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Subject: =?utf-8?Q?Treasury=20to=20the=20Rescue=20=2D=20Thoughts=20from=20the=20Chairman=20#4?=
From: =?utf-8?Q?Jeff=20Lynn?= <support@seedrs.com>
Reply-To: =?utf-8?Q?Jeff=20Lynn?= <support@seedrs.com>
To: <vince@showfile.com>
Date: Mon, 20 Apr 2020 07:23:49 +0000
Message-ID: <b211206c49ae6c040bfb8ae74.5ef1148adf.20200420072335.9162939256.d913ed14@mail170.atl221.rsgsv.net>
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View in browser (https://mailchi.mp/seedrs/covid19-379185?e=3D5ef1148adf)
https://www.seedrs.com/learn/blog/the-dry-powder-question-thoughts-from-th=
e-chairman-3?utm_source=3DSeedrs+newsletters&utm_campaign=3D9162939256-EMA=
IL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90=
523ee-9162939256-43129765

Dear Friends=2C

After weeks of writing about the need for government support to help start=
ups and scaleups through the Covid-19 crisis=2C I=E2=80=99m pleased to say=
 that we have a deal! This morning the Chancellor announced a billion-poun=
d rescue package=2C and at first look it is outstanding news for innovativ=
e=2C high-growth businesses across the UK.

In my note this week I will share some details and initial observations ab=
out the package. Then as we get more practical information in coming days=
 about how companies can take advantage of it=2C I will post further updat=
es. I will also be joining Brent Hoberman and others to talk about the pac=
kage on a digital ThinkIn that Seedrs is co-hosting with Tortoise (http://=
tortoisemedia.com/?utm_source=3DSeedrs+newsletters&utm_campaign=3D91629392=
56-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0=
_dfb90523ee-9162939256-43129765) this Friday=2C 24 April=2C at 1 pm=
 London time (more details below=2C and you can register for free here (ht=
tps://www.eventbrite.co.uk/e/sensemaker-live-start-ups-in-lock-down-should=
-the-state-step-in-tickets-102909964474?utm_source=3DSeedrs+newsletters&ut=
m_campaign=3D9162939256-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=
=3Demail&utm_term=3D0_dfb90523ee-9162939256-43129765) ).

Estimated reading time: 5 minutes

The Treasury Package

The package announced today (https://sifted.eu/articles/startups-governmen=
t-support/?utm_source=3DSeedrs+newsletters&utm_campaign=3D9162939256-EMAIL=
_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb9052=
3ee-9162939256-43129765) consists of two pots of funding totalling=
 =C2=A31 billion of government money.

The first is a =C2=A3750 million expansion of Innovate UK=E2=80=99s fundin=
g for the most R&D intensive small and medium-sized businesses. This will=
 be made up of grants and loans=2C and while the bulk of it is reserved fo=
r businesses who are already receiving Innovate UK funding=2C over =C2=A32=
00 million will be offered to new firms.

The second pot is a =C2=A3250 million fund=2C called the Future Fund=2C wh=
ich will be administered by the British Business Bank (BBB) and will inves=
t between =C2=A3125=2C000 and =C2=A35 million in high-growth UK companies.=
 The investment will take the form of a convertible note=2C and the main e=
ligibility criteria that have been announced so far are the following:
* The investment will be made on a 50:50 matched basis with private sector=
 investment. So companies will need to raise the private sector money firs=
t before they are eligible for the government funding (it is not yet clear=
 whether a binding commitment from private investors will be sufficient or=
 whether cash needs to be in the bank).

* In the past five years=2C the company must have raised at least =C2=A325=
0=2C000 from third-party investors (excluding any funding that is part of=
 the match).

* The company must be an unlisted UK registered company.

The terms of the note will depend to an extent on what is agreed by the pr=
ivate investors=2C but Treasury has published a partial term sheet (https:=
//assets.publishing.service.gov.uk/government/uploads/system/uploads/attac=
hment_data/file/880119/Convertible_Loan_Key_Terms_-__Final_Version_.pdf?ut=
m_source=3DSeedrs+newsletters&utm_campaign=3D9162939256-EMAIL_CAMPAIGN_202=
0_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-916293925=
6-43129765) setting out the minimum terms that the government inves=
tment will require.

The Future Fund will be available from May=2C and Treasury says that it wi=
ll =E2=80=9Cinitially=E2=80=9D be open until the end of September. They al=
so say that the =C2=A3250 million scale of the fund will be kept under rev=
iew.

