Open letter: Founders for SEIS, EIS, and VCTs

Ahead of the Spring Budget 2023, The Entrepreneurs Network coordinated an open letter for founders to sign, in support of extending and enhancing tax reliefs on growth investment. Following are our first 200 signatories.

Dear Sir/Madam

The United Kingdom has an enviable start-up ecosystem. Over the last decade, the amount invested in start-ups has increased seventeenfold, from £1.6bn in 2011 to £27.7bn in 2021. London is by far and away the start-up capital of Europe – receiving twice as much investment as second-place Paris. This investment has helped establish world-leading companies – creating thousands of well-paying jobs, and generating tax revenues to pay for public services in the process. 

Much of this success is owed to pragmatic government support, providing the right environment for the ecosystem to thrive. Among this support has been the UK’s tax relief schemes: the Seed Enterprise Investment Scheme (SEIS), the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs). All of these schemes confer a tax benefit to people who take a risk in backing British start-ups, and many founders who have signed this letter agree that they have been indispensable to getting their business off the ground.

At the Autumn Statement last November, the Chancellor Jeremy Hunt confirmed the Government would be expanding the generosity and availability of SEIS. The amount of investment companies could raise through it would increase by two thirds, and annual limits for individual investors would double. The asset limit threshold would also rise, and the age limit for a company to be eligible would increase from two to three years. These updates were music to the ears of Britain’s start-up scene. But despite the welcome news, the Government still is yet to pass the necessary legislation to put these proposed changes into practice.

EIS and VCTs face further uncertainty. In the accompanying documents to the Autumn Statement the Government said it “sees the value of extending them in the future.” This is a welcome statement but requires further detail. Investors and entrepreneurs know the lifespan of the schemes are finite unless legislation is passed to extend them.

Prioritising start-ups can help the Government deliver on its agenda for growth. It should start by passing the necessary legislation to cement the position of these targeted tax reliefs, which so many start-ups rely on to flourish. Uncertainty about their future is already negatively impacting start-ups looking to raise investment, as nobody can be sure about what the rules for follow-up fundraises may be. The forthcoming Budget gives an opportunity to set this straight – and we, as the start-up community, hope the Chancellor takes it.

