Hunter & Gather: 12.3x partial exit for SFC Angel Fund SEIS
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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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.
In July 2026, SEIS/EIS fund manager SFC Capital (formerly Startup Funding Club) announced the partial exit from health-food brand Hunter & Gather. The sale has delivered realised returns of 12.3x to investors in SFC Angel Fund SEIS, including some Wealth Club investors.
Hunter & Gather is a leading premium wellness and health-led consumer brand. It sells supplements, condiments, oils and functional food products via its own website or retailers such as Tesco and Holland & Barrett.
It was established in 2017 by partners Amy Moring and Jeff Webster, who had met as teens growing up with serious food intolerance and coeliac disease. By 2021, they were recognised Forbes 30 Under 30 entrepreneurs (Europe Retail & Commerce).
Hunter & Gather has featured in Sunday Times 100 list of the UK’s fastest growing non-tech private companies for the past two years (2025 and 2026), having grown annual sales by roughly 60% in the preceding three years.
SFC Capital first backed Hunter & Gather in 2018 and to date has invested c.£244k across two SEIS and two EIS tranches. The recent partial SEIS exit has returned c.£236k. The remaining holding – across SEIS and EIS – is valued at c.£1.95 million. Past performance is not a guide to the future; there have also been failures.
What market does Hunter & Gather address? Why did SFC invest? How could you invest in similar companies?
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. EIS and SEIS investments are high risk and you could lose the money you invest.
This partial secondary allows investors to crystallise exceptional returns while maintaining meaningful ongoing exposure to a growing business. This is our 20th exit to date, and another case for secondaries as a reliable route to liquidity for SEIS investors.
What does Hunter & Gather do?
Hunter & Gather aims to help people avoid foods that trigger health problems or allergies. Its products strictly contain no sugar, grains or inflammatory oils – also suitable for those on paleo, keto and “real food” diets, a growing market.
The company makes nutrition supplements from otherwise wasted byproducts – its collagen peptides from grass-fed cattle are an example. Its range of condiments are stocked by the likes of Tesco, Holland & Barrett and Ocado, as well as shipped across Europe. Many – such as its unsweetened tomato ketchup and avocado oil mayonnaises – have won Great Taste Awards.
Hunter & Gather is a Certified B Corporation: a business that meets high standards of social and environmental performance, accountability and transparency.
Why did SFC invest?
SFC Capital is one of Europe’s most active seed-stage investors. Originally set up in 2012 as an angel syndicate, it launched one of the first SEIS funds in 2013 and has since invested in around 650 early-stage companies across a broad range of sectors.
The manager works with leading universities, spin-out organisations, accelerators, incubators and a 500-strong network of active angel investors to source its pipeline of deals. The SEIS fund looks for companies typically less than two years old, with disruptive products or technologies.
Hunter & Gather attracted investment because of its innovative focus on clean-label products (items made with simple and natural ingredients) and functional nutrition (a dietary approach addressing the root causes of chronic symptoms) in the fast-growing health-conscious consumer segment.
The most promising seed companies from the SEIS funds may go on to be backed by SFC’s EIS funds. SFC takes a board seat in the SEIS portfolio companies, to offer guidance – and to develop performance insight before considering EIS follow-on investment.
As with Hunter & Gather, the EIS fund will only invest when the business has validated its model and achieved significant growth.
Hunter & Gather has achieved consistent revenue growth since SFC Capital’s initial investment, alongside expanding distribution and increasing brand recognition.
How might you invest in similar companies?
SFC Angel Fund SEIS and SFC All-Star Fund EIS are currently open for investment. Both invest in the same types of companies, albeit at different stages – as was the case with Hunter & Gather.
Both funds aim to deploy capital in the 2026/27 tax year – not guaranteed. This means EIS (up to 30%) and SEIS (up to 50%) income tax relief should be available in 2026/27, or 2025/26 if using ‘carry back’.
Tax rules can change and benefits depend on circumstances.
See performance of SFC Angel Fund SEIS
Performance per £100 invested in each tax year
Source: SFC, as at May 2026. 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.
See performance of SFC All-Star Fund EIS
Performance per £100 invested in each tax year
Source: SFC, as at May 2026. 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, sell or hold 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.