Together=2C the Innovate UK and Future Fund pots represent a major commitm=
ent by the Government to support Britain=E2=80=99s most innovative busines=
ses during the Covid-19 crisis. As has been widely discussed (including by=
 me here (https://www.seedrs.com/learn/blog/thoughts-from-the-chairman-1?u=
tm_source=3DSeedrs+newsletters&utm_campaign=3D9162939256-EMAIL_CAMPAIGN_20=
20_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-91629392=
56-43129765) )=2C the existing relief schemes=2C especially CBILS=
=2C were never going to be sufficient to protect this key part of the futu=
re economy. And with France and Germany having already announced packages=
 for their startups and scaleups=2C there was a real risk that the UK ecos=
ystem was going to emerge from this crisis in much worse shape than its Co=
ntinental counterparts. So I think everyone who believes=E2=80=94as I so s=
trongly do=E2=80=94in the power of ambitious=2C entrepreneurial companies=
 to drive innovation=2C job creation and economic growth should celebrate=
 this announcement. (For an excellent analysis of what all this means for=
 the ecosystem=2C it is worth reading the piece
(https://www.telegraph.co.uk/technology/2020/04/20/government-trusting-tec=
h-start-ups-now-need-deliver/?utm_source=3DSeedrs+newsletters&utm_campaign=
=3D9162939256-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&u=
tm_term=3D0_dfb90523ee-9162939256-43129765) written by Coadec=E2=80=
=99s Dom Hallas=E2=80=94who was one of the most important drivers behind m=
aking this package a reality=E2=80=94in today=E2=80=99s Telegraph).

There are still a number of details that either have not been disclosed or=
 have not been decided yet:
* One question is where the private sector investment for the Future Fund=
 can come from in order to be eligible for the government match. As might=
 be expected=2C there are a few of the old guard venture capitalists who h=
ave said that it should only come from them. This would be a huge problem=
 for seed and early-stage businesses=2C many of whom are pre-VC=2C as well=
 as for many regional (and London=2C for that matter) companies who have c=
hosen to raise capital from investors other than VCs. Given my belief that=
 high-growth private companies should be an open and transparent asset cla=
ss=2C rather than the closed and opaque one it once was=2C I of course thi=
nk that investment should be able to come from the widest possible range o=
f investors. Fortunately I am told that senior government officials agree.

* Another is around whether or not the matching private investment needs t=
o be on identical terms. Convertible notes are generally not eligible for=
 SEIS or EIS relief=2C but with a few reasonably small changes=2C they can=
 become Advanced Subscription Agreements (ASAs)=2C which are eligible. Whe=
ther ASAs will be allowed as matching investment=2C and what other varianc=
es may be allowed to suit the particular needs of the private investors (w=
ithout disadvantaging the government=E2=80=99s investment)=2C is TBD.

* And then there is the (larger) pool from Innovate UK. Much of this will=
 fall under existing programmes=2C but all we know about the final =C2=A32=
10 million is that it is meant to go in =C2=A3175=2C000 chunks to 1=2C200=
 companies who do not currently receive Innovate UK funds.

While there may be devil in these and other details=2C I am optimistic tha=
t the open issues will be resolved in a sensible way=2C and that the final=
 package will prove an effective solution that will help a tremendous numb=
er of Britain=E2=80=99s high-potential startups and scaleups make it throu=
gh this crisis.

Resources

Here are a few articles and other resources I thought worth sharing from t=
he past week:
*  From Fred Destin=2C one of the long-time greats of the UK venture capit=
al scene and founder of Stride.VC=2C comes a hugely informative piece (htt=
ps://medium.com/@fdestin/vc-terms-return-of-the-barbarians-77149fe2be88?ut=
m_source=3DSeedrs+newsletters&utm_campaign=3D9162939256-EMAIL_CAMPAIGN_202=
0_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-916293925=
6-43129765) about the potential return of abusive terms in VC round=
s. When I co-founded Seedrs in 2009=2C I heard about these kinds of terms=
 existing in the market=2C but even then they were on their way out=2C and=
 they have largely disappeared=E2=80=94or perhaps been in hibernation=E2=
=80=94for the past decade. Fred gives a clear and concise explanation of w=
hat founders (as well as all of the investors in the company) should be lo=
oking out for.