Signatories

1. Aron Gelbard – Co-Founder & CEO, Bloom & Wild

2. Cécile Reinaud – Founder, Seraphine

3. Chris Hulatt – Co-Founder, Octopus

4. Dr Sarah Wood OBE – Founder, Investor & Non-Exec Director, Portfolio

5. Emilie Vanpoperinghe – Co-Founder & CEO, Oddbox

6. George Graham – Co-Founder & CEO, Wolf & Badger

7. Giles Andrews OBE – Founder, Zopa

8. Hiroki Takeuchi – Co-Founder & CEO, GoCardless

9. Jonathan Petrides – Founder & CEO, allplants

10. Kathryn Bricken – Founder, Doughlicious

11. Melissa Morris – CEO, Lantum

12. Nicholas Hawker – Co-Founder & CEO, First Light Fusion

13. Rajeeb Dey MBE – CEO, Learnerbly

14. Saurav Chopra – Co-Founder, Perkbox

15. Sean Ramsden MBE – Founder & CEO, Ramsden International

16. Tom Adeyoola – Co-Founder, Extend Ventures

17. Virginie Charles-Dear – Founder, ToucanBox

18. Adrian Pepper – CEO, Pepper Media Group

19. Alan Wing-King – CEO, Syntegra Consulting

20. Alastair Campbell – CEO, Hurricane Works

21. Alec Mills – Founder, DAME

22. Alex Stephany – CEO, Beam

23. Alexandra Rico-Lloyd – Founder, Bike Club

24. Alexsis de Raadt St James – Founder, Merian Ventures

25. Alison Cork MBE – Founder, Alison at Home

26. Alison Ettridge – Founder & CEO, Talent Intuition

27. Amanda Gummer – CEO, The Good Toy Guide

28. Amanda Thomson – Founder & CEO, Thomson and Scott

29. Amelia Rope – Founder, Three Minutes

30. Amy Livingstone – Co-Founder, Cheeky Chompers

31. Andrew Brode – Chairman, RWS Holdings

32. Andrew Clayton – Founder & CEO, Fermtech

33. Andrew Dixon – CEO, ARC InterCapital

34. Andrew Tillard – Co-Founder, Animos

35. Andrew Yates – CEO, Artesian Solutions

36. Ann Kramer – CEO, The Electrospinning Company

37. Anne-Laure Le Cunff – CEO, Ness Labs

38. Anthony William Catt – Founder & Director , Ventures 54

39. Antigone Cote – Director, Quantico Financial

40. Aparajita Roy – Co-founder , KornChain

41. Archie Adams – Managing Director, Aqualiner

42. Asi Sharabi – CEO, Wonderbly

43. Audrey Mandela – Co-Founder, Multimap

44. Ben Greenstone – Founder, Taso Advisory

45. Bianca Cefalo – Co-Founder & CEO, Space Dimensionally Optimized Technology Satellites

46. Bill Thomas – Founder, Acresis

47. Brendan Beeken – Founder & CEO, Moni Talks

48. Brett O'Farrell – Co-Founder & CEO, KatKin

49. Cassandra Stavrou – Founder, PROPER Snacks

50. Catherine Bedford – Founder & CEO, Dashel Helmets

51. Chi-chi Ekweozor – Founder & CEO, Attendist

52. Chris McCullough – Co-Founder & CEO, Rotageek

53. Christian Owens – Founder & CEO, Paddle.com

54. Christiana Stewart-Lockhart – Director General, EIS Association (EISA)

55. Christina Richardson – Founder & CEO, weare3sixty

56. Christopher Baker-Brian – Co-Founder, BBOXX

57. Cindy van Niekerk – Founder & CEO, Umazi

58. Claire Burrows – Founder & CEO, Air & Grace

59. Claudine Adeyemi – Founder & CEO, Earlybird

60. Colin Glass OBE – Partner, WGN

61. Connie Nam – Founder & CEO, Astrid & Miyu

62. Cordelia Meacher – Founder & Managing Director, FieldHouse Associates

63. Craig Jamieson – Founder, Straw Innovations

64. Cristiana Banila – Co-Founder & CSO, Mitra Bio

65. Damon Oldcorn – Managing Partner, Oldcorn & Oldcorn LLP

66. Dan Bladen – Founder & CEO, Kadence

67. Dan Kieran – Co-Founder, Unbound

68. Dan Martin - Founder, Dan Martin Content & Events

69. Dan Vahdat – Founder & CEO, Huma

70. Danny Dixon – Founder and CEO, Portevo

71. Darren Evans – Founder & CEO, Dylogic

72. David Murray-Hundley – CEO, Pario Ventures

73. David Webster – Co-Founder, Global Tech Connect

74. Deepti Atrish – Founder & CEO, Poonyah Care

75. Deirdre Mc Gettrick – Founder & CEO, ufurnish.com

76. Derek Watson – Founder & Creative Director, CanalPath Creative

77. Diana Hodgins – CEO, Dynamic Metrics

78. Diane Young – CEO, Carnyx Group

79. Dinesh Dhamija – Founder, Ebookers

80. Douglas Orr – Founder & CEO, Message Matrix

81. Dr Norman E Price OBE – Director, BCRS

82. Dr Paul Reynolds – CEO, FSD Active

83. Duncan Cheatle – Founder & CEO, Learn Amp

84. Ed Bussey – Serial Entrepreneur,

85. Edward Green – CEO, NCIMB

86. Edward Spurrier – Director, 7SFI

87. Elizabeth Tweedale – CEO, Cypher Coding

88. Ellie Webb – Founder, Caleño Drinks

89. Elliot Street – Co-Founder & CEO, Inovus Medical

90. Emma Lawrence – Co-CEO, Starfish Accounting

91. Emma Little – Founder & CEO, ExecSpace

92. Emmanuelle Spriet – Founder, GETS Consulancy Services and SEMBA

93. Erika Brodnock – Co-Founder & CEO, Kinhub

94. Felicity Briggs – Founder, Briggs Financial Services

95. Francis Toye – Founder & CEO, Unilink Software

96. Giovanna Forte – Founder & CEO, Forte Medical

97. Glenda Devlin – Managing Director, Your Health and Care

98. Hugh Aldous – Chairman, Downing Strategic Micro-Cap Investment Trust

99. Ira Guha – Founder, Asan

100. Irina Pafomova – Co-Founder, Engelworks

101. Jacob Herandi – Co-Founder & COO, Kinhub

