The EIS & VC Navigator

Hosted by Brian Moretta, Hardman & Co

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138

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Mar 2026

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About the show

For those interested in the venture capital, particularly in the UK and investors through the Enterprise Investment Scheme, EIS, Seed Enterprise Investment Scheme, or SEIS, and Venture Capital Trusts. Guests are leading people in the industry, whether fund managers, company founders or experts from other service providers. The aim is to dig deeply into topics, getting away from the promotional material that predominates elsewhere. Venture capital investing is a long-term endeavour and we will focus on topics that are relevant at any time. New episodes come out every two weeks (although we do take holidays!) Your host, Brian Moretta, is Head of Tax Advantaged Services at Hardman & Co. The latter supplies independent research in the industry and he has examined many EIS funds, VCTs and companies. His background is an actuary turned fund manager who then moved into equity research. He also has some academic chops, being an Honorary Fellow at Heriot-Watt University where he does some lecturing. He has always had a strong interest in getting underneath companies, getting beyond the superficial and understanding how they really work and finds this space fascinating. Some of this is because transparency is hard, some because the industry is not well understood. This podcast is an attempt to shine a bit more light on what is going on. Every episode has show notes at https://hardmanandco.com/podcast. If you want to contact us or give feedback, whether about the podcast or anything else you can email us at enquiries@hardmanandco.com. Any feedback from listeners is welcome as well as suggestions for future guests. We really hope you enjoy the podcast!

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March 24, 20261 hr 5 min

131 Using AI and YouTube in a VC investment process with Johnathan Matlock of Empirical Ventures

For a business that looks so much at technology, venture capital is often poor in applying it. How should they use AI? Empirical Ventures has already embedded it into their investment process, so we asked Co-founder and General Partner Johnathan Matlock to tell us about what they are doing. We also discussed their approach to deeptech investing. Amongst other topics, we talk about: using AI in an investment process how well AI works in niche areas keeping the focus on real people using a YouTube channel with millions of subscribers what a venture scientist is the value of execution over ideas getting the right founder filtering our weak opportunities Johnathan and Empirical have been thoughtful about their investment process, including using AI, so there's lots of insights into effective investing. Enjoy! 00:50 Johnathan introduces himself 05:00 how angel investing developed into Empirical Ventures 07:45 what Empirical Ventures does 09:00 what is a venture scientist? 16:30 getting the right founder 18:30 talent scouting in pools of PhD talent 22:00 value in execution not ideas 26:00 challenges in getting good feedback 27:30 using AI in investment process 32:00 how well Ai works in niche areas 35:00 keeping the focus on the real people 38:30 how far can the use of AI go in venture capital? 41:30 using a successful Youtube channel 43:00 filtering out weak opportunities 46:00 using YouTube to help existing portfolio companies 50:00 favourite questions Links Empirical Ventures website: https://www.empiricalventures.vc/ Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen Suggested books and media Clear Thinking: The Art and Science of Making Better Decisions by Shane Parrish Bio Johnathan Matlock, Co-founder and General Partner, Empirical Ventures With a PhD in Organic Chemistry and 15 years at the intersection of science, entrepreneurship, and capital, Johnathan helps build and back technologies that define the next century, focused on Atoms > Bits. Investor He is Co-Founder and General Partner at Empirical Ventures, a UK-based DeepTech fund backing entrepreneurial scientists at pre-seed and seed. -- > £20m AUM | 25 portfolio companies | Top decile TVPI (2022 vintage) -- > Secured £5m from the British Business Bank as a Regional Angel Programme delivery partner Portfolio companies have raised £30m in follow-on capital to date, employee 200 people and have an collective enterprise value of £200m (Nov 2025). Beyond the fund, he has built a 50-company angel portfolio across DeepTech and Life Sciences and made 5 LP commitments to next-generation VC funds. Operator Prior to founding Empirical Ventures, he was employee #7 and inventor on the patent behind Ziylo, a University of Bristol spin-out developing a glucose-sensitive insulin, that was acquired by Novo Nordisk for £623m (2018). The largest exit for a University spin-out via acquisition until 2025 (Organox). In 2024, he co-founded Tru Fit Training UK, a small-group training facility and have currently scaled this business to £250k annual revenue and 140 members (Nov 2025). He also founded Tru Fit Asset Management in 2024, a commercial property investment business in Bedfordshire that owns 2 x 4,200 sq ft facilities. Built and developed one of those barns with completion in 2025. Scientist -- > Published 11 papers, inventor on 4 patents, 5 academic awards -- > Chartered Chemist (CChem), Royal Society of Chemistry Driven by a belief that scientific discovery and entrepreneurial drive is the greatest lever for human progress, he now focuses on enabling the next generation of scientist-founders to translate breakthrough research into globally impactful companies. Disclaimer Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

