They are high risk and can fall as well as rise in value: you could lose all the money you invest. Tax rules can change and benefits depend on circumstances. Quotes in the article represent the views of those quoted and not necessarily those of Wealth Club.
What does QIS Risk do?
QIS Risk has created an integrated platform to give institutional investors a complete picture of their crypto allocation. The platform’s portfolio and risk analytics, real-time tracking and analysis help asset managers and funds monitor exposure, profit and loss, and performance.
“QIS Risk has built a best-in-class risk analytics platform that institutional investors depend on for critical decision-making. This acquisition allows us to amplify everything that made QIS Risk valuable while integrating it with our execution technology to deliver a complete solution.
Why did Haatch invest?
Haatch targets B2B software-as-a-service (SaaS) companies. This reflects the founding team’s experience and expertise: four entrepreneurs with a history of profitable personal exits in this sector.
Because of their sector specialism, post-investment Haatch can provide its portfolio companies with hands-on support advising in areas such as growth strategy and exit routes.
The investment in QIS Risk appears to validate this approach.
Haatch invested because it believed the company was developing a credible solution to a problem increasingly experienced by institutional investors.
Digital assets are complex and information on them fragmented. Whilst institutional investors continue to increase exposure to digital assets, portfolio monitoring tools haven’t quite caught up.
QIS Risk was set up to address this. Its platform aggregates data from more than 70 on-chain and off-chain trade sources, making it easier for investor to manage risk and monitor portfolios, tracking crypto and traditional investments within a single interface.
Progress post-investment and how Haatch steered the company to an exit
Haatch SEIS invested £150k in 2022 at pre-seed stage. At the time, this was the maximum investment a company could receive under SEIS. When SEIS limits increased to £250k in 2023, Haatch invested a further £100k.
Post investment, the company faced a common challenge for B2B SaaS companies: its technology was getting recognition – it was named Risk Management Solution of the Year in 2024 and 2025 by HedgeWeek in its Global Digital Assets Awards – but the company struggled to scale and generate meaningful revenue, casting doubt over its prospects.
Haatch knew from previous experience a possible way forward is to find someone who values the technology and has a specific need the company could meet. CoinRoutes, a crypto trading platform, fitted the bill.
With the acquisition, CoinRoutes was able to add QIS Risk’s portfolio monitoring and risk management tools to its execution technology, creating the first comprehensive end-to-end institutional platform in the industry. Moreover, as part of the acquisition, QIS Risk’s founder Fred Cox joined CoinRoutes as Global Chief Technology Officer, bringing expertise in institutional risk management and expanding CoinRoutes’s European presence.
The $5 million cash and stock transaction allowed Haatch to realise its investment for a modest profit and return cash to investors.
Please note, as part of the investment had been held for less than the three years – the minimum holding period for SEIS tax relief – some investors will not benefit from SEIS tax reliefs and will need to repay any income tax relief already claimed.
As Fred Soneya, Haatch's Co-Founder & General Partner, commented: "The QIS Risk story shows how the support of a specialist investor like Haatch can pay off, particularly when a company is struggling to commercialise and has a difficult future on its own.
"We have seen what QIS was experiencing many times before – we were in a similar situation with our own company Elevaate, our first SEIS investment. The tech was great, but it was only generating around £30k in monthly revenues. Yet, we were able to sell it for £25 million, after finding someone who valued the tech and wasn’t too concerned about the commercials. It’s the same with QIS Risk.
"CoinRoutes needed two things: tech and a new CTO. QIS was perfect for them."
How might you invest in similar companies?
The Haatch SEIS Fund is currently open for investment and you can apply online.
SEIS investors should be able to claim up to 50% income tax and capital gains tax reliefs, amongst other reliefs. Tax rules can change and benefits depend on circumstances.
Since February 2021, the fund has invested £24.3 million across 121 SEIS companies. In that time, it has returned £1.9 million in proceeds from three successful exits, most recently QIS Risk, with a remaining portfolio balance of £28.6 million (November 2025). Past performance is not a guide to the future.
Haatch SEIS targets a return of 5x over 5-10 years – high risk and not guaranteed.
See performance of Haatch SEIS
Performance of Haatch SEIS Fund per £100 invested
Source: Haatch Ventures, as at November 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.
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.
Alex Davies
Chief Executive
Alex was a board director at Hargreaves Lansdown, where he worked for 15 years. He was responsible for building Hargreaves Lansdown into the biggest direct-to-consumer SIPP provider in the UK with more than 150,000 clients and over £12 billion under management. He is a keen investor with a portfolio of shares, funds, student property, EIS and VCT investments.