Coming soon
In July 2025 the directors of Octopus Apollo VCT announced their intention to launch a new offer for subscription. Details are expected to be published in due course.
You will be able to download documents and apply online here.
Offer closed – fully subscribed
As at Friday 20 March the offer has received applications over and above the £75m capacity. Applications with cleared funds are processed on a first-come, first-served basis.
Octopus Apollo VCT is managed by the Octopus Ventures team, one of the largest venture capital teams in Europe.
Since 2018, it has focused on investing in small and medium-sized B2B software companies, which typically generate between £2 million and £8 million in annual revenue and have demonstrated strong revenue growth. The VCT currently has a portfolio of around 45 companies and net assets of £482.6 million (January 2025).
Over the five years to 30 June 2025, Octopus Apollo VCT generated a NAV total return (including dividends) of 62.0% – past performance is not a guide to the future.
- Seeking to raise up to £50 million with a £25 million overallotment facility
- Targets an annual dividend of 5% of NAV – variable and not guaranteed
- Minimum investment: £5,000
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. 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
The VCT is managed by Octopus Ventures, part of Octopus Investments – the UK’s largest VCT manager, also responsible for Octopus Titan VCT, Octopus Future Generations VCT and the Octopus AIM VCTs.
Launched in 2000, today Octopus Investments has more than 600 employees and manages £9.6 billion (March 2025) on behalf of over 70,000 retail investors, charities and institutions, including pension funds, funds-of-funds and family offices.
The VCT is managed by Octopus Ventures’ B2B software team, led by Paul Davidson. Paul joined Octopus in 2017 and has more than 12 years’ experience working with B2B SaaS companies and became Lead Manager of the Octopus Apollo VCT in 2024. Previous manager Richard Court is now Head of VCT and Enterprise Investment Scheme investments so remains involved with Apollo.
Paul is supported by a team of 14 B2B specialists, as well as the wider resources of Octopus Ventures.
Meet the manager
Watch our interview with Paul Davidson, Octopus Ventures
Investment strategy
Octopus Apollo VCT launched in 2006 and started to invest under the current growth capital investment strategy in 2018.
The team targets more commercialised businesses with a bias towards B2B software – usually steering clear of the startups favoured by stablemate Octopus Titan VCT. Apollo looks to help companies reach profitability, with its investments usually put towards increasing sales and marketing efforts, or expansion into new locations or markets.
At the point of investment, companies should have annual – preferably recurring – revenues exceeding £1 million, typically ranging between £2 million and £8 million. Businesses must have a proven proposition with evidence of significant revenue growth and a broad customer base.
Octopus Apollo typically invests £2 million to £10 million in each company via a mix of unsecured debt and equity. Where available, it will seek some downside protection via a preference share or similar – though these remain high risk investments.
Portfolio overview
Octopus Apollo VCT has net assets of £482.6 million (January 2025), including 16.5% in cash and cash equivalents. The investment portfolio comprises around 45 companies and is concentrated, with the top 10 holdings accounting for 47% of NAV.
In the year to January 2025, the VCT invested £34.1 million into eight new companies and £13 million into nine follow-on investments. New investments include ThreatMark (detailed below), bsport, a software platform for managing fitness studios, and healthcare platform Semble.
Asset allocation breakdown
B2B software portfolio – top ten sectors
Source: Octopus Investments, as at January 2025.
Portfolio example: largest holding
Natterbox
Established in 2010, Natterbox is a cloud-based telephony system that provides solutions to common call centre problems.
Natterbox removes the need for expensive IT and phone infrastructure, allowing businesses to easily scale without upgrading servers. The software can also integrate into most Client Relationship Management (CRM) programs, enabling automatic call capturing and information recording.
Octopus Apollo VCT first invested £5 million in March 2018 to support sales and product development. The VCT has invested a total of £19 million, now valued at £44.4 million and accounting for 9.2% of net assets (January 2025). Past performance is not a guide to the future.
Portfolio example: recent investment
ThreatMark
ThreatMark helps banks and businesses detect and stop online fraud in real time. Its platform builds a behavioural profile for each user – tracking patterns like login frequency, transaction habits, and even typing style – so it can spot very subtle changes.
If suspicious activity is detected, the platform responds dynamically based on the level of risk. This can range from requiring extra verification through to locking accounts and alerting the fraud team.
By understanding what “normal” is for each user, ThreatMark not only improves fraud detection but also reduces the number of false alarms, helping genuine customers get a smoother experience.
In January 2025, ThreatMark raised $23 million to support its growth, including £6.1 million from Octopus Apollo VCT. The funding is intended to help the company expand in the UK and US markets and continue improving its technology.
Exit track record
In the year to January 2025, the VCT reported four exits, three of which were profitable. In total, the disposals returned £21.7 million against an investment cost of £15.4 million. Past performance is not a guide to the future.
Example of previous exit
Countrywide Healthcare Supplies
Countrywide Healthcare Supplies is a national supplier of healthcare and cleaning products to the care sector.
Established in 1996, it serves over 5,000 customers across the UK. The company has also expanded its offering, adding a dedicated design and refurbishment service – from cost-effective upgrades to complete fit outs with bespoke furniture and a dedicated supply and installation team.
The VCT initially invested £2.7 million in 2014 through a mixture of investment and loan stock. The company repaid its £2.2 million loan in 2023. A year later, it was acquired by Personnel Hygiene Services, generating a 4.4x return on the VCT’s initial investment. Past performance is not a guide to the future.
Example of previous failure
Rotolight
As can be expected, not all investments worked out. One example is Rotolight.
