Industry
EIS Venture Capital Funds
Challenge
Supporting EMV Capital’s next stage of growth through the launch of a compliant EIS fund, combining EMV’s expertise as a specialist Deep Tech, Life Sciences and Sustainability investor with Sapphire’s deep regulatory and industry experience.
Results
From its origins as a niche Deep Tech and Life Sciences VC, EMV Capital has grown into a listed, diversified early-stage investment group, managing over £100m of assets on behalf of a range of institutional and private investors. Its portfolio has grown to 70 companies, with a reputation as a leading UK Deep Tech investor confirmed through the launch of its Evergreen EIS Fund and acquisition of Martlet Capital in 2024. Today, EMV seeks to provide its investors with a range of potentially high growth, EIS-qualifying co-investment opportunities from across the early-stage risk spectrum. The support and advice provided by Sapphire during this formative period was a key factor in EMV’s growth.
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
EMV Capital is an award-winning deep tech and life sciences venture capital investment group with an international portfolio of potentially high growth companies. Since 2018 it has been leading the next wave of venture capital investment by discovering, nurturing, and growing early-stage companies which may possess valuable intellectual property.
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 posed a set of practical challenges. EMV Capital’s focus on emerging Deep Tech, Life Sciences and Sustainability technologies required a deep technical understanding in an evolving landscape, with investment diligence being conducted across hardware, software, and complex industrial supply chains. The fund also needed to operate within stringent 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.
"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. Through its Evergreen EIS and Martlet Capital funds, EMV seeks to provide its investors with potentially high-growth, EIS-qualifying co-investment opportunities from across the early-stage risk spectrum.
Many fund managers who have worked with Sapphire have subsequently established 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.
Next Steps
If you would like advice on setting up an investment fund, such as a GP/LP fund or an EIS fund, or if you need an FCA authorised operator and manager to manage a fund, or need pricing and options, contact us, and we will be in touch right away.
Disclaimer:
Sapphire Capital Partners LLP ("Sapphire") is authorised and regulated by the Financial Conduct Authority (FRN 565716). The case study above is illustrative only and does not represent investment performance or future outcomes, and the content on this webpage is intended solely to explain Sapphire’s fund-management and advisory services. It is not a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000 and does not constitute investment advice, an offer, or an inducement to engage in any regulated investment activity. Nothing on this page should be interpreted as a recommendation regarding any investment, fund, scheme or structure. Any person considering an investment should obtain independent financial, legal and tax advice. Investments in start-ups, early-stage businesses and venture capital funds involve high risks, including the risk of losing all capital invested, illiquidity, and dilution. Tax treatments, including SEIS/EIS reliefs, depend on personal circumstances and may change. Communications with Sapphire’s staff are for general information only and should not be relied upon to make investment decisions.
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