Ascension Launches its CENTAUR EIS Evergreen Fund

Author

UK Business Angels Association

28 November 2017

Ascension Ventures is delighted to announce the launch of its latest EIS offering, The CENTAUR EIS Evergreen Fund, which is now open for Subscription. The Fund will operate an evergreen model with quarterly closing dates, the first of which will be on the 4th January 2018.

After the successful launch of its first EIS fund in July 2017, this new Evergreen Fund will be continuing to focus on developing a portfolio (per investor) of approximately 8 companies operating in the tech and digital media sectors, targeting post-seed, pre-Series A businesses raising between £600,000 – £1.2m. This particular stage of funding (Seed+) is where Ascension has identified an ‘equity gap’, which exists for companies that have raised an initial seed round (where Ascension’s SEIS funds operate) but are too early for a number of Series A VC’s.

As background, Ascension launched the country’s first SEIS Fund in 2012 and has since invested between £25,000 and £270,000 into 60+ SEIS & EIS qualifying businesses, as part of investment rounds ranging from £90,00 to £1.8m. Due to its co-investment policy, where it can lead or follow rounds with a Seed to pre-Series A focus, Ascension’s funds have participated in the seed rounds of some of the UK’s strongest tech and digital media companies (Vidsy, Percent, Moteefe, Mutt, Curiscope and more), alongside some of the countries best known angels, VCs and corporates (LocalGlobe, SeedCamp, Guardian Media Group, Entrepreneur First and more).

Ascension Ventures CEO Jean de Fougerolles commented:

“Based on our experience of investing EIS & SEIS fund’s over the past 4 years, we believe that the investment case for the UK’s digital and tech industries continues to strengthen. However, there is still a clear equity gap consisting of seed+/scale-up companies looking for funding of £600k-£1.2m, which is currently largely shouldered by the angel community. This is where we have identified an opportunity for a co-investment vehicle, leveraging EIS tax reliefs, investing in UK based digital scale-ups operating in sectors including, Online Video, eCommerce, AdTech, EdTech, eSports, Publishing, Applied AI and more. It’s often the case that companies are progressing extremely well, but still lack enough metrics to secure a Series A round, which is where the CENTAUR Fund will come in to give them the fire power they need to get them there. We are excited to continue building on momentum gained over the past 24 months, which has seen our latest two fully invested funds, the ASCEND II & ASCEND III, achieve a 21% IRR and 30% IRR respectively.”

 

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