| Target dividend: | 5% of NAV |
|---|---|
| Wealth Club initial saving: | 4% (5% existing investors) |
| Net initial charge: | 1.5% (0.5% existing investors) |
| Annual rebate: | 0.10% |
| Funds raised / sought: | £10m sought |
| Minimum investment: | £3,000 |
| Next deadline: | Limited early bird capacity |
Important documents
| Target dividend: | 5% of NAV |
|---|---|
| Wealth Club initial saving: | 4% (5% existing investors) |
| Net initial charge: | 1.5% (0.5% existing investors) |
| Annual rebate: | 0.10% |
| Funds raised / sought: | £10m sought |
| Minimum investment: | £3,000 |
| Next deadline: | Limited early bird capacity |
Important documents
The Triple Point Venture VCT looks to invest primarily in early-stage B2B companies.
Launched in 2018 it has grown net assets to £83.5 million, including approximately 50 qualifying companies and £28.6 million held in cash (February 2025). The VCT has an emphasis on healthcare and software investments and made four new investments in the year to February 2025.
The VCT recorded its first cash exit in 2022, achieving a 5.2x return on cost from Credit Kudos (detailed below). Over the five years to 30 June 2025, the VCT delivered a total return (including dividends) of 21.4% – past performance is not a guide to the future.
- Seeking to raise up to £10 million, with a £20 million overallotment facility
- Target dividend of 5% of NAV – variable and not guaranteed
- Available for the 2025/26 and 2026/27 tax years
- Minimum investment £3,000
- Deadline: the early bird saving of 1% is available on the first £5 million raised, or 31 December 2025 if later
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
Triple Point Investment Management LLP (“Triple Point”) was founded in 2004 and today its team of c.250 manages £2.5 billion of private, institutional, and public capital. To date, it has provided more than £450 million of funding to over 200 VCT/EIS companies (July 2025).
Triple Point concentrates on five key areas for investment: venture capital, private credit, energy, digital infrastructure, and social housing. The VCT is managed by the seven-strong venture investment team, led by Seb Wallace. Seb co-founded the team alongside Ian McLennan (previously Head of Ventures) in 2017. Ian has since moved to a new role within the investment committee and Seb has taken over the day-to-day management of the VCT’s investment activities. The investment team has significant experience in venture capital, start-up incubation, private equity and asset finance. It is supported by an advisory committee, whose members are successful entrepreneurs with investment experience in high-growth businesses.
The investment team is supported by the Triple Point Venture Network, a network of blue-chip corporates, entrepreneur investors, corporate innovation specialists, and venture capitalists, which has been established for over 16 years. The Venture Network works with innovative small businesses addressing identified large corporate problems and contributes to the VCT’s deal sourcing and screening.
Meet the manager
Seb Wallace, Triple Point – watch our interview
Investment strategy
The VCT focuses on B2B companies at an early stage, when valuations are typically lower, but after the company has received some form of market validation, such as initial revenue. Triple Point believes this overcomes one of the main reasons young companies fail: not enough demand. That said, investing in early-stage companies remains high risk and you should expect some failures.
While there is no set target, roughly 75% of investments are expected to be pre-seed or seed opportunities (companies generating less than £1 million in annual revenue) with the remainder split between Series A and later-stage investments.
The VCT currently invests £100,000 to £2 million (current average of c.£1 million) in each new portfolio company. As a relatively new VCT share class, the trust’s focus is still on building its portfolio and so approximately only a third of investments are expected to be in follow-on deals.
Current portfolio overview
Triple Point Venture VCT has net assets of £83.5 million and a portfolio of around 50 qualifying companies, with £28.6 million in cash and cash equivalents (February 2025).
It aims to add 8–12 new investments per year. In the year to February 2025, the VCT deployed £7.7 million into four new investments and seven follow-on investments. Since February 2025, the VCT has made a further five new investments and five follow-on investments, totalling £12.5 million.
The portfolio is split across a wide range of sectors, with a particular emphasis on healthcare and software. Please note: in the chart below some of the sectors may only include one company.
Sector breakdown
Source: Triple Point, top 10 sectors by value as at February 2025
Portfolio example: largest holding
Semble
Doctors in England reportedly lose 13.5 million working hours a year due to “inadequate IT systems and equipment”.
Semble, founded by two experienced entrepreneurs in collaboration with clinicians, was created to help healthcare providers operate more efficiently.
Its platform aims to replace legacy systems and reduce the administration burden: it can transcribe consultations, generate prescriptions directly from notes, request lab tests, and auto-populate results into patient records. One client, a leading European mental health care provider, reports Semble has helped reduce non-attendance by sending automated reminders to patients, reduced its report-writing time by 75%, and enabled it to provide same-day patient feedback.
The VCT invested £2.4 million in Semble in 2019. Since then, it has grown its number of accounts 12-fold and revenues 19-fold. The position is now valued at £4.4 million, representing 5.5% of net assets. Past performance is not a guide to future returns.
