--- title: "SFC's 2021: The Year in Review | SFC Capital" description: "SFC Capital’s busiest year yet: £15m in 94 companies, exits, milestones, and fighting for SEIS." image: https://sfccapital.com/hubfs/Imported_Blog_Media/banner_1640265041.webp --- Disclaimer Please note, company introductions through SFC Capital Ltd ('SFC') are only suitable for ‘High Net Worth Individuals’, or ‘Sophisticated Investors’ as defined by the Financial Services & Markets Act 2000 (FSMA) who are familiar with and willing to accept the high risk associated with private investments. Any investor requesting to contact a company through SFC Capital does so at his/her own risk and is solely responsible for conducting any legal, accounting or due diligence review. There has been no investigation to the accuracy of any information or terms contained herein and we strongly suggest that you seek advice from a person authorised under the FSMA who specialises in advising on investments of this kind prior to commencement of any potential transaction. All content provided by SFC Capital is strictly for informational purpose only and does not constitute business, financial, investment, hedging, trading, legal, regulatory, tax or accounting advice or services. SFC Capital is an appointed representative of SFC Capital Partners Ltd which is authorised and regulated by the Financial Conduct Authority (‘FCA’) in the United Kingdom (FRN 736284). This website is intended for professional investors only; any reproduction of this information, in whole, or part, is prohibited. SFC Capital does not sell or offer to sell any securities and no information provided by SFC Capital is intended to constitute or to be interpreted as any such offer. SFC Capital simply provides an introductory service where potential partners of all sorts can meet. The SFC Angel Fund is managed by SFC Capital Partners Ltd (‘SFCCP’) which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, firm reference number 736284. Information on the Fund is intended for professional investors only; any reproduction of this information, in whole, or part, is prohibited. The content is for information purposes only and should not be used or considered as an offer or solicitation to purchase or sell the securities mentioned herein. The SFC Angel Fund (the ‘SFC Fund’ or the ‘Fund’) is defined as an ‘unregulated collective investment scheme’ (‘UCIS’) and the promotion of a UCIS either within the UK or from the UK is severely restricted by statute. Consequently, this document is only directed at professional clients and eligible counterparties as defined by the FCA and also to persons of a kind to whom the Fund may lawfully be promoted by an authorised person by virtue of Section 238(5) of the Financial Services and Markets Act 2000 and COBS 4.12.4R. Any decision by an investor to buy shares in a fund must be made solely on the basis of the information and terms contained within the Fund’s offering memorandum. Investment in the Fund is made entirely at the investor’s own risk and professional advice should be sought in case of doubt. SFC Capital Partners Ltd (‘SFC’) is authorised and regulated by the Financial Conduct Authority (‘FCA’) in the United Kingdom, firm reference number 736284. This document is intended for professional investors only; any reproduction of this information, in whole, or part, is prohibited. The content is for information purposes only and should not be used or considered as an offer or solicitation to purchase or sell the securities mentioned herein. The SFC Angel Fund (the ‘SFC Fund’ or the ‘Fund’) is defined as an ‘unregulated collective investment scheme’ (‘UCIS’) and the promotion of a UCIS either within the UK or from the UK is severely restricted by statute. Consequently, this document is only directed at professional clients and eligible counterparties as defined by the FCA and also to persons of a kind to whom the Fund may lawfully be promoted by an authorised person by virtue of Section 238(5) of the Financial Services and Markets Act 2000 and COBS 4.12.4R. The SFC Angel Fund is managed by SFC Capital Partners Ltd (‘SFCCP’) which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, firm reference number 736284. Information on the Fund is intended for professional investors only; any reproduction of this information, in whole, or part, is prohibited. The content is for information purposes only and should not be used or considered as an offer or solicitation to purchase or sell