Rotolight specialises in creating advanced LED lighting for the photography and filmmaking industries. Sales suffered due to the 2023 writer’s strike and the broader cost-of-living crisis. As a result, the company was unable to secure additional funding and entered administration in September 2024.
Octopus Apollo VCT invested £4.6 million in February 2019. This has been written down to nil.
Performance and dividends
Over the five years to 30 June 2025, Octopus Apollo VCT generated a NAV total return (including dividends) of 62.0% – past performance is not a guide to the future. Note, we show VCT returns over a five-year period as a minimum, where possible. Where a VCT has followed the same investment strategy for longer, we also show returns over 10 years.
There is a target annual dividend yield of 5% of Net Asset Value. Over the five years to June 2025 the VCT has paid total dividends equivalent to a cumulative dividend yield of 40.1% of starting NAV - dividends are variable and not guaranteed.
NAV and cumulative dividends per share over five years (p)
Source: Morningstar. Past performance is no guide to the future. Dividends are variable and not guaranteed. The bar chart shows net asset value and cumulative dividends per share for the period 31/12/2019 to 30/06/2025.
Dividend payments in the calendar year
Source: Morningstar. Past performance is not a guide to the future. Dividends are variable and not guaranteed. Dividends paid per calendar year to 30/06/2025.
Dividend yield history (% of starting NAV)
| Calendar year | Dividend as % of NAV |
|---|---|
| 2020 | 5.1% |
| 2021 | 12.6% |
| 2022 | 5.3% |
| 2023 | 5.4% |
| 2024 | 5.0% |
| YTD | 2.7% |
Source: Morningstar. Dividend yields are based on the dividends paid over the period divided by the starting NAV of the VCT in each period. Past performance is no guide to the future.
Dividend Reinvestment Scheme (DRIS)
There is a Dividend Reinvestment Scheme under which allows shareholders to reinvest future dividend payments by way of subscription for new shares, if desired. As these are new shares they should be eligible for tax relief (you will need to claim this on your tax return or directly with HMRC) and the shares will count towards the VCT annual subscription limit.
Share buybacks
The boards intend to buy back shares at up to a 5% discount to the prevailing net asset value. This is not guaranteed – please see the offer documents for details.
Discount history
VCT shares are traded on the London Stock Exchange. Similar to investment trusts, the share price can fluctuate and can be different from the VCT’s net asset value (NAV), i.e. the value of the VCT’s underlying investments. The difference between the share price of a VCT, and its net asset value per share, is called a discount.
Based on data from Morningstar, the discount to NAV as at 30 June 2025 was -5.5%. Over the previous five years the average discount to NAV was -6.3%.
The discount history is based on the closing share price of the VCT at the end of each month, divided by the latest net asset value at the time. Past performance is not a guide to the future. Investors looking to sell their VCT shares may get a better price using the VCTs’ share buyback facilities, although this is not guaranteed.
Risks – important
This, like all investments available through Wealth Club, is only for experienced investors happy to make their own investment decisions without advice.
VCTs are high-risk so should only form part of a balanced portfolio and you should not invest money you cannot afford to lose. They also tend to be illiquid and hard to sell and value. Before you invest, please carefully read the Risks and Commitments and the offer documents to ensure you fully understand the risks.
To retain the tax benefits, VCTs should be held for at least five years. If you sell VCT shares and reinvest in new shares of the same VCT (including any mergers) within six months, tax relief can be restricted. Tax rules can change and benefits depend on circumstances.
Charges and savings
A summary of the main charges and savings is shown below. The net initial charge shown includes the Wealth Club saving and any early bird discount. The investment may have additional charges and expenses: please see the provider documents including the Key Information Document for more details, offer price and share allotment calculation methodology.
Please note, capacity – for the offer or any early bird savings – can be reached early, and we may not be notified of this by the VCT in real time.
| Full initial charge | 5.5% |
| Early bird discount | — |
| Wealth Club initial saving | 2.5% |
| Existing investor discount | 1% |
| Net initial charge through Wealth Club (new investors) | 3% |
| Net initial charge through Wealth Club (existing investors) | 2% |
| Annual management charge | 2.5% |
| Annual administration charge | 0.3% |
| Performance fee | 20% |
| Annual rebate from Wealth Club | 0.10% |
More detail on the charges
The full initial charge shown in the table above is before any savings and discounts; the net initial charge is after available savings and discounts. When you invest through us, Wealth Club will receive commission each year (up to 0.5%). Commission is paid by the product provider so there is no additional charge to you.
Please see the provider's documents, including the key information document, for more details on the total fees and charges.
Annual rebate
The offer includes an annual rebate for Wealth Club investors, payable for the first three years. This is a rebate of our renewal commission and should be equivalent to a percentage (shown in the table above) of the net asset value of the offer shares issued to you when you invest. Terms and conditions apply.
Deadlines
- Deadline for the 2024/25 tax year: 3 April 2025 (5pm)
Our view
Octopus Apollo VCT is the second-largest VCT in the market. The trust is managed by Octopus Ventures, which also manages Octopus Titan VCT, and has access to the same resources.
However, unlike its stablemate, Apollo has focused exclusively on B2B software companies since 2018, targeting more mature, revenue-generating businesses. Those businesses have proven resilient in the current climate, helping the VCT deliver robust performance, particularly in the last three years.
Today, Octopus Apollo’s preference for B2B software is well reflected within the portfolio. The sector accounts for 99% of fixed asset investments. The VCT has enjoyed a steady stream of exits, including Countrywide Healthcare Supplies (detailed above).
The VCT may be worth of consideration for experienced investors, particularly those seeking to complement an earlier stage, more growth-orientated VCT investment portfolio.
This financial promotion has been communicated and approved by Wealth Club Ltd on 13 June 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.