Don’t invest unless you’re prepared to lose all the money you invest. These are high-risk investments and you are unlikely to be protected if something goes wrong.

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Risk summary for non-readily realisable securities which are shares:

Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.

Last updated: 01 July 2026

What are the key risks?
  1. 1. You could lose all the money you invest

    If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail.

  2. 2. You are unlikely to be protected if something goes wrong

    Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance.

    Try the FSCS Investment Protection Checker

    or use this URL link:

    www.fscs.org.uk/check/investment-protection-checker.


    Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it.

    Learn more about this service from the following Financial Ombudsman Service Protection

    or use this URL link:

    www.financial-ombudsman.org.uk/consumers.

  3. 3. You won’t get your money back quickly

    Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early.

    The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common.

    If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these.

  4. 4. Don’t put all your eggs in one basket

    Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well.

    A good rule of thumb is not to invest more than 10% of your money in high-risk investments.

    Read more at the FCA InvestSmart Guide

    or use this URL link:

    www.fca.org.uk/investsmart/5-questions-ask-you-invest

    5. The value of your investment can be reduced

    Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well.

    The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares.

    These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment.

    If you are interested in learning more about how to protect yourself, visit the FCA website:

    FCA InvestSmart

    or use this URL link:

    www.fca.org.uk/investsmart.

    Please find the PDF version of the Risk Summary.

Our services

We are the FCA-authorised investment manager behind more than 50 UK venture funds. Incubate with us and your fund runs on our own software from day one, not a spreadsheet.

we can help you to

1

Incubate your investment fund 

You have the sector expertise, the network and the deal flow. What you don't have is FCA authorisation, and without it you cannot legally manage other people's money in the UK.

That's where we come in, and we do it digitally from the start. We act as the authorised investment manager for your fund, draft the information memorandum, key information document and application forms, and set up investor onboarding. Deal screening runs on DealsFlow from your first pitch deck, not from whenever you get around to buying software. We carry the regulatory responsibility. You focus on everything standing between you and your first close.

 

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2

Screen every deck that arrives

Hundreds of decks arrive every quarter, and you read a fraction of them properly. The ones worth backing get lost in the pile.

DealsFlow is our own AI screening platform, developed with British Design Fund, Velocity Capital and SideBySide. It reads every inbound deck and scores it against your fund's own past decisions rather than a generic benchmark, then shows the reasoning behind each score. Your team gets a ranked shortlist and partner-ready briefs instead of an inbox. Every score is traceable, and your data stays yours.

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3

Shelter under our regulatory umbrella

Applying for your own FCA authorisation takes months, costs real money, and needs approved senior managers in place before you have earned a penny. Most first funds cannot justify it.

Becoming our Appointed Representative removes that barrier. You advise on investments under your own brand while operating under our permissions. We supervise the arrangement, review your financial promotions before they go out, and answer to the regulator for your regulated activity. Zero Carbon Capital and Sustainable Ventures both work with us this way, and some clients use the route to build the track record for their own authorisation later.

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Outsource your fund operations

Not every fund is a SEIS or EIS vehicle. GP/LP structures bring capital calls, distributions, NAV calculations and audit-ready financial statements, and most managers would rather not build a finance team to handle them.

Emerald Fund Services does that work. Fund accounting, capital account maintenance, investor onboarding with KYC and AML checks, quarterly and annual statements, and LP reporting, or simply a second pair of hands when you need one. Emerald is owned by Boyd Carson, Vasiliki Carson and Ben McMeekin of Sapphire, together with the founders of Further.

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5

Look after your investors

Investors ask questions. Where is my tax certificate? Why is the valuation down? Can I invest again? My circumstances have changed. Every one of those lands somewhere, and if it lands on you, it is time not spent on deals.

It lands on us instead. Our team answers investor queries directly, handles complaints under FCA rules, and applies the Consumer Duty and vulnerable customer obligations that attach to your fund whether or not you have planned for them. You keep the relationship with your investors. We take the administration, the awkward questions, and the regulatory responsibility that comes with them.

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Run your fund on modern software

Fund administration needs a system of record for subscriptions, holdings and reporting. We run this on Further, which we operate on your behalf so there is no software for you to learn.

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“Sapphire demonstrated expertise and professionalism in guiding the launch of both the Zero Carbon Capital EIS and GP/LP funds.”

Pippa Gawley
Pippa Gawley - Zero Carbon Capital

“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.”

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Mark Pearson - Fuel Ventures

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Damon Bonser - BDF Advisors

“Working with Sapphire has shown us how valuable it is to have a trusted UK venture fund manager.”

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Stuart Ferguson - Sustainable Ventures

“Sapphire has consistently demonstrated professionalism, combining a strong work ethic with industry expertise.”

Nick Clarke
Nick Clarke - Anotherway Ventures

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