March 10, 202652 min

130 How deeptech can insulate investors from AI software concerns with Ilian Iliev of EMV Capital

There are lots of concerns about how AI will affect software companies, but could deeptech give investors some insulation from that? EMV Capital CEO, Ilian Iliev, certainly thinks so. In this episode we examine the challenges that software may be facing and how deeptech is more of a beneficiary. Amongst other topics, we talk about: the current worries about how AI will affect software how robust B2B SaaS could be how AI affects competition for startups how AI can help scientific innovation examples of how portfolio companies use AI how small companies compete with large companies in hardware how AI affects IP strategies examples of naive IP approaches Ilian has been working in this space for a long time and gives great insight into the world of deeptech. Enjoy! 00:50 Ilian introduces himself 03:15 Change in EMV Capital (EMVC) 06:00 What is happening with SaaS and AI 10:00 Is B2B SaaS too deeply embedded to replace? 14:00 Changes in the dynamics of competition 15:45 How far AI can help scientific innovation? 19:15 Dangers of increased slop 21:30 Examples of how investee companies use AI 23:00 Use of AI in patents 27:00 Will small companies be able to compete in hardware 29:30 How is AI impacting IP strategies 33:30 Could AI undermine patent protection? 35:50 How valuable is hardware IP? 39:10 Examples of a naive approach to IP 40:30 favourite questions Links EMV Capital website: https://emvcapital.com/ EMV Capital on LinkedIn: https://www.linkedin.com/company/emvcapital/ Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen Suggested books and media Time Shelter by Georgi Gospindov 21 Lessons for the 21st Century by Yuval Noah Harari Churchill: Walking with Destiny by Andrew Roberts Politics On the Edge by Rory Stewart Bio Ilian Iliev, CEO, EMV Capital Ilian founded EMV Capital in 2018. After its acquisition by NetScientific PLC (now EMV Capital PLC), he became group CEO. Previously he co-founded and was CEO of CambridgeIP Ltd, which he built into a leading IP strategy and patent data analytics provider. He also worked as a strategy advisor for various corporate blue chip clients and public policy. Previously he founded and co-led a family business in industrials and electric engineering in Southern Africa. He is a Board member on behalf of the Group at many portfolio companies, including , Glycotest Inc. (Chair), Sofant Technologies, PointGrab, Q-Bot, Martlet Capital, DName-iT, Vortex and Wanda Health. He is a Board member of NASDAQ-listed PDS Biotech Inc. Ilian holds a PhD from Cambridge University’s Judge Business School with a focus on Venture Capital and science commercialisation models; Master’s in Economics and BA Politics, Economics and International Relations from the Witwatersrand University, South Africa. He was an Associate Fellow at Chatham House with a focus on sustainability and renewables. He has authored numerous academic, policy and industry reports. Disclaimer Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

