Venture capital investment manager Deepbridge Capital today announces that it has seen a record year of Enterprise Investment Scheme (EIS) fundraising, with £29.4m deployed across 37 growth companies.
This represents an increase from 2019/20 and 2018/19 in which £21m and £28m were deployed respectively. Deepbridge manages the Deepbridge Technology Growth EIS and the Deepbridge Life Sciences EIS.
Deepbridge believes that its success this year – which is understood to contrast with the wider Enterprise Investment Scheme fundraising market – is down to the firm’s relationship with the advisory market and long-term sector focus on growth companies in the technology and life sciences sectors. For example, in the UK, the development of Covid treatments and vaccines has propelled the UK ahead as a leader in innovation across the life sciences spectrum and boosted investor interest in companies operating within it.
Some of the 37 innovative technology and life sciences companies that have benefited from Deepbridge’s EIS funding during 2020/21 include: blockchain specialists Chainvine, drug-discovery company Elasmogen, cross-border ecommerce software company Hurricane Modular Commerce, vital signs monitoring specialists Metix, finger-print sensor technology pioneers Touch Biometrix, dysphagia management technology developer Viscgo, regtech experts VoxSmart and cancer diagnostic innovators Zilico.
Ian Warwick, Managing Partner at Deepbridge Capital, said: “Twelve months ago the world was an uncertain place and we didn’t know what to expect from the 2020/21 tax year. We are, therefore, particularly delighted to report a record year of EIS fundraising, with almost £30m of equity funding having been provided to 37 highly innovative technology and life sciences companies.
“The Enterprise Investment Scheme offers UK investors world-leading tax incentives in return for supporting growth-focused early-stage companies, which is currently relevant as such companies are likely to be at the heart of economic recovery over the coming months and years. Our record level of EIS fundraising is down to the ongoing backing of our amazing community of financial advisers and private investors, as well as remarkable work by the Deepbridge team. We thank everyone for their continued support.”