the securities mentioned herein. The SFC Angel Fund (the ‘SFC Fund’ or the ‘Fund’) is defined as an ‘unregulated collective investment scheme’ (‘UCIS’) and the promotion of a UCIS either within the UK or from the UK is severely restricted by statute. Consequently, this document is only directed at professional clients and eligible counterparties as defined by the FCA and also to persons of a kind to whom the Fund may lawfully be promoted by an authorised person by virtue of Section 238(5) of the Financial Services and Markets Act 2000 and COBS 4.12.4R. Any decision by an investor to buy shares in a fund must be made solely on the basis of the information and terms contained within the Fund’s offering memorandum. Investment in the Fund is made entirely at the investor’s own risk and professional advice should be sought in case of doubt. The SFC Angel Fund is an SEIS/EIS fund which raises money for early-stage businesses by investing in SEIS and EIS eligible ventures with the aim of returning a profit for investors in the fund. Investment in early-stage companies involves risks such as illiquidity, lack of dividends, loss of investment and dilution. Investment in SEIS/EIS funds should be considered as part of a diversified portfolio. The availability of tax relief depends on individual circumstances and may change in the future. The availability of tax relief depends on the company invested in maintaining its SEIS/EIS qualifying status. There is no assurance that the investment objectives of any investment product will be achieved or that the strategies and methods described herein will be successful. Past performance is not necessarily a guide to future performance and the value of an investment may go down as well as up. Investors may not get back the full amount invested. No warranties or representations of any kind are expressed or implied on this website. I Accept The Terms ## FCA Mandatory Risk Warning & Risk Summary > ## Risk Warning > > **Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you are unlikely to be protected if something goes wrong.** ## Risk Summary **Estimated reading time: 2 min** Due to the potential for losses, the Financial Conduct Authority (“FCA”) considers this investment to be high risk.   What are the key risks? 1\. You could lose all the money you invest. Investments made by the SFC Angel Fund SEIS (the “Fund”) will be in shares in early-stage businesses. Investors in these shares often lose 100% of the money they invested, as many early-stage businesses fail. 2\. You are unlikely to be protected if something goes wrong Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance. Try the FSCS investment protection checker here: [https://www.fscs.org.uk/check/investment-protection-checker/](https://sfccapital.com/fca-mandatory-risk-warning-and-risk-summary/%20https://www.fscs.org.uk/check/investment-protection-checker/)    Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection here: [https://www.financial-ombudsman.org.uk/consumers](https://www.financial-ombudsman.org.uk/consumers) 3\. You won’t get your money back quickly Even if the businesses the Fund invests your money in are successful, it may take several years to get your money back. The most likely way to get your money back is if the businesses invested in by the Fund are bought by another business or list their shares on an exchange such as the London Stock Exchange. These events are not common. 4\. Don’t put all your eggs in one basket Putting all your money into a single business or type of investment for example, is risky. Spreading your money across different investments makes you less dependent on any one to do well.  A good rule of thumb is not to invest more than 10% of your money in high-risk investments.  [https://www.fca.org.uk/investsmart/5-questions-ask-you-invest](https://www.fca.org.uk/investsmart/5-questions-ask-you-invest) 5\. The value of your investment can be reduced The percentage of each investee company that the Fund owns will decrease if the business issues more shares. This could mean that the value of your investment in each investee company reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares.  These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment. 6\. S/EIS tax reliefs are not guaranteed Whilst it is the Fund's intention to invest mostly in companies qualifying under SEIS legislation, SFC cannot guarantee that all investments will qualify for S/EIS relief (or IHT relief) or, indeed, if they do initially, that they will continue to do so throughout the life of the investment. The tax advantages of investing through the Fund are therefore not guaranteed.  