SEIS Funds: What they are and how to raise money

What are SEIS funds?

Each year, around 2,000 UK startups secure funding through SEIS. Originally launched in 2012 as an extension of the successful EIS and expanded in 2022, SEIS remains one of the most attractive funding routes for early-stage companies.

SEIS funds provide investment to early-stage start-ups that qualify under the UK government’s Seed Enterprise Investment Scheme (SEIS). The scheme offers generous tax incentives to encourage investment in young, high-risk businesses. Investors can benefit from up to 50% income tax relief, loss relief, inheritance tax advantages, and capital gains tax exemptions on successful exits. We have a separate article covering why SEIS/EIS is so valuable to your investors.

SEIS funds play a key role by pooling capital from individuals and family offices to create diversified portfolios of qualifying start-ups. While individual SEIS investors back start-ups directly, SEIS funds offer a more managed, risk-spread approach.

What do SEIS investors look for?

Your company can raise up to £250,000 through SEIS if it meets the following eligibility criteria:

Trading for less than three years – Your company must have been trading for less than three years to be able to issue SEIS shares. Businesses that haven’t started trading yet are still eligible.
Established in the UK – Your business must have a permanent UK establishment, either as a physical premise or have a UK based director.
Not publicly listed – Your company must not be publicly traded or have active plans to list on a stock exchange.
Subsidiary rules – If your company has subsidiaries, they must qualify under SEIS guidelines. Additionally, your company must never have been controlled by another business.
Asset limit – The total gross assets of your company (or combined assets for a group) must be below £350,000 when shares are issued. This figure is taken from the balance sheet before liabilities are deducted.
Team size – Your company must have fewer than 25 full-time equivalent employees. Part-time staff count proportionally (e.g., an employee working 21 hours per week is 60% of a full-time equivalent).
No prior VCT or EIS funding – If you have previously raised investment through a Venture Capital Trust (VCT) or the Enterprise Investment Scheme (EIS), your business will not qualify for SEIS funding. This is why you need to be careful if you have dual (SEIS and EIS) investments in the same round. We have a guide covering that.
Sector - Certain trades are excluded for example, legal or accountancy services, construction and property development - you can see the full list here.

For most newly launched UK startups, securing SEIS funding is a highly viable option, and most will typically raise between £50,000 and £250,000. There are no strict revenue requirements, in fact many SEIS-funded startups are pre-revenue.

To make it a little easier for you to find, we’ve curated a list of SEIS funds that are currently active.

