Home Business News Velocity triples its fund raise

Velocity triples its fund raise

by Peter Smyth Tech Journalist
11th Apr 19 7:59 am

Despite the prevailing economic uncertainty surrounding Brexit, Velocity Capital Advisors closed its Velocity Enterprise Investment Scheme (EIS) Technology Fund 5 and Velocity Seed Enterprise Investment Scheme (SEIS) Technology Fund 4 last week having raised three times the investment secured in the previous funding round.

This impressive performance resulted in all funds in the portfolio being deployed with 21 investments completed. Furthermore, investors benefited from 100% tax carry back on their investments. These investors will also expect to receive their EIS 3 certificate by June 2019, therefore being able to claim their tax relief quickly.

Velocity has now opened the next series of funding for its Velocity EIS and SEIS Technology Fund 6 and 5 respectively, which will close on 31 July 2019.

Velocity Capital Advisors managing director Rajeev Saxena said, “We are simply delighted that we’ve managed to triple the level of investment raised for the brilliant technology-enabled businesses in our portfolio.

“It shows that more and more investors are recognising the potential of high-growth tech startups to deliver an excellent return, while taking advantage of the tax breaks that the EIS and carry back offer to reduce risk.

“What’s more, it’s a clear sign that our transparent approach is working and has given investors more confidence in our portfolio, enabling them to carry out proper due diligence and make better-informed investment decisions. It also shows the strength of the companies in our portfolio, most of which have benefitted from the increased funding.”

Velocity’s portfolio spans a wide range of technology start-ups from comedy video-on-demand service NextUp and AI-driven behavioural analysis pioneers WeSee to food box businesses Red Rickshaw, Little Cooks and Box’d Fresh, and gender neutral fashion retailer Zilver.

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