February 24, 202658 min

129 Why the bear view of AIM is overdone with Oliver Bedford of Hargreave Hale**

You don't need to look too hard to find negative views about AIM, but is it overdone? Oliver Bedford, Lead Manager of the Hargreave Hale AIM VCT certainly thinks so and in this episode we give him a chance to make his case. Amongst other topics, we talk about: the challenges AIM has gone through how undervalued AIM is why Britain is not broken listing in London versus elsewhere the impact of private equity why IPOs are not a good goal in themselves why its the companies not the macro picture that will change how the valuation gap doesn't need to fully close to outperform the effect of the recent changes to VCT rules Oliver has thought about the issues deeply and that shows in the very considered perspective that he brings. Enjoy! 00:50 Oliver introduces himself 03:00 When companies are better being private than public 07:50 The challenges that AIM has gone through 10:00 the undervaluation of AIM 13:30 Britain is not broken 15:10 Why quality matters more than quantity of AIM listed companies 20:00 Why list in London versus the US/NASDAQ 23:00 Impact of private equity 24:00 IPOs are not a goal in themselves 25:30 Is being bullish on AIM contrarian? 28:00 Is looking for a big macro change the wrong idea? 30:00 the recent better period for AIM 34:00 How only a partial rerating is needed 35:45 How the recent legislative changes affect VCTs and investing on AIM 43:00 A further change that would increase capital availability 46:00 favourite questions Links Hargreave Hale AIM VCT website: https://www.hargreaveaimvcts.co.uk/ Hargreave Hale AIM VCT on LinkedIn: https://www.linkedin.com/company/hargreave-hale-aim-vct/?viewAsMember=true Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen Suggested books and media The Undoing Project by Michael Lewis Hillbilly Elegy by J.D. Vance Bio Oliver Bedford BSc MCSI, Lead Manager, Hargreave Hale AIM VCT Oliver Bedford graduated from Durham University with a degree in chemistry. He served in the British Army for nine years before joining the Investment Manager in 2004. After initially working as an analyst in support of the VCT, Oliver was appointed as co-manager in 2011 and then lead manager in 2019. Disclaimer Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

January 27, 202651 min

128 Founding and building a female-led VC firm with Jessica Rasmussen of Two Magnolias

Founding a new VC firm isn't easy, and one headed by two women is exceptionally rare in the UK. Jessica Rasmussen co-founded Two Magnolia to invest in underrepresented founders and the regions so can tell us all about the challenges of founding and building a female-led firm. Amongst other topics, we talk about: how Jessica got into angel investing why she started a VC firm the gaps she found in the market the challenges of there being no playbook for starting a fund raising money to invest in underrepresented founders the investment case developing the right investment pipeline how VCs just need to do the right thing! comparing first and second time fundraising Jessica's journey has been really interesting and she gives great insight into what she has learnt along the way. Enjoy! 00:50 What is Two Magnolias 03:10 how Jessica got into angel investing 06:50 why start a venture capital firm 09:00 how she identified a gap in the market 10:15 why choose running GP/LP over EIS fund or VCT 13:10 the lack of a playbook for starting a VC fund 18:00 is UK venture capital protectionist? 21:20 the challenges of raising money to invest in underrepresented founders and regions 26:40 investment case for underrepresented founders 29:00 how do you find companies with underrepresented founders 30:45 support for companies in the regions - role of government and local networks 33:40 has support for underrepresented founders stalled recently? 37:00 changing the numbers - just do the right thing 38:40 comparing fundraising for a first & second fund 40:00 favourite questions Links Two Magnolias website: https://www.twomagnolias.co.uk/ Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen Suggested books and media Trillion Dollar Coach by Eric Schmidt, Jonathan Rosenberg & Alan Eagle Bio Jessica Rasmussen, Co-Founder & CEO, Two Magnolias Jessica Rasmussen is Co-Founder and Chief Executive Officer of Two Magnolias, an early-stage UK venture capital firm established to address structural opportunity gaps within the UK venture ecosystem. Prior to founding Two Magnolias, Jessica spent three decades in investment banking as a Global Markets specialist in Fixed Income. She held senior leadership roles across international markets, including ten years at Bank of America where she led Macro Sales within the Fixed Income Division, covering both Foreign Exchange and Rates. Her career was defined by managing complex market risk, advising institutional clients, and building high-performing teams in highly regulated, global environments. Since co-founding Two Magnolias in 2019 with Marie Korde, Jessica has led the firm from its origins as an angel investment platform to its successful launch as an institutional early-stage venture capital fund. Under her leadership, Two Magnolias completed the final close of Fund I in early 2024, establishing a differentiated investment strategy rooted in conviction, discipline, and long-term public value. Two Magnolias was purpose-built to support underrepresented founders developing solutions in sustainability and human health, exclusively within the UK. Jessica has played a central role in shaping the firm’s investment philosophy, governance, and market positioning, ensuring that female and ethnically diverse founders are afforded equal access to capital, credibility, and decision-making power. A recognised advocate for diversity and inclusion across the UK venture and private equity landscape, Jessica is committed to demonstrating that inclusive capital allocation is not only a social imperative, but a driver of stronger innovation, better risk-adjusted returns, and more resilient economic outcomes. Disclaimer Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