Portfolio example: recent investment
The Electric Car Scheme
Salary sacrifice schemes allow employees to lease electric cars through their employer, paying regular instalments from their pre-tax gross salary a saving of 30% to 60%.
The Electric Car Scheme was set up by Thom Groot and Tom Eilon in June 2020 after finding that many employers, particularly smaller businesses, did not offer this benefit to their employees.
The company has developed a simple onboarding process and now works with over 2,000 employers. It estimates its service has saved the equivalent of 14,000 tonnes of CO2 – the same effect as planting 650,000 trees.
Triple Point first invested in October 2024 after the company announced 160% growth year-on-year. The VCT invested £1 million.
Exit track record
The VCT had its first cash exit under its current strategy in March 2022 with Credit Kudos, detailed below, with a second small realisation in 2023. It has also seen a number of its portfolio companies acquired in all-share deals. Past performance is not a guide to the future.
Recent exit
Credit Kudos
Credit Kudos is a Credit Reference Agency that uses financial data obtained via Open Banking.
The idea for the company came about when software engineer Freddy Kelly (co-founder) returned to the UK after working in Silicon Valley and discovered his time away had severely impacted his credit history.
Rather than rely on assumptions, Credit Kudos allows lenders to analyse verified, up-to-date transaction data. With direct connections to the UK’s largest banks, users can safely and securely share their financial information with lenders, removing the need to upload bank statements and payslips. This not only provides a fairer credit rating for the user but also allows lenders to make quicker decisions and access a previously overlooked client base.
The business was acquired by Apple in March 2022, just two years after Triple Point invested. The exit generated £2.5 million in proceeds for the fund, equivalent to a 5.2x return on cost. Past performance is not a guide to the future.
Example of a recent failure
Tickitto
As can be expected, not all investments work out. One example is Tickitto.
Tickitto offered plug-and-play ticketing software for live events and experiences.
Despite initial success, it struggled to gain sufficient commercial traction within a very competitive industry. As a result, the business was acquired by InteleTravel, a global travel distributor, in January 2025 for a small fee.
The VCT invested £1 million in 2021 and the sale represented a loss of c.£700,000.
Performance and dividends
Over the five years to 30 June 2025, the VCT delivered a total return (including dividends) of 21.4%. 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.
The VCT targets a dividend of 5% of NAV per annum. Over the five years to 30 June 2025, the VCT paid out cumulative dividends equivalent to 18.2% of the starting NAV. Dividends are variable and not guaranteed.
NAV and cumulative dividends per share over five years (p)
Source: Morningstar. The share class launched in 2018 and first allotted shares in 2019. 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 31/12/2019–30/06/2025.
Dividends paid per calendar year
Source: Morningstar. Past performance is not a guide to the future. Dividends are not guaranteed. The graph shows the dividends paid per calendar year to 30/06/2025.
Dividend yield history (% of starting NAV)
| Calendar year | Dividend as % of NAV |
|---|---|
| 2020 | 3.0% |
| 2021 | 3.3% |
| 2022 | 2.7% |
| 2023 | 1.9% |
| 2024 | 4.1% |
| YTD | 2.1% |
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 VCT has introduced a dividend reinvestment scheme that allows shareholders to reinvest future cash dividend payments in 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 buy-back policy
The board intends to buy back shares at 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 -6.7%. Over the previous five years the average discount to NAV was -3.2%.
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 | 1% |
| Wealth Club initial saving | 3% |
| Existing investor discount | 1% |
| Net initial charge through Wealth Club (new investors) | 1.5% |
| Net initial charge through Wealth Club (existing investors) | 0.5% |
| Annual management charge | 2% |
| Annual administration charge | See offer documents |
| 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 (equivalent to up to 0.75%). 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
This 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 charges above) of the Net Asset Value of the Offer Shares issued to you when you invest. Terms and conditions apply.
Deadlines
- The early bird saving of 1.0% is available on the first £5 million invested or until 31 December
- Deadline for allotment in the 2025/26 tax year: 2 April 2026 (11am)
- Deadline for allotment in the 2026/27 tax year: 31 July 2026 (11am)
Our view
Since launch in 2018, this share class of the VCT has been building an increasingly broad and well diversified portfolio of early-stage, innovative, B2B companies.
It achieved its first cash exit in 2022, with the sale of Credit Kudos to Apple. Now, several of the portfolio companies show promise and have raised substantial funding rounds after the VCT’s investment. These include top 5 holdings Semble, Modo Energy, Scan.com, and Ably Real Time.
The VCT has a track record of investing alongside some of Europe’s top seed investors. It has recently crossed the milestones of £50 million in assets and will soon have a five-year track record.
It could be worth considering for experienced investors looking to diversify their VCT portfolio, although investing in early-stage companies is high risk and you should form your own view.
This financial promotion has been communicated and approved by Wealth Club Ltd on 5 September 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.