* From the FT comes reporting (https://www.ft.com/content/0ee743b2-02ba-49=
96-9716-b34e2e676282?utm_source=3DSeedrs+newsletters&utm_campaign=3D916293=
9256-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=
=3D0_dfb90523ee-9162939256-43129765) on what may be the crisis=E2=
=80=99s first impact on merger control. Deliveroo=E2=80=99s strategic inve=
stment from Amazon=E2=80=94which the UK Competition and Markets Authority=
 had held up for some time (much to the frustration (https://www.ft.com/co=
ntent/604484f0-41f4-11ea-bdb5-169ba7be433d?utm_source=3DSeedrs+newsletters=
&utm_campaign=3D9162939256-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_med=
ium=3Demail&utm_term=3D0_dfb90523ee-9162939256-43129765) of Deliver=
oo=E2=80=99s other investors)=E2=80=94has now been cleared. It appears tha=
t Deliveroo successfully invoked the =E2=80=9Cfailing firm=E2=80=9D defenc=
e=2C a not-often-successful plea that=2C but for the transaction=E2=80=99s=
 approval=2C the company would go bust.

* From analyst-turned-VC Mary Meeker=2C who is famous for her annual Inter=
net Trends Report=2C comes a special Coronavirus Trends Report (https://ww=
w.axios.com/mary-meeker-coronavirus-trends-report-0690fc96-294f-47e6-9c57-=
573f829a6d7c.html?utm_source=3DSeedrs+newsletters&utm_campaign=3D916293925=
6-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_=
dfb90523ee-9162939256-43129765) . The report was created for the li=
mited partners of Meeker=E2=80=99s Bond Capital but has been made availabl=
e publicly via Axios.

* Finally=2C from VC-turned-analyst Benedict Evans comes a compelling piec=
e (https://www.ben-evans.com/benedictevans/2020/4/13/covid-and-forced-expe=
riments?utm_source=3DSeedrs+newsletters&utm_campaign=3D9162939256-EMAIL_CA=
MPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee=
-9162939256-43129765) that looks at tech evolution/adoption during=
 the crisis through the lens of forced experimentation. I found it a parti=
cularly interesting take because it makes little in the way of specific pr=
edictions about how we will live and work after the crisis=2C but it provi=
des a useful framework through which to think about the question.


Tortoise ThinkIns

I=E2=80=99m pleased to announce that Seedrs will be partnering with Tortoi=
se (http://tortoisemedia.com/?utm_source=3DSeedrs+newsletters&utm_campaign=
=3D9162939256-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&u=
tm_term=3D0_dfb90523ee-9162939256-43129765) in the coming weeks to=
 co-host a series of digital ThinkIns that dig deeper into how this Covid-=
19 crisis is affecting startups=2C and what might happen next.

Many of you will know of Tortoise=2C the new media organisation =E2=80=9Co=
n a mission to slow down and open up journalism.=E2=80=9D Founded by James=
 Harding (former Head of BBC News) and Katie Vanneck-Smith (former Preside=
nt of the Wall Street Journal)=2C Tortoise publishes just one story each d=
ay. We=E2=80=99re big fans of their work and are thrilled to be collaborat=
ing with them on this.

The first ThinkIn will be this Friday=2C at 1 pm London time=2C and it is=
 called: Startups in lock-down: should the state step in? It will be a tim=
ely discussion given today=E2=80=99s announcement. I will be joined on the=
 panel by Brent Hoberman and a range of other guests=2C and it is intended=
 to be a participatory discussion. Tortoise has opened their digital newsr=
oom up to everyone in the Seedrs community for this=2C and their editors a=
re looking for real experiences=2C new perspectives and story angles from=
 the start-up front line.

So please click here to register (https://www.eventbrite.co.uk/e/sensemake=
r-live-start-ups-in-lock-down-should-the-state-step-in-tickets-10290996447=
4?utm_source=3DSeedrs+newsletters&utm_campaign=3D9162939256-EMAIL_CAMPAIGN=
_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-91629=
39256-43129765) =2C come along and have your say.

***
That=E2=80=99s it from me for now. As always please do let me know any fee=
dback or contributions=2C and I hope you all stay well and safe in the wee=
k ahead.

