| Target dividend: | 5% of NAV |
|---|---|
| Wealth Club initial saving: | 1% (2% for existing investors) |
| Net initial charge: | 2% (1% existing investors) |
| Annual rebate: | 0.10% |
| Funds raised / sought: | £1m / £10m |
| Minimum investment: | £3,000 |
| Next deadline: | 31 Mar 2026 (5pm) for 1% early bird saving and 2025/26 |
Important documents
| Target dividend: | 5% of NAV |
|---|---|
| Wealth Club initial saving: | 1% (2% for existing investors) |
| Net initial charge: | 2% (1% existing investors) |
| Annual rebate: | 0.10% |
| Funds raised / sought: | £1m / £10m |
| Minimum investment: | £3,000 |
| Next deadline: | 31 Mar 2026 (5pm) for 1% early bird saving and 2025/26 |
Important documents
Octopus Future Generations VCT launched in January 2022 and looks to invest across three core areas: building a sustainable planet, empowering people, and revitalising healthcare.
The VCT is managed by Octopus Ventures, one of the largest venture capital teams in Europe. The Future Generations VCT aims to combine Octopus’s experience as a growth investor with its belief that some of the best returns will increasingly come from companies solving society’s biggest problems.
The VCT has net assets of £49.1 million and a portfolio of around 40 companies (November 2025).
The VCT recorded its first cash exit in 2024, with the sale of employee benefit platform Cobee. The VCT distributed the full amount of the proceeds and paid a special dividend of 5.6p per share in September 2025. Over the three years to 31 December 2025, the VCT has generated a NAV total return (including dividends) of -7.0%. Past performance is not a guide to the future and dividends are variable and not guaranteed.
- Seeking to raise £10 million with £5 million overallotment facility
- Targeting annual dividend of 5% of NAV per share – dividends are variable and not guaranteed
- Available for 2025/26
- Minimum investment £3,000 – you can apply online
- Deadline: 31 March 2026 (5pm) for allotment in the 2025/26 tax year and 1% early bird saving
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
Octopus Investments was launched in 2000. Today, the group has over 750 employees and manages £10 billion on behalf of over 75,000 retail investors, charities and institutions, including pension funds, fund-of-funds and family offices (September 2025).
The VCT is managed by Octopus Ventures, part of Octopus Investments – the largest VCT manager.
The Octopus Future Generations VCT is supported by 11 investment managers and portfolio specialists, alongside a support network of over 30 individuals, including a talent team dedicated to helping portfolio companies hire the best people, as well as legal, operational, and administrative support. Before joining Octopus, many of the team were well-established in other industries, such as consumer goods, professional services, and technology.
In February 2021, Octopus Group became a B Corporation (B Corp.) – joining a network of over 10,000 companies. B Corp. is a certification from an independent organisation that a company operates at the highest standards of social and environmental performance, accountability, and transparency.
Investment strategy
The Octopus Future Generations VCT targets ambitious businesses with the potential to transform outdated industries for the better, while also demonstrating excellent growth prospects.
It also applies an extra layer of due diligence, assessing each opportunity against its three core themes:
- Building a sustainable planet: this might include businesses focusing on reducing carbon emissions, protecting ecosystems, and using the circular economy to reduce waste, for instance.
- Empowering people: these businesses could range from the democratisation of education or financial services to the protection of online privacy and the improvement of connectivity between people.
- Revitalising healthcare: this might include businesses that are using digitisation and technology to make healthcare services more accessible and efficient.
For a company to receive investment from the VCT it must demonstrate alignment to at least one theme. Furthermore, companies will be subject to enhanced reporting requirements, allowing Octopus to measure progress against social and environmental goals as well as financial performance.
While the VCT has historically co-invested alongside Octopus Titan VCT and the Octopus’ EIS Products, it is now transitioning to an independent deal origination model. This pipeline will be driven by the team’s three dedicated investment specialists, allowing for a more targeted investment approach. Support for the existing portfolio remains unchanged, drawing on the resources of the wider Octopus Ventures team.
Portfolio overview
The VCT first issued shares in April 2022. It aims to build a portfolio of investments, split across its three themes.
The VCT has net assets of £52.6 million: £31.3 million invested in 37 companies and the rest in money market funds and cash (June 2025).
In the 12 months to June 2025, the VCT invested £7.2 million in 13 new companies. Post-period end it made eight further investments including three new and five follow-on investments totalling £3.6 million.
Investment portfolio by theme %
Source: Octopus Ventures, 30 June 2025
Examples of portfolio companies
Largest holding (revitalising healthcare)
CoMind
CoMind was founded to make monitoring the brain as routine as checking blood pressure.
The company’s core technology, CoMind One, uses a single non-invasive sensor and low-power lasers to “see” into the brain. By measuring the reflected light, it can track vital metrics like intracranial blood flow, oxygen saturation, metabolism, and pressure.
Historically, these functions were measured through cranial bolts, which require holes drilled into the skull. CoMind offers a low-risk, non-invasive alternative it believes could dramatically improve patient care standards and treatment outcomes.
The company has completed two clinical trials and recently recruited for its third in the US. Its aim is to launch CoMind One in 2027, pending FDA approval.
It recently closed a $60 million Series A round in October 2025, from investors such as Plural, Angelini Ventures, LocalGlobe, and Octopus Ventures. The funds will support regulatory approval, clinical expansion, and manufacturing.
