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Seeking the UK's most promising startups using powerful angel
insights and proprietary data analysis
Next deadline
19th September 2025
Portfolio size
30+ companies
Minimum investment
£5,000
Deployment
estimated 12 months
The opportunity
The Access EIS Fund is a data-driven fund that builds
portfolios of 30+ high potential companies by investing
alongside leading UK angel investors.
Our approach has always been, and continues to be, to bring
together two critical elements that are rarely combined in
early-stage investing.
Firstly, the power of diversification: while typical EIS funds
invest in 8-10 companies, we build portfolios of at least 30
carefully curated startups. Our data analysis indicates this level
of diversification dramatically improves the chances of capturing
the outlier returns that drive venture performance.
Secondly, we exclusively co-invest alongside angel investors whose
track records meet our stringent criteria.
How do we define a leading angel investor? Our analysis of
Companies House filings between 2012 and spring 2025 identified
that just 183 individuals out of 300,000 (0.06%) have achieved 5x
or higher returns (before any costs or fees they may have
incurred) across portfolios of at least 8 companies and £100k or
more invested in total. We call any individual who meets this
threshold one of our “Super Angels”, and the fund only invests in
deals that a Super Angel is investing in by co-investing alongside
them at the same time. Past performance is not a reliable indicator
of future results.
Please
sign up and ensure you are logged in to your SyndicateRoom account to
download the fund documents below.
Access EIS portfolio case studies
Below is a table showing the MOIC performance of the Access EIS
investments taken together based on their year of investment
(complete 12-month periods). These figures indicate gross
performance, before fees. and all portfolio companies are
included in these calculations (including failures). Older
cohorts have had a longer maturity period. Past performance is
not a reliable indicator of future results. More detailed public
biannual reports on each annual cohort are available on the
SyndicateRoom website.
As of June 2025, the Access EIS Fund has made a total of 223
investments, and the total capital invested by the fund to date
now stands at over £23m.
Access portfolio companies have gone onto receive co-investment
from some impressive names, including the following: Biz Stone,
SeedCamp, Entrepreneur First, Episode 1, Start Codon, Hambro
Perks, Forward Partners, Octopus, MMC, Albion, Cornerstone VC, QP
Ventures, HighPost Capital, Parkwalk, IQ Capital, Exceptional
Ventures, Fuel Ventures, Beringea, and more.
The fund itself has received institutional investment from British
Business Bank (BBB). Amongst our top performing companies are
R.A.D Future (invested 2021) with a Multiple On Invested Capital
(MOIC) of 12.7x, Nivoda (invested 2020) with a MOIC of 12.6x and
Mothership (“Moth”) Drinks (invested 2020) with a MOIC of 10.2x.
Please note past performance is not a reliable indicator of future
results and there is a range of performance across the full portfolio.
Below is a table showing the MOIC performance of the Access EIS
investments taken together based on their year of investment.
All portfolio companies are included in these calculations.
Older cohorts have had a longer maturity period. Past performance
is not a reliable indicator of future results. More detailed public
biannual reports on each annual cohort are available on the
SyndicateRoom website.
Below we highlight three of the Access EIS Fund’s portfolio
companies: Porotech, Evaro & Nivoda. In each case we mention the
name of the Super Angel we invested alongside. For example, we
co-invested into Nivoda alongside Chris Mairs, who has also made
personal investments into companies such as what3words and Magic
Pony Technology.
PoroTech
Investment details:
Access EIS Fund Cohort Year: 2021
Current post-money valuation: £131m
MOIC: 7.28x based on latest fundraise
Super Angel: Peter Cowley
Revolutionising displays through microLED innovation
PoroTech has evolved from a Cambridge research spin-out focused
on gallium nitride technology into a specialist microLED display
manufacturer for augmented reality and optical computing
applications. The company doubled revenue from £951,506 in
2022/23 to £2.1 million in 2023/24, maintaining gross margins
above 88%. Amazon is a key AR microdisplay client, with orders
progressing to potential volumes of 300,000 units annually by
2025, and the potential to reach over 5 million full-colour
units by 2028. Microsoft has signed a five-year exclusive
agreement for microLED arrays in AI optical computing, with
PoroTech earning 12% royalties on components for the data centre
interconnect market.
The company won "Best MicroLED-Based Technology" at SID Display
Week 2024 for its world-first microLED micro-projector.
PoroTech secured £15 million from Foxconn and General Interface
Solutions in late 2024, establishing manufacturing across the
UK, Taiwan, and partnerships with foundries including PSMC and
EpiLEDs. The investment funded £9 million in critical equipment
and achieved a breakthrough 1.25μm pixel size. Foxconn committed
to building a dedicated production line in Taiwan, with mass
production starting Q4 2025, targeting 5 million units monthly
of 0.1-inch microdisplays.