If you are interested in learning more about how to protect yourself, visit the FCA’s website here: [https://www.fca.org.uk/investsmart](https://www.fca.org.uk/investsmart)  Close Don’t invest unless you’re prepared to lose all the money you invest. This is a high risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more. [![SFC Logo + Title x web](https://sfccapital.com/hs-fs/hubfs/SFC%20Logo%20+%20Title%20x%20web.png?width=2000&name=SFC%20Logo%20+%20Title%20x%20web.png)](https://sfccapital.com) - [Startups](https://sfccapital.com/raise) - Investors - [SEIS Fund](https://sfccapital.com/seis-funds) - [EIS Fund](https://sfccapital.com/eis-funds) - [SEIS Explained](https://sfccapital.com/seis-explained) - [EIS Explained](https://sfccapital.com/eis-explained) - [Angel House](https://sfccapital.com/angel-house) - [Advisors](https://sfccapital.com/advisors) - [Portfolio](https://portal.sfccapital.com/portfolio) - [About Us](https://sfccapital.com/about-us) - [Blog](https://sfccapital.com/blog) - [Login](https://portal.sfccapital.com/login) # SFC's 2021: The Year in Review [Joseph Zipfel, Chief Investment Officer](https://sfccapital.com/blog/author/joseph-zipfel-chief-investment-officer) With a background in investment banking and a Master's from ESCP Europe, Joseph manages SFC Capital's investments, investor relations, and portfolio company fundraising strategies since 2014. 23 Dec 2021 [News](https://sfccapital.com/blog/tag/news) ##### Share on - - - #### SFC Capital’s busiest year yet: £15m in 94 companies, exits, milestones, and fighting for SEIS. After a record 2020, the pressure was on to keep up the pace in 2021. I am pleased to say that the team overdelivered and made 2021 our busiest year at SFC since we started almost ten years ago. In 2021 alone, we have invested a total of over £15m in 94 companies, making SFC the most active seed investor in the UK by a long margin, and one of the [most active in Europe](https://pitchbook.com/news/articles/q2-2021-interactive-global-league-tables?utm_medium=nl-na&utm_source=reports&utm_campaign=q2-2021-interactive-global-league-tables) – just behind Enterprise Ireland and BPI France.  This included 65 new investments from our pre-seed fund (SEIS), which backed a wide range of innovative ventures across Fintech, Life Sciences, Green Tech, Prop Tech and many more sectors that we believe will see tremendous growth over the coming years. This was a record number of new investments, and we were pleased to be named [SEIS Fund Manager of the Year](https://eisa.org.uk/events/the-eisa-awards-2021/) for the second consecutive year. Our growing EIS fund was also able to provide follow-on capital to 29 of our portfolio stars, including [Humanising Autonomy](https://www.humanisingautonomy.com/), [Novai](https://www.novai.co.uk/) and [Vertical Future](https://verticalfuture.com/). Re-investing in our best-performing alumni has become a core part of our strategy, and we look forward to growing our EIS fund in 2022 to provide more growth capital to the most outstanding businesses in [our portfolio](https://sfccapital.com/portfolio) of now over 300 companies. In 2021 our team has gained recognition from key industry players, having been named SEIS Fund Manager of the Year at the EIS Association Awards and [Most Active Investor in the Regions](https://awards.ukbaa.org.uk/categories/most-active-investor-in-the-regions/) at the UK Business Angels Association Awards – the latter being a testament to our commitment to support regional entrepreneurship. The majority of our investments this year were made outside of London and the South East, and all four UK nations are now represented in our portfolio! Most notably, we were named by Sifted as the [3rd most active investor in female entrepreneurs in Europe](https://sifted.eu/articles/top-vcs-female-portfolio/) (#1 in the UK)! This is a title that we are very proud of as we pledged eighteen months ago to make 50% of our new investments in female-led businesses, a target which we have reached this year and that we will strive to beat going forward. This year was also a coming of age for our portfolio, with several successful exits from the 2016, 2017 and 2018 cohorts. It has been a great feeling to give back to those investors who trusted us in our early days, when all we had to show for ourselves