Active SEIS funds in 2025

Ascension Ventures - Ascension Ventures (AV) helps fund companies in their first or second funding round across three healthcare sectors: services, technology, and medtech/devices. They typically invest from £75k and £700k depending on the specific fund. - Apply here
BoxFund - BoxFund typically invests in businesses that align with their principles e.g. social good, healthy planet, and positive business practices. They tend to center around early-stage ventures with investment ranging from £100k to £2M. Apply here
Britbots - Britbots typically funds UK based automation, artificial intelligence and robotics businesses. They invest from £85k to £1.5M depending on stage and structure. Apply here
British Design Fund - The British Design Fund is an early stage investment fund that specifically invests in, and provides support for purpose-led, UK product design and manufacturing companies. They typically invest from £150,000 and £200,000. Apply here
Charlotte Street Capital - Charlotte Street Capital typically invests in software startups who have demonstrated some customer pull. They invest up to £300k. Apply here
Deepbridge Capital - Deepbridge Capital invests technology, life sciences and renewable energy sectors from seed stage, through commercialisation and growth funding. They invest from £100,000 and £1.2 million, depending on the stage and fund. Apply here
EHE Venture Studio - EHE Venture Studio is an early-stage investor and venture studio that backs AI-first UK startups across sectors like fintech, healthtech, and automation. They typically invest between £100,000 and £1.5 million, with occasional rounds up to £5 million, depending on the stage and opportunity. Apply here
Fuel Ventures - Fuel ventures primarily backs tech companies ranging from Pre-seed to Series A. They invest from £150,000 to £4 million, depending on the stage and growth potential. Apply here
Haatch Ventures - Haatch ventures typically invests in digital or technology enabled companies from £300k to £800k. Apply here
Jenson Funding Partners - Jenson Ventures primarily backs UK-based, tech-enabled startups from pre-revenue to early-revenue stages through SEIS and EIS funds. They typically invest up to £250,000 at SEIS stage and up to £500,000 at EIS stage for follow-on growth. Apply here
Mint Ventures - Mint Ventures primarily backs those with a social, ethical, or environmental purpose in sectors like Food & Drink, Beauty, Health & Wellbeing, Retail, Creative Industries, Tourism, Vet‑Tech, Online Marketplaces, and FemTech. They invest from £50,000 up to £200,000 per round, targeting firms eligible for SEIS/EIS tax relief. [Apply here](
Nova Growth Capital - Built Ventures- Built Ventures primarily backs UK-based tech startups emerging from its venture-builder/studio model at pre-seed stage (through SEIS/EIS funds). They invest from £100,000 up to £250,000+. Apply here
O2h Ventures - O2h Ventures primarily backs UK-based biotech and life-science startups at pre‑seed to Series A/B stages, often focused on therapeutic drug discovery, biotech enabling tools, and AI/ML applications in health . They typically invest from £100,000 up to £1.5 million per company. Apply here
Oxford Capital Partners - They focus on software-centric opportunities in areas such as fintech, digital health, AI/ML, mobility, climate, and retail-tech. They typically invest initial checks ranging from £150,000 up to £1 million. Apply here
Oxford Technology - Oxford Technology primarily backs UK-based, science and tech-enabled startups—particularly those within a 60-mile radius of Oxford—at pre-seed to seed stage. They typically invest up to £150,000 per company at SEIS stage, with follow-on EIS funding of up to £300,000 for high performers. Apply here
QVentures - QVentures primarily backs UK-based, growth-stage tech companies from pre-seed to Series B, including a dedicated pre-seed SEIS fund. They invest from roughly £200k–£5m+ per round depending on stage & traction. Apply here
Startup Funding Club Capital - They invest in companies less than two years old, often with an MVP or early traction. They typically write cheques averaging around £500K–£600K per round, with individual investments commonly in the £100K–£1M range. Apply here
Sustainable Ventures - Sustainable Ventures backs early-stage climate-tech startups through SEIS and EIS funding, typically investing up to £150,000 at SEIS stage and up to £500,000 at EIS stage. Apply here
Symvan Capital - Symvan Capital invests in early-stage B2B technology startups across sectors like SaaS, AI, Fintech, Edtech, and Cybersecurity. They typically invest £250,000–£500,000 initially under SEIS/EIS, with follow-on funding of up to £2 million. Apply here
SyndicateRoom - SyndicateRoom invests in early-stage UK startups across a wide range of sectors through its Access EIS Fund. Instead of picking individual companies, investors gain exposure to a diversified portfolio of 50+ EIS-eligible startups, selected using data-driven co-investment with top-performing angel investors. Typical raise per company: £250k–£1.5M. Apply here
TrueSight Ventures - They invest in founders going after large markets and solving important problems with technology. Typically investing from £100k-£500k some up to £1.5 million. Apply here
Vala British Ventures (Vala Capital) - Vala Capital invests in early-stage British startups through its British Ventures EIS fund, targeting companies with high-growth potential across sectors like tech, fintech, engineering, wellness, and food & beverage. Typically raising between £1M and £5M. Apply here
Velocity Technology (Juice Capital) - Velocity technology and Juice Capital mainly invests in technology companies for instance e-commerce and digital marketing companies. They typically invest from £250k–£500k. Apply here
Worth Capital - Worth Capital backs early-stage UK startups through its Seed Enterprise Investment Scheme (SEIS) & EIS funds, often sourced via startup competitions. Initial investments usually range from £100k to £250k, with potential follow-ons. Apply here

Some practical advice from the SEIS funds…

Tom Britton, Co-founder - SyndicateRoom

“Don't underestimate how hard it is to raise a round or how long it will take. While the product and team are the most important part of any pitch, before I invest, I'm already thinking about what the next round is likely to look like and when it will be. Do me a favour and show me that you've put serious consideration into this as well.”

Thomas Jones, Founder - Charlotte Street Capital

“The most important thing for us is that the founders can demonstrate real "customer pull", i.e. evidence that customers really want the solution that the team is offering. Even if the product itself is still very limited. Obviously the best way to demonstrate customer pull is with sales, but there might be other ways of providing evidence that potential customers are excited about the potential solution.”

Sam Kremer, Investment Analyst - British Design Fund

Joseph Zipfel, Chief Investment Officer – SFC Capital

Q: What should founders have in place before reaching out to you?

“Founders should have a clearly defined problem-solution fit, an early version of the product or IP (even if pre-revenue), and evidence of market engagement—such as pilot conversations, LOIs, or commercial user feedback. At SFC Capital, we like to see that founders have tested their concept commercially as much as possible before starting the fundraising process. We look for clarity on team roles, a cap table with founder alignment, and realistic financial plans with at least 12 months’ runway post-raise.”

Q: What do you typically look for in founders or startups that approach you?