Revenue forecasts reach £21.8 million by 2027/28 with expected
profitability, positioning the company to capitalise on AR
device adoption and AI infrastructure demand through its
world-class manufacturing partnership with Foxconn.
Evaro
Investment details:
Access EIS Fund Cohort Year: 2023
Current post-money valuation: £64m
MOIC: 4.75x based on latest fundraise
Super Angel: Matt Cooper
Transforming healthcare access through digital innovation
Evaro has evolved from identifying a critical healthcare gap -
where 25% of A&E consultations and 40% of GP appointments focus
on minor conditions - into a profitable digital health platform
serving over 750,000 patients.
Founded by Dr Thuria Wenbar and Dr Oskar Wendowski, the business
reached breakeven by April 2024 and is now maintaining
profitability with £1.5m monthly revenues as of 2025. Evaro
expanded their clinical offering from 118 medications covering
30 conditions to over 250 treatments by 2024, with plans to
reach 2,000 medications covering all minor health ailments. The
company secured crucial CQC regulatory approval and launched an
NHS arm, welcoming their first NHS patients.
In January 2025, Evaro secured a Series A term sheet with Albion
Capital. Strategic partnerships include Lovehoney becoming the
first retailer to offer fully online NHS-funded contraception
services through Evaro's "one line of code" integration
platform. The company has scaled operations from 2,000 sq ft to
12,000 sq ft and grown from a handful of employees to nearly 40
team members, positioning itself as "the Stripe of digital
health" with AI and machine learning technology trained on 13.5
million patient records, targeting the £5.6 billion UK
e-pharmacy market projected to reach $261 billion globally by
2030.
Nivoda
Investment details:
Access EIS Fund Cohort Year: 2020
Current post-money valuation: £199m
MOIC: 12.63x based on latest fundraise
Super Angel: Chris Mairs
A new global jewellery supply chain
Nivoda has evolved from a diamond marketplace into a
comprehensive B2B platform connecting over 8,000 retailers
across 60+ countries with suppliers, achieving a $24.4M annual
revenue run rate and 90% year-on-year growth by Q4 2024 despite
challenging market conditions including a 34% decline in
lab-grown diamond prices.
The company processed over 118,000 orders in Q4 2024 alone,
doubling their previous order volume, while expanding their
workforce to 503 employees with an impressive 97% job offer
acceptance rate. Nivoda successfully diversified revenue streams
beyond transaction fees to include Nivoda Capital financing
subscription services, and in-house WISE certification for
lab-grown diamonds.
The company secured a Series C funding round in Q3 2024,
obtaining a term sheet from HSBC for Nivoda Capital, and
surpassed $100M in total fundraising with $53M cash reserves
providing 54 months of runway. Strategic initiatives for 2025
include expanding into broader jewellery categories to become
the industry's "everything store," integrating virtual sales
tools through Shopify, optimising memo delivery with unlimited
shipping subscriptions, and launching WISE certification to
double revenue per gem. Nivoda targets doubling revenue in 2025
while building foundations for 8X growth by 2027 and IPO
readiness, positioning itself as a "capital-efficient growth
machine" transforming the traditional jewellery supply chain
through technology and strategic diversification.
EIS tax relief
Below you will find general information about the Enterprise
Investment Scheme (EIS). Please note that this is only a condensed
summary of the relevant legislation and examples are illustrative
only. None of the following is advice nor should any figures be
relied upon for personal tax planning purposes. Potential
investors should seek their own taxation advice. The value and
availability of any tax reliefs will depend on the individual
circumstances of each investor and may be subject to change in the
future. Please review the below together with the Tax Relief Risks
under the Risks section of the Information Memorandum.
Only certain companies qualify for EIS relief, and the Fund’s
intention is to invest exclusively in EIS qualifying companies
though eligibility cannot be guaranteed.
Investors must hold the shares in Investee Companies for at least
three years to qualify for EIS and CGT associated reliefs.
Not wishing, or being able, to make use of EIS or other tax
reliefs does not prevent an individual from making an Investment
in the Fund.
Portion of an Investment eligible for tax relief
The amount eligible for EIS relief is the amount deployed into
qualifying companies. This is 92% of the total investment,
following the deduction of the Setup Fee of 2% and Annual
Management Fee for years 1-3 inclusive at 2% per annum (total 8%).
What tax year will my Access Fund EIS relief apply to?