The VCT has invested a total of £2.8 million, including £2 million in the six months to June 2025.
Recent investment (empowering people)
Slamcore
A spinout from Imperial College, Slamcore helps robots and drones navigate unfamiliar environments.
Most autonomous vehicles rely on maps, so risk getting “lost” in brand new locations. SLAM, meaning Simultaneous Localisation and Mapping, solves this by building maps in real time while also tracking its own position within it.
It does this through a novel sensor, which works more like a human eye than a camera. Rather than capturing a sequence of static frames, Slamcore’s sensors measure pixels independently to detect changes in light. This means it can maintain perfect “vision” even in cases of extreme lighting or high-speed movement, where standard sensors typically fail.
The technology is suitable for almost all autonomous drones, cars, robots, and VR/AR systems and has been used in high-profile commercial pilots, including work with Meta on its fibre-optics robot, Bombyx.
The company has secured nearly £30 million in funding since its launch in 2017, including strategic investments from Samsung Ventures, Toyota Ventures, and Yamato Holding.
The Octopus Future Generations VCT invested £432,000 as part of a wider round in March 2025.
Exit track record
This is a still a relatively young VCT, however it achieved its first full exit in 2024, with the sale of Cobee, detailed below - past performance is not a guide to the future.
Example of a recent exit
Cobee
Pitched as the “all-in-one benefits platform”, Cobee makes it easier for companies to manage their employee benefits schemes.
With the average millennial changing jobs every few years, companies are under pressure to offer additional benefits to attract top talent. However, this means HR departments have to manage providers and track employee eligibility and usage.
Through Cobee’s platform, companies can save time and money. They can manage all their schemes, customise benefit plans, offer flexible schemes, and add new benefits with just one click. Meanwhile, employees can access all their benefits and discounts using a single card.
Octopus Ventures co-led the company’s €40 million Series B funding round alongside Notion Capital in November 2022, with Octopus Future Generations VCT investing £1.9 million. The VCT followed on in March 2023, taking its total investment to £2.6 million. The position was valued at £3.7 million in June 2024, past performance is not a guide to the future.
In September 2024, Cobee was acquired by French group Pluxee for an undisclosed amount. The proceeds from the sale allowed the VCT to declare its first-ever special dividend of 5.6p per share, which was paid to shareholders in September 2025.
Example of a previous failure
VyperCore
As is to be expected, not all investments work out. One example is VyperCore.
VyperCore aimed to significantly improve computer processor speeds through its data accelerator card technology. Doing so could increase security, reduce CPU demand, and improve software performance.
Unfortunately, the company did not reach its commercial milestones and was unable to secure further funding. It entered administration in June 2025 and the VCT’s investment of £377,000 has been written off.
Performance and dividends
As the VCT first issued shares in April 2022 its performance track record is limited.
Over the three years to 31 December 2025, the VCT has generated a NAV total return (including dividends) of -7.0%. Past performance is not a guide to the future and dividends are variable and not guaranteed.
The VCT targets an annual dividend of 5% – 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 31/12/2022 to 31/12/2025.
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 31/12/2025.
Dividend yield history (% of starting NAV)
| Calendar year | Dividend as % of NAV |
|---|---|
| 2021 | - |
| 2022 | - |
| 2023 | - |
| 2024 | - |
| 2025 | 6.3% |
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
The company has adopted a Dividend Reinvestment Scheme under which shareholders can reinvest future dividend payments by way of subscription for new shares. 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 board intends to buy back shares at up to a 5% discount to the prevailing net asset value. This is not guaranteed and is not expected to be generally available before 2025 – 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.
Investors should note the VCT has less than a five-year track record. Trading of the VCTs shares will be immaterial and any consideration of the share price movements in relation to the net asset value per share will be inconclusive. The discount history will be published once the VCT has a five-year track record.
Investors looking to sell their VCT shares may get a better price using the VCT’s share buyback facility, 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.
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.
Shareholders in any of the Octopus VCTs are eligible for the 1% existing investor discount.
Octopus will donate 10% of its annual management charge to its charitable foundation, Octopus Giving.
| Full initial charge | 3% |
| Early bird discount | 1% |
| Wealth Club initial saving | — |
| Existing investor discount | 1% |
| Net initial charge through Wealth Club (new investors) | 2% |
| Net initial charge through Wealth Club (existing investors) | 1% |
| Annual management charge | 2% |
| Annual administration charge | 0.3% |
| Performance fee | 20% |
| Annual rebate from Wealth Club (for three years) | 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 equivalent to 0.5% a year. 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 when you invest through Wealth Club
The Octopus Future Generations VCT 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 allotment in the 2025/26 tax year and 1% early bird saving: 31 March 2026 (5pm)
Our view
While this is still a relatively new mandate, the Octopus Ventures team has a long track record of investing in ambitious, high-growth companies – including Cobee (detailed above), the VCT’s first exit.
As the trust continues to mature, it is also developing its own dedicated resources, including a separate team and standalone deal pipeline. This should provide the VCT with deal flow, while reducing reliance on co-investment with other Octopus funds. However, the VCT also retains access to the institutional scale and resources of the wider group.
For experienced investors, this offer provides access to one of Europe’s largest venture capital teams, focused on delivering growth while also prioritising environmental and social responsibility.
This financial promotion has been communicated and approved by Wealth Club Ltd on 5 March 2026
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.