January 13, 202648 min

127 How to invest venture capital into manufacturing effectively with Stephane Mery and Hannah Wade of Everquest Capital Partners

Deep maketech is not well known to investors, but is the theme that Everquest Capital Partners focus on. In this episode, Partners Stephane Mery and Hannah Wade discuss this blend of technology and manufacturing and its attractions to investors. Amongst other topics, we talk about: what deep maketech is what's needed to make restoring of manufacturing work the current schemes around to support this working with university spinouts how to help companies optimise manufacturing processes the challenge of building robust supply chains in the current environment managing capital intensity in businesses bringing the right partners on board how AI is being used Stephane and Hannah brings great insights with lots of real life examples from their investments. Enjoy! 01:00 Stephane and Hannah introduce themselves 02:25 introduction to Everquest and CPI 04:15 What is deep maketech? 06:00 How reshoring manufacturing can work 08:45 What is Catapult Network and why it matters 10:40 Challenges of getting good management teams spin outs 12:30 How working with companies can give good diligence 14:45 How to select areas of focus for investment 15:45 Example of how to optimise processes 20:30 Challenges of building robust supply chains 22:30 Managing capital intensity in manufacturing 25:40 Finding the right partners 26:40 How this can generate partial exits 28:00 Role of AI in manufacturing 32:30 What areas are still hot? 39:10 Favourite questions Links Everquest Capital Partners website: https://www.everquestcapital.com/ Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen Suggested books and media The Medici Effect by Frans Hohansson Welcome to the War Economy by David Baverez Bio Dr Stephane Mery Stephane has over 20 years’ experience in private equity and entrepreneurship. He was CEO of BBSF an early-stage fund behind the success of Spirogen (sold to Astra Zeneca for $400m) and Endomagnetics (sold for $310m to Hologic). He was also partner at Beringea leading investments in Life Sciences and Renewables including Biovex (sold for $1bn to Amgen). Stephane turned around and successfully exited a company manufacturing and selling laboratory monitoring equipment. Stephane is a Doctor in Veterinary Medicine, a Veterinary Pathologist and holds an MBA from INSEAD. Hannah Wade Hannah is a Partner and has over 20 years experience. She is also Managing Director at CPI Enterprises and established CPI’s investor engagement and ventures arm in 2019. Under her leadership, CPI has built a strong portfolio of investments. Through her long engagement at CPI, she has developed a strong network within the innovation sector. She leverages this network to cultivate a strong pipeline of investment opportunities for investors, attract strategic partners and connect portfolio companies into the infrastructure and research organisation ecosystem for technical, business and funding support. She is also passionate about promoting female entrepreneurship and is a member of the Lifted Project’s North East board. A qualified lawyer, Hannah has a law degree from Leeds University and was a solicitor in private practice for nearly 10 years before joining CPI as in house legal counsel. Disclaimer Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