were a few slides and plenty of drive. The average multiple of these exits was 14x, delivering an IRR\* of 74%. This figure excludes tax relief, which will double investors’ returns in the case of SEIS. This demonstrates the great return potential of successful pre-seed investments – particularly when boosted by SEIS and EIS – which gives us even more confidence in our strategy of being the first investors in high potential companies and generating a string of large exits for our investors. Finally, SFC is increasingly establishing itself as a leading voice in the industry, and we are making sure that the challenges and opportunities of seed investors are heard. Our CEO Stephen Page made multiple appearances in the national press this year, and we published a [report on the state of the seed stage ecosystem](https://www.beauhurst.com/research/seeding-to-succeed/) in partnership with Beauhurst, which showed a decline in the number of first-round investments in the UK. This report has been the basis for several lobbying initiatives to support angel investments and expand the SEIS and EIS schemes in order to develop a thriving ecosystem for early-stage entrepreneurship in the UK. Next year, we will celebrate SFC Capital’s 10th anniversary, which will be a momentous occasion to celebrate our journey from a small angel club to one of the most active seed funds in Europe. In the meantime, we want to pursue our growth and keep meeting and investing in some of the most talented and ambitious innovators in the UK. *Capital at risk. For professional investors only.* *\*Internal Rate of Return calculated based on total funds invested and realised and unrealised gains excluding tax relief.* ## Related Articles 20 Dec 2024 [News](https://sfccapital.com/blog/tag/news) ##### [Looking Back at 2024: A Landmark Year for SFC Capital](https://sfccapital.com/blog/sfc-2024-year-in-review) As we close the chapter on 2024, we reflect on another milestone year for SFC Capital. [Read More](https://sfccapital.com/blog/sfc-2024-year-in-review) 22 Dec 2022 [News](https://sfccapital.com/blog/tag/news) ##### [SFC's 2022: The Year in Review](https://sfccapital.com/blog/sfc-2022-year-in-review) SFC Capital’s 10th anniversary year: More funding, more exits and more SEIS! 2022 being our 10th ann... [Read More](https://sfccapital.com/blog/sfc-2022-year-in-review) 5 Jul 2022 [News](https://sfccapital.com/blog/tag/news) ##### [SFC Capital invests in Zeed](https://sfccapital.com/blog/sfc-capital-invests-zeed) TikTok-style investment startup secures £205k in pre-seed funding from SFC Capital FinTech startup Z... [Read More](https://sfccapital.com/blog/sfc-capital-invests-zeed) [![SFC Logo + Title x web (white)](https://sfccapital.com/hs-fs/hubfs/SFC%20Logo%20+%20Title%20x%20web%20(white).png?width=2000&height=318&name=SFC%20Logo%20+%20Title%20x%20web%20(white).png)](https://sfccapital.com) - [Startups](https://sfccapital.com/raise) - [About Us](https://sfccapital.com/about-us) - [Blog](https://sfccapital.com/blog) - [Terms of Use](https://sfccapital.com/terms) - [Press](https://sfccapital.com/press) - [EIS Fund](https://sfccapital.com/eis-funds) - [SEIS Fund](https://sfccapital.com/seis-funds) - [SEIS Explained](https://sfccapital.com/seis-explained) - [EIS Explained](https://sfccapital.com/eis-explained) - [Advisors](https://sfccapital.com/advisors) - [Anti-Slavery Policy](https://sfccapital.com/anti-slavery-policy-statement) - [Privacy Policy](https://sfccapital.com/privacy) - [ESG Statement](https://sfccapital.com/esg-statement) - [Complaints Policy](https://sfccapital.com/complaints-procedure) - [FAQ's](https://sfccapital.com/faq) - - - [Login](https://portal.sfccapital.com/login) #### Partners: [![mayor of london logo](https://sfccapital.com/hs-fs/hubfs/mayor%20of%20london.png?width=564&height=247&name=mayor%20of%20london.png)](https://www.london.gov.uk/programmes-strategies/shaping-local-places/funding-opportunities/london-co-investment-fund-lcif) [![london coinvestment fund logo](https://sfccapital.com/hs-fs/hubfs/SFC_Capital_Theme/Image/london%20coinvestment%20fund.png?width=564&height=247&name=london%20coinvestment%20fund.png)](https://www.london.gov.uk/programmes-strategies/shaping-local-places/funding-opportunities/london-co-investment-fund-lcif) [![smb logo](https://sfccapital.com/hs-fs/hubfs/SFC_Capital_Theme/Image/smb.png?width=564&height=247&name=smb.png)](https://www.smb.london/) [![Young talent