Best wishes=2C

Jeff Lynn
Executive Chairman & Co-Founder

View this update on our site (https://www.seedrs.com/learn/blog/treasury-t=
o-the-rescue-thoughts-from-the-chairman-4?utm_source=3DSeedrs+newsletters&=
utm_campaign=3D9162939256-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medi=
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</table><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" class=3D"mcnTextBlock" style=3D"min-width: 100%;border-collapse: coll=
apse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100=
%;-webkit-text-size-adjust: 100%;">
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        <tr>
            <td valign=3D"top" class=3D"mcnTextBlockInner" style=3D"paddin=
g-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webki=
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pacing=3D"0" style=3D"max-width: 100%;min-width: 100%;border-collapse: col=
lapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 10=
0%;-webkit-text-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContent=
Container">
                    <tbody><tr>

                        <td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding: 0px 18px 9px;line-height: 150%;mso-line-height-rule: exactly;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: brea=
k-word;color: #444444;font-family: 'Lato'=2C 'Helvetica Neue'=2C Helvetica=
=2C Arial=2C sans-serif;font-size: 16px;text-align: left;">

                            <p style=3D"line-height: 150%;margin: 10px 0;p=
adding: 0;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit=
-text-size-adjust: 100%;color: #444444;font-family: 'Lato'=2C 'Helvetica N=
eue'=2C Helvetica=2C Arial=2C sans-serif;font-size: 16px;text-align: left;=
"><span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Cs=
ans-serif"><span style=3D"font-size:14px">Dear Friends=2C<br>
<br>
After weeks of writing about the need for government support to help start=
ups and scaleups through the Covid-19 crisis=2C I=E2=80=99m pleased to say=
 that we have a deal! This morning the Chancellor announced a billion-poun=
d rescue package=2C and at first look it is outstanding news for innovativ=
e=2C high-growth businesses across the UK.<br>
<br>
In my note this week I will share some details and initial observations ab=
out the package. Then as we get more practical information in coming days=
 about how companies can take advantage of it=2C I will post further updat=
es. I will also be joining Brent Hoberman and others to talk about the pac=
kage on a digital ThinkIn that Seedrs is co-hosting with <a href=3D"https:=
//seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=
=3D23a98136f4&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-=
rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;co=
lor: #007c89;font-weight: normal;text-decoration: underline;">Tortoise</a>=
 this <strong>Friday=2C 24 April=2C at 1 pm London time</strong> (more det=
ails below=2C and you can <a href=3D"https://seedrs.us4.list-manage.com/tr=
ack/click?u=3Db211206c49ae6c040bfb8ae74&id=3D2fc8f8ac43&e=3D5ef1148adf" t=
arget=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-adju=
st: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: normal=
;text-decoration: underline;">register for free here</a>).</span></span><b=
r>
<br>
<span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csan=
s-serif"><span style=3D"font-size:14px"><strong>Estimated reading time:</s=
trong>&nbsp;5&nbsp;minutes</span></span><br>
<br>
<span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csan=
s-serif"><strong><span style=3D"font-size:20px">The Treasury Package</span=
></strong><br>
<br>
<span style=3D"font-size:14px">The package <a href=3D"https://seedrs.us4.l=
ist-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D6be3a80d68&e=
=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-=
ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;fo=
nt-weight: normal;text-decoration: underline;">announced today</a> consist=
s of two pots of funding totalling =C2=A31 billion of government money.<br=
>
<br>
The first is a =C2=A3750 million expansion of Innovate UK=E2=80=99s fundin=
g for the most R&amp;D intensive small and medium-sized businesses. This w=
ill be made up of grants and loans=2C and while the bulk of it is reserved=
 for businesses who are already receiving Innovate UK funding=2C over =C2=
=A3200 million will be offered to new firms.&nbsp;<br>
<br>
The second pot is a =C2=A3250 million fund=2C called the Future Fund=2C wh=
ich will be administered by the British Business Bank (BBB) and will inves=
t between =C2=A3125=2C000 and =C2=A35 million in high-growth UK companies.=
 The investment will take the form of a convertible note=2C and the main e=
ligibility criteria that have been announced so far are the following:&nbs=
p;</span></span></p>

