The additional funds will enable the VCT to continue backing early-stage, high-potential companies, while also providing follow-on investment for its current portfolio. With a focus on B2B startups, which tend to attract acquisition interest at nearly twice the rate of B2C businesses, the VCT aims to maximise returns for investors by targeting companies at the start of their growth journey.

This strategy has already delivered tangible results, including tax-free dividends of 13p per share, with a 2p dividend scheduled for March 2024.

The VCT specifically seeks out businesses that offer solutions to pressing corporate challenges in sectors with long-term demand. By collaborating closely with management teams that possess in-depth industry expertise, Triple Point identifies overlooked opportunities with high growth potential. This method has led to a remarkable increase in the combined market value of the VCT’s portfolio companies, from £154 million in February 2020 to £1.25 billion by June 2024.

The portfolio is managed by a dedicated team of seven investment professionals, led by Seb Wallace, who was promoted to Head of Triple Point Ventures earlier this year.

Seb Wallace, Head of Triple Point Ventures commented; “Triple Point Ventures backs new ideas, clear vision and an obsessive pursuit of change. Since 2019, the Triple Point Venture VCT portfolio has seen combined revenue growth increase from £4.2 million to £145 million by June 2024. This growth reflects not only the robust demand for portfolio companies’ products and services, but also the impact of the expertise and vision of the management teams we work with.

“Furthermore, our portfolio companies have created 2,200 new jobs, contributing to the long-term prosperity of the UK economy. This fundraise will allow us to continue supporting innovative businesses that drive sustainable growth.”

Jack Rose, Head of Sales at Triple Point added; “This new fundraise is an exciting opportunity for investors looking to support the next generation of UK businesses while benefiting from the attractive tax reliefs available via VCT investment. With our proven track record of nurturing high-growth companies, we’re confident that this new fundraise will help us continue to deliver strong returns for our investors.”

Triple Point Venture VCT offers significant tax benefits to investors, including up to 30% upfront income tax relief, tax-free dividends, and exemption from capital gains tax on profits from share sales. These incentives are designed to encourage investment in emerging UK businesses, with the potential for high returns compensating for the associated risks.

Triple Point will be offering investors an Early Bird 1% reduction on the initial fee for all completed applications received before 31 December 2024. Existing investors are also eligible for a 1% loyalty discount.