The Blackfinch Spring VCT has raised over GBP3.3 million to invest in a portfolio of technology and tech-enabled companies, since its launch in December.
The Blackfinch Spring VCT has raised over GBP3.3 million to invest in a portfolio of technology and tech-enabled companies, since its launch in December.
The Spring VCT has been a natural follow-on funder for the Blackfinch Ventures EIS Portfolios, which invests in technology-focused companies at the start of their growth journey.
This fundraise comes at a time when the VCT market is under pressure, with reports that investment in these funds is down 50 to 70percent on previous years and some VCTs therefore may struggle to achieve their sustainable raise requirement, according to Blackfinch Group.
Investors in the Blackfinch Spring VCT include financial advisors and their retail clients and investors using direct-to-client platforms. The average size of investment is currently GBP26,000 and there have been 131 investors so far.
Blackfinch Ventures targets high-growth opportunities, supporting start-ups, early stage and growth stage businesses with technological potential. The focus is on disruptive businesses, offering products that address real world needs, with the capability to make an impact in global markets. Blackfinch EIS portfolio clients that could be selected for Spring VCT investment include companies like Tended, Movebubble and Auro.
“The Spring VCT forms part of Blackfinch’s evolving suite of solutions and I’m delighted that it has had a successful fundraise so far; we expect this to continue through these unsettled times as investors look to the long term. There is still a small window of opportunity to invest before the end of this tax year, up till 3 April, and we’ll keep the VCT open until 30 October,” said Richard Cook, founder and CEO of Blackfinch Group.
“It’s encouraging to see that investors have recognised the opportunity presented by the Blackfinch Spring VCT to diversify their portfolios, investing in the technology sector,” said Dr Reuben Wilcock, ventures director at Blackfinch.