logo](https://sfccapital.com/hs-fs/hubfs/SFC_Capital_Theme/Image/Young%20talent%20(1).png?width=600&height=296&name=Young%20talent%20(1).png)](https://yourtalentsolutions.co.uk/) [![eisa logo](https://sfccapital.com/hs-fs/hubfs/eisa.png?width=564&height=247&name=eisa.png)](https://www.eisa.org.uk/) [![Bennet brooks logo](https://sfccapital.com/hs-fs/hubfs/SFC_Capital_Theme/Image/Bennet%20brooks.png?width=564&height=272&name=Bennet%20brooks.png)](http://www.bennettbrooks.co.uk/) [![SFC Web - HP - Partner Logos - British Business Bank (BBB BBI) (white; 104 x 50px)](https://sfccapital.com/hs-fs/hubfs/SFC%20Web%20-%20HP%20-%20Partner%20Logos%20-%20British%20Business%20Bank%20(BBB%20BBI)%20(white%3B%20104%20x%2050px).webp?width=520&height=250&name=SFC%20Web%20-%20HP%20-%20Partner%20Logos%20-%20British%20Business%20Bank%20(BBB%20BBI)%20(white%3B%20104%20x%2050px).webp)](https://www.bbinv.co.uk/) [![ukri - innovate uk logo](https://sfccapital.com/hs-fs/hubfs/SFC_Capital_Theme/Image/ukri%20-%20innovate%20uk.png?width=564&height=248&name=ukri%20-%20innovate%20uk.png)](https://www.ukri.org/councils/innovate-uk/) [![investing in women code logo](https://sfccapital.com/hs-fs/hubfs/SFC_Capital_Theme/Image/investing%20in%20women%20code.png?width=564&height=248&name=investing%20in%20women%20code.png)](https://www.gov.uk/government/publications/investing-in-women-code) [![uk business angels logo](https://sfccapital.com/hs-fs/hubfs/SFC_Capital_Theme/Image/uk%20business%20angels.png?width=564&height=247&name=uk%20business%20angels.png)](https://www.ukbaa.org.uk/) [![SFC Web - HP - Partner Logo (white; 104 x 50px) - Home Grown](https://sfccapital.com/hs-fs/hubfs/SFC%20Web%20-%20HP%20-%20Partner%20Logo%20(white%3B%20104%20x%2050px)%20-%20Home%20Grown.webp?width=520&height=250&name=SFC%20Web%20-%20HP%20-%20Partner%20Logo%20(white%3B%20104%20x%2050px)%20-%20Home%20Grown.webp)](https://homegrownclub.co.uk/) [![SFC Web - HP - Partner Logo (white; 104 x 50px) - Markel](https://sfccapital.com/hs-fs/hubfs/SFC%20Web%20-%20HP%20-%20Partner%20Logo%20(white%3B%20104%20x%2050px)%20-%20Markel.webp?width=520&height=250&name=SFC%20Web%20-%20HP%20-%20Partner%20Logo%20(white%3B%20104%20x%2050px)%20-%20Markel.webp)](http://www.markelinternational.com/) DISCLAIMER: SFC Capital Ltd (SFC) is an appointed representative of SFC Capital Partners Ltd which is authorised and regulated by the Financial Conduct Authority (‘FCA’) in the United Kingdom (FRN 736284). This website is intended for  professional investors, high net worth investor or certified sophisticated investors only for the purposes of the FCA's Conduct of Business Sourcebook.; any reproduction of this information, in whole, or part, is prohibited. The content is for information purposes only and should not be used or considered as an offer or solicitation to purchase or sell any securities. Investment in early-stage companies involves risks such as illiquidity, lack of dividends, loss of investment and dilution. Investment in SEIS/EIS eligible companies should be considered as part of a diversified portfolio. The availability of tax relief depends on individual circumstances and may change in the future. The availability of tax relief depends on the company invested in maintaining its SEIS/EIS qualifying status. There is no assurance that the investment objectives of any investment opportunity will be achieved or that the strategies and methods described herein will be successful. The investment products cited herein may place capital at risk and therefore investors may not get back the full amount invested. Past performance is not necessarily a guide to future performance and the value of an investment may go down as well as up. Investors may not get back the full amount invested. Companies’ pitches for investment are not offers to the public and investments can only be made by members of SFC Capital. SFC Capital takes no responsibility for this information or for any recommendations or opinions made by the companies. Neither SFC Capital nor any of its employees provide any financial or tax advice in relation to the investments and investors are recommended to seek independent financial and tax advice before committing. This website is not directed at or intended for publication or distribution to any person (natural or legal) in any jurisdiction where doing so would result in contravention of any applicable laws or regulations. No warranties or representations of any kind are expressed or implied herein. 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