Industry
EIS Venture Capital Funds
Challenge
As UK venture fund management must be carried out by an FCA-authorised or registered firm, Sapphire stepped in and became this role for Fuel Ventures. Since this relationship began in 2015, eight successful SEIS and EIS investment funds were launched and managed.
Results
As the FCA-authorised fund manager, Sapphire provided the regulatory oversight for Fuel Ventures’ funds, which have invested in more than 210 companies.
Key Products
Pre-Seed SEIS Fund, EIS Portfolio 1, EIS Portfolio 2, EIS Portfolio 3, EIS Portfolio 4, Co-Investment EIS Fund, Follow-On EIS Fund, Scale Up EIS Fund
"Sapphire is the cornerstone of our investment operations and has played a vital role in the evolution of Fuel Ventures over the past decade. An unwavering commitment to rigorous due diligence and a meticulous approach to every aspect of fund structuring and administration complements their expertise in investment management. The enduring partnership we share is built on trust, measurable results, and a shared commitment to investment excellence, making Sapphire an indispensable part of our long-term success."
"Sapphire has consistently demonstrated an exceptional understanding of the regulatory landscape and the practical demands of fund management. Their proactive engagement, guidance through complex compliance requirements, and steadfast focus on operational excellence have been integral to the growth and resilience of Fuel Ventures. We consider Sapphire not only a trusted manager but a strategic partner whose insight and reliability underpin our continued success."
About Fuel Ventures
The Fuel Ventures funds are one of the UK's leading venture capital funds specialising in early-stage, high-growth technology startup investments with disruptive and ambitious founders who strive to build global, multi-billion-dollar businesses. Fuel provides entrepreneurs with expertise and insights in business development, marketing and brand-building through its experience of building, scaling and exiting global companies.
The Challenge
In 2015, Fuel Ventures was an early-stage team of just three members embarking on the ambitious task of launching their first EIS fund. Recognising the inherent regulatory and operational complexities, they required an FCA-authorised investment manager with substantial venture capital expertise to lead the fund’s structuring, navigate the compliance landscape, and assume comprehensive responsibility for ongoing management.
The Solution
Fuel Ventures first learned about Sapphire through a direct recommendation from a prominent London legal firm familiar with our work developing early-stage and sector-focused funds.
Fuel's decision to work with Sapphire was driven by our proven track record in launching and managing venture capital funds, our robust compliance processes, and the ability to offer a truly collaborative partnership from inception through to ongoing management. Our FCA-authorised status and hands-on guidance in structuring their EIS fund gave the Fuel Ventures team immediate confidence, enabling them to focus on sourcing investments and building their deal pipeline, knowing regulatory and operational foundations were solid.
From the outset, Sapphire delivered bespoke support, tailoring the fund’s structure, onboarding founding investors, and guiding the team through complex governance, regular reporting, and investor communications. Our ongoing operational and compliance expertise empowered Fuel Ventures to scale quickly, attract leading investors, and embed rigorous governance as they expanded.
“Sapphire is the cornerstone of our investment operations and has played a vital role in the evolution of Fuel Ventures over the past decade."
Mark Pearson, Fuel Ventures Founder.
The Results
Sapphire’s ongoing partnership with Fuel Ventures has contributed to measurable and transformative outcomes. Under our stewardship, Fuel Ventures has successfully launched eight SEIS and EIS funds, achieved rapid capital deployment and attracted a high calibre of institutional and private investors.
Fuel Ventures continues to benefit from Sapphire’s commitment to operational excellence, evidenced by strong performance metrics, rigorous regulatory compliance, and sustained investor trust throughout periods of growth and market change. We believe that our work with Fuel Ventures has set a new benchmark for fund governance, execution efficiency, and long-term value creation within early-stage venture capital.
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