“We look for mission-driven, technically credible founding teams with deep insight into their sector and a sharp articulation of why now is the right time for their solution. You don’t have to have decades of experience in the sector that you are targeting, however we like to see founders who are obsessed with the problem that their company is solving. Coachability and resilience matter as much, if not more, as the vision.”

Q: What best practices have you seen from founders you’ve backed?

“The strongest founders build trust through transparency—sharing wins and challenges early. They move quickly to validate assumptions, maintain structured pipelines, and take a proactive approach to board updates and fundraising prep. They surround themselves with smart advisors and fill gaps in their team deliberately and early. Crucially in the early stages, they can quickly recognise if an idea doesn't work and pivot and iterate based on customer feedback.”

Q: Are there any post-investment considerations founders should be aware of?

“Post-investment, SFC likes to actively support founders — from introductions to partners, to supporting follow-on rounds, helping with key hires, etc. To do this we expect consistent updates, measurable milestone tracking, and a readiness to adjust plans based on feedback. Founders should seek hands-on support and demonstrate accountability, particularly during the pre-seed to seed stage, where the startup becomes a real company which often demands a significant commercial and operational step change.”

Troy Wood, Venture Investor – EHE Venture Studio

“When founders approach us, the most valuable thing they can bring is clarity. That means clearly articulating the problem they’re solving, why now is the right time to solve it, and how their product or service is inherently defensible. We want to understand not just how it’s different, but why it’s meaningfully better than what's already in the market. Anything that demonstrates the founding team's credibility and domain expertise is particularly valuable to us at this stage.”

“When it comes to readiness, we typically look for:

A well-considered use of funds that maps directly to specific, early-stage milestones, not just an extended runway.
Customer clarity over market size estimates. We’re less focused on TAM/SAM/SOM slides driven by secondary market research. What matters more is whether founders have identified and validated their initial niche segment — e.g. who are their most likely customers in the next 3 to 6 months, and what actions are they taking to get this demographic to buy into the proposition?
A clear understanding of SEIS eligibility and already having secured Advance Assurance from HMRC, as this demonstrates strong preparedness and significantly streamlines the investment process.”

Jonathan Keeling, Partner – Haatch

What should founders have in place before reaching out to Haatch?

"Haatch invests in early-stage business-to-business software as a service (SaaS) companies. At SEIS stage, we typically look for evidence of early traction before investing, including live or upcoming pilots with potential customers, early revenue, a strong pipeline, or a working product that is seeing real engagement.

In line with our thesis, founders should be able to explain the problem they are solving clearly, why now is the right time to solve it, and how they plan to scale. It is also helpful to have basic operational elements in place, such as a clean cap table, clarity on intellectual property ownership, and a financial model that demonstrates a clear understanding of growth and runway."

What do you typically look for in founders or startups that approach you?

"We back high-conviction founders solving clearly defined problems with the potential for long-term commercial impact. Strong teams typically combine technical capability with commercial awareness and are already showing signs of momentum in the market.

Our focus is on companies with scalable, recurring revenue models. We look for early indicators of product-market fit, such as customer retention, expansion opportunities, and repeatable sales motion. We are sector-agnostic but tend to favour companies building in areas where technology is clearly improving efficiency or unlocking new value."

What best practices have you seen from founders you’ve backed?

"Founders who communicate openly, set clear performance goals, and report consistently tend to get the most value from our support. The strongest teams have a deep understanding of their target customer and use that insight to focus their efforts, move quickly, and make informed decisions.

Operationally, we see the best results from founders who are disciplined about managing cash, hiring deliberately, and building scalable processes early. Many also make use of automation and artificial intelligence tools to stay lean and efficient. We actively encourage founders to leverage our network for support across hiring, partnerships, and later-stage fundraising."

Are there any post-investment considerations founders should be aware of?

"We take an active approach following investment. This may include a board or observer seat, strategic input, and access to our team’s operational and commercial expertise. We also support founders with ongoing SEIS compliance to ensure they continue to meet HMRC requirements and preserve investor tax reliefs.

Each quarter, we produce a short video update with every SEIS portfolio company. Founders share a concise overview of recent progress, key milestones, and where support may be needed. This helps maintain strong engagement across our investor base and ensures founders have access to timely and relevant help as they grow.

Our focus is on helping founders scale from the earliest stages to one million pounds in annual recurring revenue and beyond. With a team of former founders and operators, we provide practical support across go-to-market, hiring, fundraising, and more."

And some comments from an EIS Fund…Guinness Ventures, Lisa Fox - Head of Co‑Investment

What advice would you offer to founders looking to raise from an EIS fund?