December 30, 20251 hr 6 min

126 All star panel discuss EIS & VCTs in 2025 and look forward to 2026

Now the successful Basics series is past, we return to normal programming with our usual year-end panel. An all-star group of experts get together to discuss what happened in 2025 and the prospects for 2026. This year, Philip Hare, Partner at Philip Hare & Associates; Kealan Doyle, CEO & Director of Symvan Capital and Ewoud Karelse, Specialist-Product at Evelyn Partners bring their knowledge and insight. In a wide ranging discussion we talk about: how investments and valuations are looking whether investors are keeping their hand in their pockets how K-shaped the market is really whether we are really in an AI bubble the return of exits timescales to achieve exits the state of fundraising for EIS and VCTs how the budget changes affect the market why the budget could help AIM where ESG has gone what will happen in 2026 As usual, the panel bring a lot of knowledge and insights. A lot happened in 2025, so listen and find out what it all means for investors and advisers. 00:50 Introductions 01:45 The investing side of the market 06:00 Are we in a K-shaped market? 08:00 Comparing the current market with the tech bubble 10:50 AI first companies and managers with experience 13:20 Are we in an AI bubble? 20:15 The return of exits 25:00 Time to exit and fund lifespans 28:15 How is fundraising? 31:00 VCT fundraising and budget changes 38:50 Effect of raising company investment limits in budget 46:00 Effect on AIM companies 49:00 Where has ESG gone? 54:00 looking forward to 2026 - consultation 60:00 The panel makes predictions! Links EIS Assocation - https://eisa.org.uk/ Symvan Capital - https://www.symvancapital.com/ Evelyn Partners - https://www.evelyn.com/ Philip Hare & Associates - https://philiphareassociates.tax/ Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen Bio Kealan Doyle Kealan is CEO and co-founder of Symvan Capital. He has worked with venture capital companies for 15 years, both in a corporate finance advisory capacity as well as a fund manager. He prefers to invest in a wide range of technology companies, but is also very interested in finding synergies within the Symvan portfolio of companies. Company interests include big data analytics, fintech, SaaS, 3D printing and network security. Before his involvement in venture capital investing, Kealan previously lead a structured equity products team at HSBC, and has worked at Deutsche Bank, Merrill Lynch and UBS. Together with Nicholas, he has since founded his own entrepreneurial businesses to focus on VC investing. Kealan holds degrees from the London School of Economics and the University of Toronto. Philip Hare Philip Hare is a Chartered Accountant and Chartered Tax Adviser. He spent 25 years with PwC, fifteen as a senior tax manager. From 2006 to 2014, he led PwC’s team providing services to Venture Capital Trusts, Enterprise Investment Scheme and Seed Enterprise Investment Scheme companies, investment fund managers and investors. Philip is a board member of the EIS Association (EISA) and chairs the EISA Tax Committee. He is a member of the VCT Forum of the Association of Investment Companies (AIC) and our firm advises the VCT Association. Ewoud Karelse Ewoud started his career in financial services with Allenbridge in 2000 and joined Towry Law in 2008 before joining Tilney in 2016, and Evelyn Partners in 2022. Ewoud is responsible for the research and selection of Venture Capital Trusts; (Seed) Enterprise Investment Schemes; Business Relief for Inheritance Tax Planning (AIM and non-AIM), and Social Investment Tax Relief products. He is also well versed in the use of Business Investment Relief for International clients. Disclaimer Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

December 9, 202516 min

125 EIS & VC Basics: How venture capital exits work in EIS & VCTs with Kealan Doyle of Symvan Capital

In the last in the EIS & VC basics series for the EIS Navigator podcast we discuss exits and why they matter to investors. Symvan Capital are building a track record of successful exits. Co-founder Kealan Doyle also has prior experience in capital markets so has lots of knowledge of the different kind of exits, as well as some of the wrinkles that investors need to watch out for. Kealan covers all the different kinds of exits that an investor might come across. These include: why exits matter to EIS and VCT investors failures are still exits why failures come before successes how trade sales work getting shares versus cash what is a secondary sale why IPOs are less popular than before how timing matters Kealan has had some unusual exit experiences in the past couple of years, so has some interesting examples to throw into the mix. Enjoy! Links Symvan Capital - https://www.symvancapital.com/ HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen You can see this episode on video too here. https://youtu.be/gRXiZ8pTkwQ The playlist for all the videos of the Basics series will be found here . Bio Kealan Doyle Co-founder and CEO, Symvan Capital Before co-founding Symvan Capital and moving into venture capital investing, Kealan led a structured equity products team at HSBC, where he was responsible for developing and managing innovative investment solutions. Kealan holds degrees from the London School of Economics and the University of Toronto and his earlier career included roles at Deutsche Bank, Merrill Lynch, and UBS - where he gained extensive experience in capital markets and complex financial products. For over 20 years, he has worked closely with venture capital-backed businesses, initially in a corporate finance advisory capacity and more recently as a fund manager. This dual perspective has given him a deep insight into the challenges early-stage companies face and how best to support their growth and long-term success. Disclaimer Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein. For more information, please read our full disclaimers: www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

