DSW Ventures, the Manchester, UK-based venture capital business of the Dow Schofield Watts group, closed Seed EIS Fund, providing the capacity to invest up to £2M in regional startups.
The DSW Ventures SEIS Fund, which aligns with changes to the SEIS tax rules introduced in April, will target early-stage technology businesses and university spin-outs outside the London-Oxbridge ‘golden triangle’.
The fund will remain open for additional investors until the completion of its first investment, which is anticipated to close in June.
The firm aims to invest the entire amount in the current tax year.
Established in 2019, DSW Ventures has invested in 11 businesses, facilitating £12.5M in venture capital. The firm achieved its first exit in December with the sale of ACAI Outdoorwear, generating a 4.2x cash return for investors.
It is a partner in British Business Investments’ £100m Regional Angels Programme, designed to help reduce regional imbalances in access to early stage equity finance for smaller businesses across the UK. British Business Investments is a wholly-owned commercial subsidiary of the British Business Bank, the UK government’s economic development bank.
FinSMEs
15/05/2023