Jenson SEIS Fund 2020/21

Jenson SEIS Fund 2020/21

STRUCTUREFund
MIN. INVESTMENT£10,000
SECTORGeneralist
CLOSING DATEEvergreen
Risk score
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Synthetic Risk and Reward Indicator (SRRI) is calculated by the fund manager following guidelines set out by the European Securities and Markets Authority (ESMA)

The content below has been provided by Jenson Funding Partners LLP who are authorised and regulated by the Financial Conduct Authority under firm registration number 820516.
Jenson Funding Partners LLP

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Summary

Pioneer of SEIS investments – we have been investing since 2012 with 108 investments and six exits to date.

The Jenson SEIS Fund aims to target new companies which are developing innovative and disruptive technologies which have established plans and management teams, have demonstrated growth potential with strong commercial opportunities and, are planning to exit in approximately five years. 


Highlights

  • Target Size - £3 million in respect of the 2020/2021 tranche
  • Portfolio Size - 8 to 12 SEIS companies
  • Sector Focus - Entrepreneurial early stage companies

Investment strategy

The Fund will invest in a portfolio of entrepreneurial businesses and Jenson will carry out in depth and thorough due diligence of prospective investee companies including rigorous interviews with the owners and extensive analysis of the companies’ business plans. 

By investing in a diverse portfolio of investee companies with a focus on a wide range of sectors and geographical locations, the Fund will reduce  its exposure to any particular sector or investee company with no more than 25% of any Investor’s Contribution being invested into a single investee company (unless otherwise  agreed with the investor). 

In addition, once an investment has been made, Jenson will provide investee companies with a range of business support services including general management and strategic advice, financial modelling and, where applicable, the provision of a part-time experienced finance director.

Exit strategy

Jenson Funding Partners have successfully exited six companies across its first two funds, Twizoo, Way2Pay, Acuity, Market Making, Futurium, and Raishma with a further two share-for-share deals. 

Five of these were cash exits. For  Market Making, the majority was in cash with some publicly traded stock. Next Fifteen Communications Group Plc acquired the entire issued share capital with a current return of 5.1x investment with a mix of cash and equity (before tax incentives and performance fee), with earnouts this could potentially reach a 12x return. 

Additionally, Gloop Labs Ltd has achieved a 3.2x uplift on original cost and Optimicer an 8x uplift on original cost via a share-for-share deal with Whitespace Global Ltd. 

Risks

Prospective Investors should be aware that the value of an investment in an investee company can fluctuate. In addition, there is no guarantee that the valuation of an investment will fully reflect the underlying net asset value of the investee company or of the ability to buy and sell the investment at that valuation. Investors should be fully aware of the high-risk nature of scale up investments in early stage companies. In addition, the statements regarding taxation in this document are merely a brief summary and should not be viewed as constituting tax advice. Representations in this Information Memorandum with respect to tax reliefs relate to the generic position of a UK-resident individual taxpayer and do not amount to tax advice to any person. The information below does not purport to be exhaustive. Additional risks and uncertainties, not presently known to Jenson, or which Jenson currently deems immaterial, may also have an adverse effect on the business of the investee companies. Investors should consider carefully whether an investment in the Fund is suitable for them in the light of the information in this document and their personal circumstances. If in any doubt whatsoever, an investor should not invest in the Fund. In any case, it is strongly recommended that Investors seek the advice of their Financial Intermediary or other appropriately qualified professional adviser.


More information on Risk can be found in our Information Memorandum.

Products and services

Jenson offer SEIS & EIS Funds.  The EIS Fund is typically used to provide follow-on funding for our SEIS portfolio companies, bridging the gap between early stage SEIS funding and larger EIS Funds.  Our EIS investments typically provide cornerstone investments for larger fudning rounds. 


Jenson also offers its portfolio companies a range of support services, either provided by Jenson or outsourced to trusted partners.

Key team

Jeffrey Faustin - Investment Director

Jeffrey joined Jenson in 2013 and is now responsible for managing all aspects of the investment process from deal sourcing through to completion and including post completion support. Jeffrey is also responsible for the Fund’s internal processes.

Before joining Jenson, he was a Technical Director working for WS Atkins across the Middle East where he ran a large technical team. Prior to that, Jeffrey spent the previous 10 years working as a design consultant advising clients on complex commercial and infrastructure projects.

Jeffrey studied at the University of Surrey, receiving an MSc in Structural Engineering. He also holds an MBA from the London Business School.

Sarah Barber - CEO

After qualifying with Deloitte as a Chartered Accountant, Sarah spent two years working as an audit manager before moving into Reorganisation Services. Whilst there Sarah worked on a variety of projects, including turnarounds, cashflow management, financial reviews and receiverships. Subsequently, Sarah moved into the interim market, providing services to a wide variety of clients gaining a broad experience in all aspects of accounting and financial management.

Sarah has direct experience with interim Finance Director roles, financial modelling, IFRS conversions, Due Diligence, share option valuations, planning and complex analysis.

Jackie Richbell - Investor Relations

Jackie gained a degree in Biochemistry with Pharmacology from Southampton University. She has since worked in the pharmaceutical industry as a data manager running clinical studies at various companies, specialising in phase1. As a senior data manager she was responsible for project managing all data aspects of the studies. This included working closely with the clients, setting up and maintaining documentation, building databases, validation of data, data analysis, quality assurance and working to tight timelines to bring the studies to a close.


After spending 13 years working as a Senior Data Manager at Quintiles, Jackie wanted to change her career, but wanted to utilise some of the skills she had gained. The opportunity to join Jenson Funding Partners arose to help administer the SEIS Fund. Jackie joined in November 2013 and has since carved out an enjoyable new career with Jenson assisting our investors and advisers on their journey.

Documents

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Fee summary

Linked to the performance of your investment in the Fund Jenson will be entitled to a performance fee if and when a realisation of an investment in an investee company is achieved and the hurdles set out below are met. Performance fees will accrue on a deal by deal basis where funds are distributed back to investors following a realisation. Where: 

a)  aggregate distributions to the investor exceed the net cost of the investor’s subscription in  the investee company in question by 20% an entitlement to a performance fee of 35% of further funds so returned will accrue to  Jenson; and

b)  accrued performance fees will become payable once, and to the extent, the investor has received 120% of their ‘Net Subscription’ (Subscription less facilitation fees) to the Fund.  

By way of example, where sale proceeds are realised following an exit: 

- NO performance fee is payable if the aggregate return from an investee company including dividends and other distributions to an investor is 120p (OR LESS) per 100p (ignoring tax reliefs) invested in that investee company;

- IF the aggregate return to an investor (including dividends and other distributions) from an investee company is MORE THAN 120p per 100p invested (ignoring tax reliefs), Jenson will accrue a performance fee of 35% of all returns from that investee company above that threshold – this fee will become payable if, and to the extent, that the investor’s overall distributions from the  Fund are in excess of 120% of the investors’  Net Subscription. The entitlement to performance fees may be  paid in cash or structured by way of subscriptions for shares in investee companies by or on behalf  of Jenson.