October Newsletter
- Bulbshare exits to SMG with a 3x return
- The Autumn 2024 Budget
- Ascension Funds Open for Investment
- Freya, Ascension Associate attended SaaStock in Dublin
- Ascension Partners at Slush
- Founders Forum “100 Women Founders to Watch”
- Ascension Portfolio Milestones
- Fajitas & Fertility: Amilis Testing Events
- Portfolio News
Bulbshare Exits to SMG with a 3x Return
Congratulations to Bulbshare on a significant milestone: a successful acquisition by Service Management Group (SMG), a global leader in experience management. For our Ascension SEIS ’17 investors, this exit has delivered a 3x return, before tax relief.
CEO Matt Hay, on the support Ascension has offered, “Year after year, you have found routes to lend support and drive awareness, and I’m so pleased we’re now partnering on Ascension Fund III. The calibre of people at Ascension sets them apart, and that stems from Jean’s leadership. An exceptional fund with exceptional people. Thanks so much to all the gang.”
The Autumn 2024 Budget
Here is a brief summary of the changes in the recent budget as it impacts SEIS & EIS reliefs:
- Capital Gains Tax (CGT): CGT rates rose to 18% for basic rate taxpayers and 24% for higher rate taxpayers, with real estate tax rates unchanged. Business Asset Disposal Relief and Investors’ Relief rates will increase to 14% in 2025/26 and to 18% in 2026/27
- Inheritance Tax Adjustments: from April 2026, Business Property Relief (BPR) and Agricultural Property Relief (APR) will drop to 50% on assets over £1 million, down from 100%, potentially impacting family businesses. Junior market shares (like AIM) will also face reduced relief, affecting fundraising for these companies
- Venture Capital Tax Reliefs: SEIS, EIS and VCT reliefs remain intact, continuing to provide valuable tax benefits. EIS investments retain their tax-exempt growth potential after three years and offer loss and inheritance reliefs, making them effective tools for reducing CGT exposure and supporting wealth transfer strategies
We are pleased that EIS and SEIS investing will continue as effective tools for reducing income tax and capital gains exposure and planning efficiently for inheritance, while helping UK businesses.
For a deeper dive into the changes, check out Philip Hare & Associates’ budget analysis here.
Ascension Funds Open for Investment
Watch our COO Rakesh’s Introduction to Ascension video here to learn more about what Ascension looks for when investing.
Our Ascension EIS Fund and the Ascension Carry-Back Fund are open for investment. To find out more about these funds, visit our website and get in touch at investors@ascension.vc.
Freya, Ascension Associate attended SaaStock in Dublin
Freya attended SaaStock in Dublin as a judge, evaluating over 200 startups. Compare Ethics, an Ascension portfolio company, emerged as the winner, securing a £500k prize (Abbie, the founder is pictured below).
SaaStock is a brilliant yearly conference aimed at software and tech start-ups across Europe – sign up for the ’25 event here.
Ascension Partners at Slush
Emma and Iulia will be heading to Slush this year to meet investors interested in Ascension Fund III. Please get in touch if you want to catch up and explore co-invest opportunities.
Founders Forum 100 Women Founders to Watch
Congratulations to all founders named in the Founders Forum Group’s 100 Women Founders to Watch! Ascension proudly supported 8% of UK businesses on this list, including Abbie Morris of Compare Ethics, Brittany Harris of Qflow, and Dr. Kate Jarvis of Fifth Dimension AI.
Ascension’s portfolio includes 20% female co-founded businesses. See our Managing Partner Jean’s LinkedIn post here for more insights on our commitment to building a diverse portfolio.
Ascension Portfolio Milestones
This has been another month of big fundraising announcements for Ascension’s portfolio.
- Round has announced £1.6M in pre-seed funding to streamline startup finances. The round was led by Passion Capital, with participation from Ascension, Tiny VC, Samos Investments, and Entrepreneur First. Its treasury management platform helps early-stage companies centralise cash flow, budgets, and investments in one place. With this new funding, Round plans to expand its platform, making financial management easier for more startups.
- The Electric Car Scheme closed its Series A round led by 13books Capital, marking a major milestone in making Net Zero simpler and more affordable. This year’s growth was fueled by the increasing availability of used EVs, which boosted employee adoption and business interest in rolling out the program. With fresh investment, the company is ready to keep growing as a key player in the green transition.
- Fin raised $7M in a funding round led by MaC Venture Capital to expand its sustainable logistics services into the US. Fin partners with brands to offer zero-emission deliveries using electric vans, lorries, and e-cargo bikes. Its approach cuts noise, air pollution, and traffic, creating healthier cities while ensuring reliable, efficient logistics.
Fajitas & Fertility: Amilis Testing Events
Amilis is now hosting Fajitas & Fertility events across the UK. For just £65, you can get an AMH (anti-müllerian hormone) test to learn more about your ovarian reserve—aka how many eggs you have left. With a quick 5-minute test done by an on-site phlebotomist, it’s as easy as stopping by whenever you’re ready. What’s on the menu?
- Affordable Testing – up to 50% cheaper than most fertility clinics
- Enjoy delicious food
- Knowledge and support to boost your fertility confidence
Find out more here.
Portfolio News
- Congratulations to Hurr for achieving £100 million in fashion rentals
- Learn more here about how Tandem is bringing transport to rural communities
- Did you catch Gina, CEO of Glaize on Dragons Den? Explore the behind the scenes here
- Yasmin, Co-Founder of Amilis, delivered a powerful TED Talk on the under-researched and underfunded area of women’s reproductive health
- Jarvis has partnered with JA to integrate flexible pension management into payroll systems for umbrella companies
- SuperFi has been nominated for the ‘Best Economic Impact’ award by Tech Impact Awards
- Sojo launched a partnership with Margaret Howell Limited