<ul>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-size:14px"><span style=
=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif">Th=
e investment will be made on a 50:50 matched basis with private sector inv=
estment. So companies will need to raise the private sector money first be=
fore they are eligible for the government funding (it is not yet clear whe=
ther a binding commitment from private investors will be sufficient or whe=
ther cash needs to be in the bank).</span></span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-size:14px"><span style=
=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif">In=
 the past five years=2C the company must have raised at least =C2=A3250=2C=
000 from third-party investors (excluding any funding that is part of the=
 match).</span></span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-size:14px"><span style=
=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif">Th=
e company must be an unlisted UK registered company.</span></span></li>
</ul>
<span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csan=
s-serif"><span style=3D"font-size:14px">The terms of the note will depend=
 to an extent on what is agreed by the private investors=2C but Treasury h=
as published a <a href=3D"https://seedrs.us4.list-manage.com/track/click?u=
=3Db211206c49ae6c040bfb8ae74&id=3D2c2db55454&e=3D5ef1148adf" target=3D"_b=
lank" style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-w=
ebkit-text-size-adjust: 100%;color: #007c89;font-weight: normal;text-decor=
ation: underline;">partial term sheet</a> setting out the minimum terms th=
at the government investment will require.<br>
<br>
The Future Fund will be available from May=2C and Treasury says that it wi=
ll =E2=80=9Cinitially=E2=80=9D be open until the end of September. They al=
so say that the =C2=A3250 million scale of the fund will be kept under rev=
iew.<br>
<br>
Together=2C the Innovate UK and Future Fund pots represent a major commitm=
ent by the Government to support Britain=E2=80=99s most innovative busines=
ses during the Covid-19 crisis. As has been widely discussed (including by=
 me <a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c=
49ae6c040bfb8ae74&id=3D0083a0d694&e=3D5ef1148adf" target=3D"_blank" style=
=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-=
size-adjust: 100%;color: #007c89;font-weight: normal;text-decoration: unde=
rline;">here</a>)=2C the existing relief schemes=2C especially CBILS=2C we=
re never going to be sufficient to protect this key part of the future eco=
nomy. And with France and Germany having already announced packages for th=
eir startups and scaleups=2C there was a real risk that the UK ecosystem w=
as going to emerge from this crisis in much worse shape than its Continent=
al counterparts. So I think everyone who believes=E2=80=94as I so strongly=
 do=E2=80=94in the power of ambitious=2C entrepreneurial companies to driv=
e innovation=2C job creation and economic growth should celebrate this ann=
ouncement.&nbsp;(For an excellent analysis of what all this means for the=
 ecosystem=2C it is worth reading the <a href=3D"https://seedrs.us4.list-m=
anage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D693eb3d155&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-te=
xt-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-we=
ight: normal;text-decoration: underline;">piece</a> written by Coadec=E2=
=80=99s Dom Hallas=E2=80=94who was one of the most important drivers behin=
d making this package a reality=E2=80=94in today=E2=80=99s Telegraph).<br>
<br>
There are still a number of details that either have not been disclosed or=
 have not been decided yet:</span></span>

<ul>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">On=
e question is where the private sector investment for the Future Fund can=
 come from in order to be eligible for the government match. As might be e=
xpected=2C there are a few of the old guard venture capitalists who have s=
aid that it should only come from them. This would be a huge problem for s=
eed and early-stage businesses=2C many of whom are pre-VC=2C as well as fo=
r many regional (and London=2C for that matter) companies who have chosen=
 to raise capital from investors other than VCs. Given my belief that high=
-growth private companies should be an open and transparent asset class=2C=
 rather than the closed and opaque one it once was=2C I of course think th=
at investment should be able to come from the widest possible range of inv=
estors. Fortunately I am told that senior government officials agree.&nbsp=
;</span></span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">An=
other is around whether or not the matching private investment needs to be=
 on identical terms. Convertible notes are generally not eligible for SEIS=
 or EIS relief=2C but with a few reasonably small changes=2C they can beco=
me Advanced Subscription Agreements (ASAs)=2C which are eligible. Whether=
 ASAs will be allowed as matching investment=2C and what other variances m=
ay be allowed to suit the particular needs of the private investors (witho=
ut disadvantaging the government=E2=80=99s investment)=2C is TBD.</span></=
span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">An=
d then there is the (larger) pool from Innovate UK. Much of this will fall=
 under existing programmes=2C but all we know about the final =C2=A3210 mi=
llion is that it is meant to go in =C2=A3175=2C000 chunks to 1=2C200 compa=
nies who do not currently receive Innovate UK funds.&nbsp;</span></span></=
li>
</ul>
<span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csan=
s-serif"><span style=3D"font-size:14px">While there may be devil in these=
 and other details=2C I am optimistic that the open issues will be resolve=
d in a sensible way=2C and that the final package will prove an effective=
 solution that will help a tremendous number of Britain=E2=80=99s high-pot=
ential startups and scaleups make it through this crisis.</span><br>
<br>
<strong><span style=3D"font-size:20px">Resources</span></strong><br>
<br>
<span style=3D"font-size:14px">Here are a few articles and other resources=
 I thought worth sharing from the past week:</span></span>

