Fuel Ventures VCT PLC
FVV.L
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- Fuel Ventures VCT PLC (FVV.L) is a United Kingdom-based venture capital trust that invests in early-stage unquoted growth companies, predominantly technology or digital businesses with marketplace, platform, or software-as-a-service models across diverse sectors including hospitality, marketing, construction, learning, property, and financial services; its portfolio as of March 31, 2025, comprises equity investments in nine companies: Hotel Manager (hospitality technology platform), Lunio (PPC fraud prevention), FundPath (fund distribution platform), Materials Market (construction materials marketplace), HowNow (learning platform), SearchLand (property analytics), StudioSpace (creative services marketplace), Wollit (financial toolkit), and Eleos (digital insurance), with a total cost of £3.80 million and fair value of £3.76 million. The company, incorporated on October 25, 2023, and listed on the London Stock Exchange on March 22, 2024, is headquartered at The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield, HD4 7BH, United Kingdom, with registered office services provided by The City Partnership (UK) Limited; Sturgeon Ventures LLP serves as investment manager (2% annual fee on NAV), advised by Fuel Ventures Limited, targeting investments in UK-based qualifying companies with gross assets under £15-16 million, fewer than 250-500 employees, and limited trading history. Investments focus on exceptional founding teams in multi-billion-pound markets, capital-efficient models with strong revenue growth potential, via follow-on co-investments with Fuel Ventures' EIS funds, new co-investments, or independent deals; qualifying investments must comprise at least 80% of net assets by the third anniversary of allotments, with non-qualifying funds in liquid money market instruments (£5.30 million held as of March 31, 2025). Recent developments include the successful closure of its initial December 2023 subscription offer, raising £10.26 million (including over-allotment facility, the largest for a new VCT entrant), with final allotment on December 4, 2024; a second offer launched February 17, 2025, raising £0.91-£0.94 million by period-end, targeting £10 million plus £10 million over-allotment. The company allotted over 71,000 new shares in October 2025 under the ongoing offer and 3.31 million shares on April 5, 2024; post-period, it invested £499,000 in Cult Mia. Strategic partnerships encompass promotion by Titan Alternatives Limited (first-time collaboration, leveraging £80 million prior VCT raises) and availability through Hargreaves Lansdown's VCT service since March 2025 to broaden investor access; the VCT won "Best New Product" at the 2024 Growth Investor Awards. Net asset value stood at £9.90 million (96.49 pence per share) as of March 31, 2025, reflecting modest unrealised losses (£0.04 million, notably on Eleos due to insurance challenges offset by SearchLand uplift), operational costs (ongoing charges 4.41%, capped at 3.5% annually by adviser), and money market yields; no dividends paid yet, with policy targeting 4 pence annual from 2028 plus specials from exits, and buybacks from April 2027 at up to 5% NAV discount.