December 2, 202521 min

124 EIS & VC Basics: How to choose the right EIS fund or VCT for investment with Tom Britton of SyndicateRoom

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss how investors and advisers can pick the right EIS fund or VCT. SyndicateRoom have moved into third-party management, so have good insight into how to pick a fund. Co-founder Tom Britton joins us to give his views on what investors need to look at and how. Tom covers lots of areas that investors and advisors need to consider. These include: the high level filters strategies and sectors what is the deployment time how does it affect your venture portfolio diversification where past performance and exits fit the more detailed diligence after filtering the existing portfolio and how it fits into current trends looking at the fund manager and its stability differences in fees and fee structures extra factors for VCTs - dividends and buyback policies, cash levels We cover a lot of ground so get your notebooks ready! Tom definitely has distinctive views, but also great knowledge so it's well worth a listen. Enjoy! Links Syndicate Room - https://www.syndicateroom.com/ Tom Britton - tom@syndicateroom.com HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen You can see this episode on video too here. https://youtu.be/27sHsBQRY70 The playlist for all the videos of the Basics series will be found here . Bio Tom Britton Co-founder, SyndicateRoom After completing his MBA in Cambridge, Tom co-founded SyndicateRoom to give a wider audience access to venture capital investment. As co-founder, Tom works across all aspects of the business, with an emphasis on product development and marketing strategy, and as much direct contact with our super angels and investors as possible. He enjoys being plugged into the wider industry and sits on the board of the UK Business Angel Association. He also hosts SyndicateRoom’s Angel Insights podcast, interviewing key industry figures. Prior to founding SyndicateRoom, Tom was Product Manager at TheTrainline, where he headed up the launch of its mobile applications. Disclaimer Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein. For more information, please read our full disclaimers: www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

November 25, 202520 min

123 EIS & VC Basics: How companies can find the right EIS or VCT manager for investment with Michael Theodosiou of Symvan Capital

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss how companies can find the right EIS or VCT manager for investment. Symvan Capital has been investing through EIS for over a decade so has seen what happens when companies handle it well and badly. Investment manager, Michael Theodosiou talks us through the angles. Michael covers lots of important issues for founders and management. These include: how do companies approach the idea of raising money the benefits and expectations of getting venture capital the different types of managers sector and stage differences how targeting can make fundraising more efficient when companies should think about starting a fundraising how to approach fund managers how to choose between different offers how terms and value add can vary It can seem daunting to a founder who is new to fundraising, but with a little guidance they can manage an effective process without making it too complicated. Enjoy! Links Symvan Capital - https://www.symvancapital.com/ HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen You can see this episode on video too here. https://youtu.be/ImJJuHxGbm0 The playlist for all the videos of the Basics series will be found here . Bio Michael Theodosiou Investment Manager, Symvan Capital Disclaimer Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein. For more information, please read our full disclaimers: www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

November 18, 202521 min

122 EIS & VC Basics: How to choose between EIS and VCTs for investing with Francesca Rayneau of Calculus Capital

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss how investors should choose between EIS and VCTs. Calculus Capital manage products under both schemes, so their Head of Investor Relations, Francesca Rayneu, is ideally placed to discuss the arguments for both. Francesca covers lots of different areas that may need to be considered. These include: how both have the same aim and company rules why the different wrappers lead to different portfolios for investors what affects different investor profiles, such as risk profile, tax and liquidity or income needs how each gives different portfolio visibility and investee company contact the different stage of investment how CGT or IHT reliefs figure into factors how to look at fees While we cover a lot of areas, investors may wish to take financial advice to see how each applies to their own situation. They may wish to listen to or watch episodes 113 to 116 before this if they are less familiar with the schemes. Francesca gives a good explanation of what investors should think about. Enjoy! Note: after the recording, the 2025 budget cut Income tax relief from 20% to 30% from 6 April 2026. Links Calculus Capital - https://calculuscapital.com/ HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen You can see this episode on video too here. https://youtu.be/zJxAr_Ofhnk The playlist for all the videos of the Basics series will be found here . Bio Francesca Rayneau Head of Investor Relations, Calculus Capital Francesca joined Calculus in 2015 and leads the Sales and Marketing team, overseeing all aspects of fundraising, marketing, and investor communications. She began her career in financial services in Geneva, Switzerland. She holds a degree in International Management from the University of Manchester, during which she also studied at Bocconi University in Milan. Francesca has also earned the CISI Certificate in Wealth Management and the Client Assets and Money qualification. Disclaimer Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein. For more information, please read our full disclaimers: www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer