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Fuel Ventures Follow-On EIS Fund

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Fuel Ventures is a leading early-stage technology investor in the UK operating SEIS, EIS and VCT Funds.

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Business overview

Location London, United Kingdom
Social media
Website www.fuel.ventures/
Sectors Finance & Payments Digital Mixed B2B/B2C
Company number 08820180
Incorporation date 19 Dec 2013
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Investment summary

Type EIS Fund
UK tax relief

EIS

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Business highlights

  • Award winning EIS Funds - Growth Investor Awards 2024
  • The Follow-On EIS Fund has invested £77m across 57 investments
  • 3 exits to date (returning £23m to the Follow-On EIS Fund).
  • EIS benefits of up to 30% income tax relief.
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Key features

  • No Secondary Market
  • Nominee investment
  • Direct investment min. £2,000.00 +

Pitch

About the Campaign

Since launch, Fuel Ventures has invested in over 200 high-growth startups, with a focus on scalable software models, from SaaS and marketplaces to next-generation digital platforms. Our portfolio includes some of the UK’s fastest-scaling companies, several of which have gone on to raise further capital from top-tier global investors and deliver meaningful returns.

Fuel Ventures current investment focus is centred around doubling down on AI-native software and FinTech infrastructure, where we believe the next wave of generational businesses will be built and where our capital, network, and operational support have the potential to drive exceptional outcomes.

Fuel Ventures has backed more than 200 technology businesses since launch, with a focus on high-growth software models such as SaaS, marketplaces, and digital platforms. Our current emphasis is on FinTech and AI-driven businesses, where we see significant opportunity.

The Follow-On EIS Fund, first launched in 2019, allows investors to double down on some of the portfolio’s most promising companies - businesses we already know well and have worked closely with. Since inception, the Follow-On Fund has achieved three successful exits, returning £23m to investors from the £77m invested to date.

Notable outcomes include:
• ContentCal – acquired by Adobe for $110m in an all-cash deal, delivering a 6x multiple on investment.
• Capdesk – acquired by Carta for $88.4m.
• Arbolus – partial secondary exit to Kayne Anderson.
• OnBuy – currently valued at an 8.3x uplift (unrealised).

Investment Strategy

The Follow-On EIS Fund targets late-Seed and Series A companies already within the Fuel portfolio. By reinvesting into companies we know well, we benefit from:

• De-risked execution – capital goes into teams we’ve already seen deliver
• Verified growth trajectory – progress tracked through multiple reporting cycles
• Conviction-led investing – we double down only where we see outsized potential

This tranche may also co-invest alongside the Fuel Ventures VCT, enabling our portfolio companies to access a greater amount of scale-up capital.

Key Features:
• Investment size: £500k – £2m per company
• Portfolio size: 5–8 companies per tranche
• Tax benefits: EIS relief available (subject to personal circumstances)

Pipeline highlights (subject to due diligence):

• Prosper – AUA (assets under administration) grew from £18m (July 2024) to £331m (July 2025) with annualised revenue growing from £180k to £672k.

• Levellr - annual recurring revenue (ARR) grew to £2.5m by June 2025, underpinned by contracts with the likes of Epic Games and Google

• Odore ARR grew to £2.4m to July 2025, with new contracts being agreed with the likes of L’Oreal and Shiseido EMEA.

Team

Fuel Ventures was founded by entrepreneur and investor Mark Pearson, best known for building and exiting MyVoucherCodes, and as an early backer of Paddle (now valued at $1.4bn).

The core investment team, who have worked together for over six years, have been directly responsible for sourcing, backing, and scaling many of the fund’s most successful companies and for delivering the exits seen to date. Across the multiple Fuel Ventures funds to date, the investment team has returned £40m to investors.

Fuel’s wider platform includes 18 professionals spanning investment, capital introductions, and operational support. The team blends deep venture capital experience with real-world founder and operator insight, creating a hands-on, value-add approach that helps portfolio companies grow from Seed to Series B and beyond.

Fund Terms

Target deployment: 2025/26 tax year (not guaranteed).

All investments are EIS eligible. Please note that tax relief depends on an individual's circumstances and is liable to change.

Initial investment fee: No upfront or ongoing management fees for investors from the fund. There is a Republic Europe Investor fee of 2.5% of your investment amount. Please see the Key Information tab for details.

The fund charges portfolio companies a 2.5% initial fee and a 2% annual fee.

Performance fee: 20% of investor returns above a 1.2x hurdle, calculated on a fund-level basis.

Key Information

EIS Fund

Fuel Ventures Follow on EIS Fund (the “Fund”) pools funds from multiple investors in order to invest in a portfolio of companies. Investee companies are selected with the EIS criteria in mind. The Fund is structured in such a way that investments are eligible for EIS tax relief. Please note, tax relief is dependent on individual circumstances and may be subject to change in the future.

Documents

Please refer to the “Documents” section of the campaign, which includes the key relevant documents for the investment opportunity.

Direct Investment and Data Processing

Please note, investors in this round will be making a direct investment in the Fuel Ventures Follow-On EIS Fund. Seedrs Nominees Limited will not act as nominee for investors and investors will be Platform Direct Investors for the purposes of the investment agreement entered into between investors and Seedrs/Republic Europe.

By investing in this campaign, you acknowledge and agree that you have read and understood the relevant documents in the “Documents” section of this campaign and agree to be bound by them.

Details of your investment will be submitted by Republic Europe to Fuel Ventures on your behalf. In so doing, we will be sending the information set out below (which includes certain of your personal data) and your investment monies to Fuel Ventures in order for them to admit your investment into the EIS Fund:

(i) Your name, email address and residential address;
(ii) NI number; and
(ii) Your investment amount

Investment Holding

Investors in this campaign will hold an interest in the Fuel Ventures Follow-On EIS Fund and will be beneficial owners of the companies into which the Fund invests. MNL Nominees Limited will hold the legal title to the shares issued by the Fund’s investee companies.

Fuel Ventures will be responsible for providing investment updates and tax certificates via the Fuel Ventures Business Page and will send distributions to investors directly.

Investor Fees

1. Initial Investment fee:

Fuel Ventures Follow-On EIS Fund charges no initial investment fee for investors.

The Fund charges portfolio companies a 2% management charge. There is no initial or annual management charge or any other charges to investors.

Republic Europe will charge investors a standard 2.5% transaction fee upon investment (up to a max. £250).

2. Carry fee:

The Fund charges a performance fee of 20% of returns to investors if the ROI is over 1.2x hurdle. Fees are charged on a fund level basis, and only taken once 1.2x has been returned on original investment.

3. Ongoing Fees:

Neither the Fund nor Republic Europe charges any ongoing annual management fees to investors. The Fund charges a 2% annual fee to portfolio companies.

UK Investment Opportunity

You can only invest if you are a UK tax resident. Even if your browser does allow you to invest, your investment will be cancelled at a later date if you do not meet the eligibility requirements of being a UK tax resident.

Open an account to get access to the team members of Fuel Ventures Follow-On EIS Fund

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To comply with financial regulations, we can only show full campaign details to registered users.

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for Fuel Ventures Follow-On EIS Fund has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 18 September 2025 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from Eis Fund

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Republic Europe.

Pitch type

An EIS fund is a managed investment vehicle that raises finance from individuals for the purpose of investing in select EIS-eligible ventures. EIS funds offer a simple way of building investors a portfolio of early-stage businesses, or startups.

With EIS funds, the decision about which opportunities are chosen to make up your portfolio is made for you by the fund manager.

Learn more about pitch type on Republic Europe

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Republic Europe campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Nominee investment.

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Custodian

If you invest in this Campaign, Republic Europe will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Republic Europe will not benefit from any rights under a shareholder agreement. As a result, Republic Europe will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

Find out more

Direct investment

If available, this is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

Find out more

Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Republic Europe. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

Warning

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None of the information in constitutes part of the campaign and it has not been approved or reviewed by Republic Europe.

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