Conduit Capital and Conduit Connect team up with Ascension Ventures to launch EIS Impact Fund
The Conduit Impact EIS Fund is an opportunity for new and established investors to create a diverse portfolio of high impact investments that pursue both profit and purpose, with the added benefits of EIS* tax reliefs. The fund will be managed by Ascension Ventures in collaboration with Conduit Capital. Ascension Ventures have been hailed by Beauhurst as the UK’s most prolific Social Impact VC, and identified by Sifted as one of the most active European Impact Funds. They bring a long history of experience in EIS investing to this unique fund proposition.
The Fund will target a portfolio of 8-10 Seed to Series A investments across four impact themes: Climate, Health and Wellbeing, Education and Financial Inclusion and Economic Opportunity.
Aligned with the UN Sustainable Development Goals, these themes have been selected as they represent the greatest challenges the world faces today, and the sectors with the fastest growing innovations and scalable impact solutions. By backing visionary entrepreneurs in these sectors, the fund is focused on supporting a sustainable future for our people and our planet.
The target fund size is £5million and minimum ticket per investor is £25,000 available to both retail and professional investors. This unique partnership will enable scale in impact by leverage the deep EIS investing expertise of Ascension Ventures, the Fund Manager, and the impact investing knowledge and networks of Conduit Capital and Conduit Connect.
About the Partners
Jean de Fougerolles, the founder and Managing Partner of Ascension, said of the partnership… “since its inception, Ascension Ventures has increasingly turned its focus towards impact investing, most recently with our Fair by Design and Good Food Funds. With its unparalleled access to impact opportunities and mission aligned investors, we were thrilled to have the opportunity to partner with Conduit Connect and Conduit Capital on this purpose-led new fund proposition.”
Founded in 2012, Ascension Ventures is one of the most active early-stage investors in the U.K., having backed over 100 start-ups through their SEIS and EIS funds. Led by exited entrepreneurs and venture investors, Ascension supports the next generation of tech and impact founders with operational expertise and a network of co-investors and mentors.
The fund is taking commitments until 4th April 2021 when it will start to invest across the 2021 to 2022 tax year.
Asha Lad, Head of Investment Partnerships at Conduit Capital said… “we’ve learnt by listening to our ecosystem of the need for growth capital, which in itself is a broad space from early stage venture to mature technologies that need capital to scale. We’re delighted to be collaborating with such experienced and mission-aligned partners and our ecosystem to support the next generation of companies achieving impact.”
Conduit Capital Partners is the alternative investment arm of The Conduit – a community of over 3,500+ individuals and corporate partners who are passionate about social and environmental change. Conduit Capital will leverage this ecosystem of impact experts, investors and partners to support the Fund’s portfolio companies.
Eva-Maria Dimitriadis, the Managing Partner of Conduit Connect said… “this is a very exciting moment for our ecosystem. With so much demand from our community we are thrilled that Ascension Ventures will be providing investors with a vehicle to access a more diverse portfolio.”
Launched in 2018, The Conduit Connect is an impact investment platform that connects impact-driven businesses with values-aligned investors. Using a rigorous review and impact screening framework, designed in collaboration with Deloitte, the Conduit Connect has reviewed over 600 deals to present the most impactful and scalable opportunities to its investor and mentor networks. The Fund will build its portfolio from the Conduit Connect’s proprietary and pre-vetted platform of opportunities.
The collaboration was advised by Dentons.
EIS* (The Enterprise Investment Scheme) was introduced in 1994 and is unique to the United Kingdom. It is designed to help early-stage ventures raise capital and has contributed to the thriving UK start-up ecosystem that we know today. Through EIS, Individual Investors are rewarded for supporting early-stage entrepreneurs with certain tax reliefs and downside protection.
The fund is taking commitments until 6th April 2021 when it will start to invest across the 2021 to 2022 tax year. If you would like more information, please get in touch here.
Please note that tax benefits under EIS depend on personal circumstances, are not guaranteed, and rely on UK tax legislation which may change in the future. Please note also that if any of the qualifying criteria for SEIS or EIS are not met in the three years following an investment, tax reliefs in that investment may be reduced or withdrawn.
The descriptions above are not an exhaustive list of EIS tax rules and are only intended as guidance. Nothing in this document shall be regarded as constituting tax advice and prospective subscribers should seek advice from a suitably qualified independent adviser before deciding whether or not to make an investment. No reliance should be placed upon the tax guidance herein.
About Ascension Ventures
Ascension Ventures is an early-stage VC built by exited operators to back the next generation of tech and impact entrepreneurs. Since 2015, Ascension has invested in 100+ start-ups across a number of distinct seed funds. Our specialist approach and extensive sector reach allow us to identify and scale pioneering tech and impact enterprises.
About Conduit Connect
Conduit Connect sources and selects high quality and high impact businesses globally that aim to deliver profit and purpose. They review hundreds of deals to select the most sustainable and investable opportunities with environmental and social impact at their core. Accepted companies are offered a dedicated team that introduces them to values-aligned and mission-aligned professional investors, a private digital platform that publishes these investment opportunities to our professional investor and mentor network, and showcase events that raise the profile and visibility of these businesses to help them scale.
About Conduit Capital
Conduit Capital enables scale in impact by leveraging The Conduit ecosystem through the innovation and incubation of high impact thematic discretionary investment vehicles. The investments target early to growth stage financially sustainable businesses focused on creating positive social, economic, and environmental impact. Conduit Capital aims to build a world-class platform for impact investment funds, both home-grown and funds brought to the platform by members of The Conduit community or partners.