This depends on the time of year you invest. The Access Fund will
deploy into an expected 30 companies on an ongoing basis, and full
deployment will take approximately 12 months (though it may be
less or more than 12 months, as suitable deal flow will be
available at varying rates during a given year). The closer you
invest to the start of a tax year (early April) the more of your
deployment (shares issued) will occur during that tax year, with
EIS relief applying to the tax year in which shares are issued or
normally the one prior via HMRC’s carry back option. If you invest
in the middle of a tax year (around October) then approximately
half of your deployment (shares issued) can be expected to occur
in the remainder of that tax year and the other half in the
following tax year, with carry back similarly applying (to the tax
year prior to a given share issue on a per company basis).
Income tax relief
This depends on the time of year you invest. The Access Fund will
deploy into an expected 30 companies on an ongoing basis, and full
deployment will take approximately 12 months (though it may be
less or more than 12 months, as suitable deal flow will be
available at varying rates during a given year). The closer you
invest to the start of a tax year (early April) the more of your
deployment (shares issued) will occur during that tax year, with
EIS relief applying to the tax year in which shares are issued or
normally the one prior via HMRC’s carry back option. If you invest
in the middle of a tax year (around October) then approximately
half of your deployment (shares issued) can be expected to occur
in the remainder of that tax year and the other half in the
following tax year, with carry back similarly applying (to the tax
year prior to a given share issue on a per company basis).
Carry back
Allows all or part of the cost of shares acquired in one tax year
to be treated as though the shares had been acquired in the tax
year prior.
Capital gains tax deferral relief
Any gain made through selling other assets can be reinvested in
EIS, and deferred for as long as the investment is held. There is
no limit on the gains that can be deferred in this way. To
qualify, income tax relief on the shares that are sold must
already have been claimed.
Tax free capital gains
When EIS qualifying investments are sold the capital gains are tax
exempt. This is subject to the shares having been held for at
least three years prior to sale, and income tax relief on the sold
shares having already been claimed.
Inheritance tax relief
EIS investments qualify for 100% relief from inheritance tax under
current legislation, provided that the investment has been held
for at least two years, it is still held at time of death and
remains unlisted. Please note, from April 2026, the rate of
inheritance tax relief available will fall to 50% for all assets
that surpass a £1m tax free threshold on top of the existing
nil-rate bands.
Loss relief
In the event of negative performance there is some return on the
downside through loss relief, on a per Investee Company basis. The
net amount of the loss (i.e. after deducting any income tax relief
obtained on making the investment) can be offset against taxable
income in the year in which the loss is made (or can be carried
back to the previous tax year). If the loss is to be offset
against a separate gain, this can be done in the tax year in which
disposal occurs, or (in full or in part) in a subsequent tax year.
Certificates (EIS3 forms) for claims
As soon as practicable after investment, and subject to EIS rules,
the Fund Manager together with the Investee Company will apply to
HMRC to obtain for the Investor an EIS3 Form in respect of that
investment. Investors must independently apply to HMRC to claim
any subsequent tax reliefs. The latest you can file a claim for
EIS relief is five years after 31 January following the tax year
to which the claim relates.
Fees
Please see a breakdown of fees to investors below:
Setup Fee: 2%, drawn upfront from Subscription.
1% for investors with a prior investment in the Access Fund.
Annual Management fee Years 1-3: Years 1-3: 2%,
retained upfront. Years 4-7: 2%, deducted from distributions to
Investors. Years 8-10: 0.5% deducted from distributions to
Investors.
Performance Fee (carry): 10%, on a deal by deal
basis, with a 110% hurdle (please see fees section below for a
detailed breakdown).
Adviser Fees for authorised financial advisers can be facilitated
on Application, as agreed with Investors, and in line with COBs
rules.
After you invest and contact us
Syndicate Room will ensure:
Care for client money and assets in keeping with the FCA’s CASS
Client Money & Assets rules and other requirements.
Monitoring the portfolio of Investee Companies, including
seeking rights to appoint a board member and observer rights
although this is not guaranteed and is subject to change.
Ongoing reporting.
An online 24/7 dashboard through its website with real-time
information on performance and EIS3 forms.
9-5 weekday customer care and access to information.
Investing in early-stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution, and it should be done only as part of a diversified portfolio. Tax relief depends on an individual’s circumstances and may change in the future. In addition, the availability of tax relief depends on the company invested in maintaining its qualifying status. Past performance is not a reliable indicator of future performance. You should not rely on any past performance as a guarantee of future investment performance.
This page has been approved as a financial promotion by Syndicate Room Ltd, which is authorised and regulated by the Financial Conduct Authority (No. 613021).
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