"First, make sure your raise is genuinely EIS eligible – it's essential for both compliance and investor appetite. We often see fantastic businesses that unfortunately can’t qualify. Second, be transparent and prepared. EIS investors are looking for high-growth opportunities, but we also need to understand the risks and how you're managing them. A compelling narrative, supported by data and a realistic funding plan, makes a strong impression."

At what stage should founders reach out to you? What should they have prepared or achieved beforehand?

"We typically invest at the Series A stage, which for us means businesses that have:

Proven early traction (revenues, customers, or partnerships, last twelve month revenues >£1m),
A scalable model,
A clear use of funds to support growth (usually >50% YoY)

We’re happy to review a business that is not yet investable, but founders should have a deck, detailed financials, and ideally an EIS advance assurance application in progress when they first reach out."

Are there common reasons you choose not to invest in startups that might look promising on paper?

"Yes – quite a few, but it differs deal by deal. Some of the most common include:

Lack of EIS eligibility – it's non-negotiable for us.
No clear path to scale – strong ideas are great, but we’re looking for execution capability and market potential.
Team gaps or inexperienced teams – especially where financial or commercial leadership is missing.
Overly ambitious or unclear financial projections – it’s fine to be optimistic, but we need to see a grounded, well-thought-out plan.
A significant debt burden – this might become impossible to service if sales don’t come through as expected.

A startup can look great in a deck but falter when we dig into execution, governance, or market dynamics."

Are there any post-investment considerations founders should be aware of?

"Yes – founders should be ready for an ongoing relationship as we need to hold investments for 3 years to be eligible for EIS and our holding period is often in excess of 5 years. Post-investment, we support our portfolio with:

Board involvement or observer roles,
Strategic input and connections, and
Support on follow-on rounds or governance.

Founders should also understand their EIS compliance obligations post-investment – including regular reporting and maintaining eligibility."

Hear from Founders who’ve raised from an SEIS fund

Joe Tallett, Co-Founder & CEO - AVIEL Intelligence

"I'd advise to prepare your pitch well in advance of approaching an SEIS fund - make sure you can provide not only a big picture pitch, but also much finer grained month-to-month plans for how you're planning to spend any investment you raise. This will likely be the first outside money invested in your company so SEIS funds don't have a set of existing investors to get references from, meaning having those facts and figures to hand at the first attempt is even more important. One final piece of advice: know the basics of SEIS investor motivations in general, as the funds - being backed by individuals with exactly the same motivations - will be no different."

Oliver Weingarten, Founder – Summit Management Services

“Sometimes, walking away is the bravest and best decision.

We were initially excited to work with an SEIS fund, but after signing the term sheet, the long-form contract came back with materially different terms. Despite desperately needing the investment and the knock-on impact it had on our crowdfund, we walked.

My advice to other founders is this: don’t be afraid to say no, even when it’s hard. Early-stage investment is about partnership — if the terms don’t feel right at the start, they’ll only feel worse later. Be brave enough to prioritise long-term health over short-term capital.”

Olivia Parkes, Founder & CEO – Persi

“Haatch originally passed on us — I only had £70k SEIS remaining due to a mistake made by a former co-founder. Rather than try to make it work with limited eligibility, I decided to rebrand, close the previous company, and apply for SEIS again. I laid out milestones to the Haatch founder, kept him updated monthly, and hit those targets — including building a concierge-style MVP with zero budget that still generated revenue.

Six months later, once we were SEIS eligible again, we announced a fundraise of £350k. Within four weeks it was oversubscribed twice. We closed at £660k.

I believe what secured Haatch’s investment wasn’t just the traction or the idea — it was the journey. I told them what I was going to do, then I did it. That demonstrated the resilience, grit, and execution ability early-stage investors are really looking for.

Post-investment, Haatch were incredibly founder-friendly — no hidden fees, simple terms, and very efficient. I could not recommend them more highly.”

How does FounderCatalyst help?

FounderCatalyst supports customers through the end-to-end fundraising process, which includes getting SEIS/EIS advance assurance upfront, executing the funding round (producing all the legal paperwork) and managing the SEIS/EIS compliance and certification process at the backend.

We're very proud of our industry leading success rate and sub 3 hour SEIS advance assurance response achieved in January 2025 - see more about it here.

How do we achieve results like this?

We use a highly structured approach that combines smart technology with expert human guidance. Our toolkit includes proven templates and resources, such as our Minimum Viable Forecast model. The human element is essential — there are numerous pitfalls that can jeopardise SEIS relief for your investors. Learn more here.

We understand how important SEIS/EIS are to startups raising in the UK - so please feel free to schedule a call with one of our experts here.