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Industry
EIS Venture Capital Funds
Challenge
To build a compliant EIS fund with a steady pipeline of early-stage deals in DeepTech, Life Sciences and Sustainability.
Results
Sapphire provided FCA-authorised management, while EMV Capital advised (as an AR of Sapphire), leveraging its networks and sector expertise to create a robust, EIS-eligible pipeline. Today EMV Capital PLC (which EMV formed part of) is now £100m+ AUM with 70 companies in its portfolio, managing two funds - the EIS Fund and Martlet Capital.
Key Products
EMVC Evergreen EIS Fund
"Working with Sapphire has been a pivotal part of our journey. Their deep expertise and established FCA authorisation gave us the structure, confidence, and regulatory foundation needed to set up our fund effectively. Over the years, Sapphire’s professionalism, attention to detail, and collaborative approach have made them a trusted partner as we grew and developed our own capabilities, eventually becoming FCA authorised ourselves. This partnership exemplifies how strong teamwork and shared values can lead to lasting success in a complex regulatory environment."
"Sapphire brought clarity and structure to the fund setup process. Their FCA-authorised status and strong knowledge of the regulatory framework ensured every stage was managed with precision and transparency. Beyond their technical expertise, what stood out most was their collaborative spirit and genuine commitment to helping us build a compliant and effective EIS fund. Sapphire’s support has been instrumental in driving our continued growth and success.
About EMV Capital
In 2018, when Sapphire began collaborating with EMV Capital, the firm specialised in deep tech and life sciences venture capital, with an international portfolio of high-growth companies. Its strategic focus concentrated on fast-growing sectors and technologies that will define the future.
In 2020, EMV Capital was acquired by NetScientific PLC through a paper transaction, enabling the EMV Capital team to accelerate its growth trajectory. The group subsequently adopted the name EMV Capital PLC, maintaining much of the original investment thesis backed by Sapphire. Today, the group oversees £100m+ in assets under management across a portfolio of 70 companies and manages two funds: the EIS Fund and Martlet Capital.
The Challenge
Building an evergreen EIS vehicle around EMV Capital’s focus areas including DeepTech, Life Sciences and Sustainability, posed a set of practical hurdles. The strategy targeted Seed and Series A/B stages where technologies are evolving quickly and diligence must cut across hardware, software, and industrial supply chains. The fund also needed to operate within the EIS rules while maintaining a steady rhythm of deployments typical of an evergreen structure. That meant aligning robust FCA-authorised fund management with a pipeline capable of consistently surfacing EIS-eligible opportunities, documenting sector-specific risks, and communicating them clearly to investors.
The Solution
Sapphire provided the FCA-authorised fund management framework, ensuring oversight, investor onboarding, and EIS compliance, while EMV Capital concentrated on sourcing and evaluating Seed and Series A/B opportunities across its chosen technology sectors. EMV Capital also became an Appointed Representative ("AR") of Sapphire, thereby allowing it to provide investment advice to the fund. By serving as Investment Adviser to Sapphire, EMV Capital leveraged its experience, networks, and deal flow to develop a process that enabled both Sapphire and EMV Capital to successfully grow the fund together.
Our FCA-authorised team provided dedicated support in designing and structuring the EMVC Evergreen EIS fund. The Sapphire role extended far beyond setup. We oversaw the onboarding of investors, implemented investor reporting protocols, and ensured effective investor communications throughout the process.
The combination of sector-specific expertise and seamless operational collaboration was pivotal in establishing the EMVC Evergreen EIS Fund’s capacity to achieve growth and attract investors.
"This partnership exemplifies how strong teamwork and shared values can lead to lasting success in a complex regulatory environment."
Dr. Ilian Iliev, Chief Executive Officer of EMV Capital
The Results
Leveraging its regulatory acumen, sector expertise, and institutional infrastructure, Sapphire has served as a leading incubator for innovative investment funds, supporting the development and success of emerging managers such as EMV Capital.
EMV Capital commenced its partnership with Sapphire in 2018, operating under Sapphire’s FCA-authorised framework and guidance throughout the initial stages of its fund’s lifecycle. Through a collaborative and hands-on approach, Sapphire provided the foundational investment management frameworks, operational oversight, and robust compliance leadership necessary for EMV Capital’s growth and scalability.
In 2024, EMV Capital achieved direct FCA authorisation, having utilised Sapphire as its incubator during its critical formative years. Today, EMV Capital PLC (which EMV Capital is a part of) oversees £100m+ in assets under management across a portfolio of 70 companies and manages two funds: the EIS Fund and Martlet Capital.
Many fund managers who have worked with Sapphire have subsequently gone on to establish independent, top-tier investment firms, contributing to the ongoing elevation of standards and performance across the UK venture capital landscape. We are proud to have played a small part in their journey.
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