102. James Frewin – Founder, OCTOBER

103. James Palmer – Founder, Stratal

104. James Rickard – CSO, Biotherapy Services

105. James Turford – Co-Founder & COO, Nested

106. Jamie Strauss – Founder & CEO, Digbee

107. Jarmila Yu – Founder, YUnique Marketing

108. Jonathan Gan – Co-Founder & CEO, Whichit

109. Jonathan M Wogel – CEO, NorthWest EHealth

110. Jose Videira – Co-Founder & CEO, Synbiosys

111. Josh Lachkovic – Founder, Amphora

112. Josie Baum – Managing Director, ARC Club

113. Julia Elliott Brown – Founder & CEO, Enter The Arena

114. Julie Wilson – Co-Founder, Cheeky Chompers

115. Julien Seligmann – COO, SeedLegals

116. Karim Sekkat – Managing Director, Oxford Engineering Group

117. Karina Robinson – CEO, Redcliffe Advisory

118. Kathryn Bumby – Founder, Yorkshire Pasta Company

119. Kathryn Parsons – Founder & CEO, Decoded

120. Katie Lopes – Founder, Stripe & Stare

121. Keisha Shah – Founder, Teddo Play Educational

122. Keith Tsui – CEO and Co-Founder, Medwise AI

123. Kelly McCabe – Founder & CEO, Perci Health

124. Kerry Bolt – Co-Founder, B&B studio

125. Keyu Sumaria – Co-Founder, The Oblique Life

126. Kim Nilsson – Co-Founder & CEO, PeripherAi

127. Laura Towart – Founder & CEO, Vivan Therapeutics

128. Logan Naidu – CEO, Dartmouth Partners

129. Lorna Harries – Co-Founder & CSO, SENISCA

130. Louis Bedwell – Managing Director, Mission Ventures

131. Louise Hill – Co-Founder and COO, GoHenry

132. Lucy Stonehill – Founder & CEO, BridgeU

133. Manya Klempner – Founder, Rathbone Boxing Club

134. Mark Nicholson – Co-Founder & CEO, Vivacity Labs

135. Martin Banbury – Founder, Streetify

136. Mat Oram – Co-Founder & CEO, AdviseInc

137. Matthew Dreaper – Co-Founder, Oxford Space Systems

138. Merilee Karr – Founder & CEO, UnderTheDoormat Group

139. Michael Covell – Chairman, Cura Opis

140. Michael Goulden – Co-Founder, Kerbo Charge

141. Michael Grimsdale – Director, Graeme Consultancy

142. Michael Murdoch – CEO, The House

143. Mike Spicer – Founder, PolicyDepartment

144. Nicholas Beatty – Founder, Zenobe Energy

145. Nick Giles – Co-Founder, Seven Hills

146. Nick Patrick – Founder, Vicit

147. Nick Roach – Director, Geminus Innovation

148. Nicola Piercy – Co-Founder, Stripe and Stare

149. Nigel Parrott – Co-Founder, Mission Ventures

150. Nina Mohanty – Co-Founder & CEO, Bloom Money

151. Paddy Willis – Co-Founder & Chairman, Mission Ventures

152. Paul Baker – Founder, St Pierre Groupe

153. Paul Farrer – Founder & Chairman, Aspire Global Network

154. Paul Gaudin – Founder & CEO, CareRooms

155. Paul Stephen – Co-Founder, Remarkable Group

156. Perry Haydn Taylor – Founder, Big Fish Design

157. Peter Roberts – Chairman , Gymfinity Kids

158. Philip Salter – Founder, The Entrepreneurs Network

159. Priya Guha MBE – Venture Partner, Merian Ventures

160. Richard Chambers – Founder & CEO, Get A Drip

161. Richard Mabey – Co-Founder & CEO, Juro

162. Rob Adlard – Co-Founder & EO, Gravitilab Aerospace Services

163. Rob Griffin – CEO, MIRACL

164. Robin Lodge – Director, Igence Software

165. Rockwell Shah – Founder, Pzizz

166. Romeo Effs – Founder & CEO, Lumorus

167. Rushina Shah – Founder, Insane Grain

168. Russ Shaw CBE – Founder, Tech London Advocates & Global Tech Advocates

169. Ruzbeh Bacha – Founder & CEO, City Falcon

170. Sally Coulden – Founder & CEO, Red Dog Glass Design

171. Sam Alsop-Hall – Founder, Clive Henry Group

172. Samit Biswas – Founder & CEO, Advatech Healthcare Europe

173. Sarah Bolt – Founder & CEO, Humankind Ventures

174. Sarah D'Souza – Co-Founder & COO, Jiva.ai

175. Sarah Dowzell – Co-Founder, Natural HR

176. Sarah Orecchia – Founder, Unbeelievable Health

177. Shachar Bialick – Founder & CEO, Curve OS

178. Simon Hay – Co-Founder, Firefly Learning

179. Simon Hornby – Managing Partner, Thornhill Consulting Group

180. Simon Thethi – Founder, Indicium Ventures

181. Sonya Bachra-Byrne – Director, AVIE

182. Sophie Eden – Co-Founder, Gordon & Eden

183. Stephen Coulson – Founder & CSO, P2i

184. Stephen Folwell – Founder, Muddy Trowel

185. Stephen Phillips – CEO & Founder, Zappi

186. Stuart Lucas – Exec Chairman, Asset Match

187. Taeje Park – Chairman, Kickstart

188. Teresa Clark – Founder, The Wellness Revolution

189. Theresa Burton – Director, Trillion Fund

190. Tim Brownstone – Founder & CEO, KYMIRA

191. Tim Le Mesurier – Founder and Managing Director, Greenbest

192. Tim Ringrose – CEO, Cognitant Group

193. Timothy Antos – Co-Founder & CEO, Kokoon Technology

194. Tobi Schneidler – Founder & Chairman , Bouncepad / Spotspot

195. Toby Moore – Co-Founder, Space Ape Games

196. Tom Carrell – Founder, Cydar

197. Trudie Fell – Co-founder & CEO, BelleVie Care

198. Yali Sassoon – Co-Founder & CSO, Snowplow.io

199. Yang Liu – Founder & CEO, JustWears

200. Zoe Rowswell – Co-Founder, Tern Eco