<ul>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-size:14px"><span style=
=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif">&n=
bsp;From <strong>Fred Destin</strong>=2C one of the long-time greats of th=
e UK venture capital scene and founder of Stride.VC=2C comes a <a href=3D"=
https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae=
74&id=3D459eb1773a&e=3D5ef1148adf" style=3D"mso-line-height-rule: exactly=
;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;=
font-weight: normal;text-decoration: underline;">hugely informative piece<=
/a> about the potential return of abusive terms in VC rounds. When I co-fo=
unded Seedrs in 2009=2C I heard about these kinds of terms existing in the=
 market=2C but even then they were on their way out=2C and they have large=
ly disappeared=E2=80=94or perhaps been in hibernation=E2=80=94for the past=
 decade. Fred gives a clear and concise explanation of what founders (as w=
ell as all of the investors in the company) should be looking out for.</sp=
an></span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-size:14px"><span style=
=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif">Fr=
om the <strong>FT</strong> comes <a href=3D"https://seedrs.us4.list-manage=
=2Ecom/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D17d826fb51&e=3D5ef1148adf" style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-w=
ebkit-text-size-adjust: 100%;color: #007c89;font-weight: normal;text-decor=
ation: underline;">reporting</a> on what may be the crisis=E2=80=99s first=
 impact on merger control. Deliveroo=E2=80=99s strategic investment from A=
mazon=E2=80=94which the UK Competition and Markets Authority had held up f=
or some time (much to the <a href=3D"https://seedrs.us4.list-manage.com/tr=
ack/click?u=3Db211206c49ae6c040bfb8ae74&id=3D78ff5cb58d&e=3D5ef1148adf" s=
tyle=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-t=
ext-size-adjust: 100%;color: #007c89;font-weight: normal;text-decoration:=
 underline;">frustration</a> of Deliveroo=E2=80=99s other investors)=E2=80=
=94has now been cleared. It appears that Deliveroo successfully invoked th=
e =E2=80=9Cfailing firm=E2=80=9D defence=2C a not-often-successful plea th=
at=2C but for the transaction=E2=80=99s approval=2C the company would go b=
ust.</span></span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-size:14px"><span style=
=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif">Fr=
om analyst-turned-VC <strong>Mary Meeker</strong>=2C who is famous for her=
 annual Internet Trends Report=2C comes a special <a href=3D"https://seedr=
s.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Db9898=
e9be2&e=3D5ef1148adf" style=3D"mso-line-height-rule: exactly;-ms-text-siz=
e-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight:=
 normal;text-decoration: underline;">Coronavirus Trends Report</a>. The re=
port was created for the limited partners of Meeker=E2=80=99s Bond Capital=
 but has been made available publicly via Axios.</span></span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-size:14px"><span style=
=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif">Fi=
nally=2C from VC-turned-analyst <strong>Benedict Evans</strong> comes a <a=
 href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c=
040bfb8ae74&id=3Dcda28b27f9&e=3D5ef1148adf" style=3D"mso-line-height-rule=
: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color:=
 #007c89;font-weight: normal;text-decoration: underline;">compelling piece=
</a> that looks at tech evolution/adoption during the crisis through the l=
ens of forced experimentation. I found it a particularly interesting take=
 because it makes little in the way of specific predictions about how we w=
ill live and work after the crisis=2C but it provides a useful framework t=
hrough which to think about the question.</span></span><br>
=09&nbsp;</li>
</ul>
<span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csan=
s-serif"><strong><span style=3D"font-size:20px">Tortoise ThinkIns</span></=
strong></span>

<div style=3D"text-align: left;">&nbsp;</div>
<span style=3D"font-size:14px"><img data-file-id=3D"41633" height=3D"270"=
 src=3D"https://mcusercontent.com/b211206c49ae6c040bfb8ae74/images/381a040=
b-0053-42b3-a988-53a1bca7a46b.png" style=3D"border: 0px;width: 480px;heigh=
t: 270px;margin: 0px;outline: none;text-decoration: none;-ms-interpolation=
-mode: bicubic;" width=3D"480"></span>

<p style=3D"line-height: 150%;margin: 10px 0;padding: 0;mso-line-height-ru=
le: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;colo=
r: #444444;font-family: 'Lato'=2C 'Helvetica Neue'=2C Helvetica=2C Arial=
=2C sans-serif;font-size: 16px;text-align: left;"><span style=3D"font-fami=
ly:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"=
font-size:14px">I=E2=80=99m pleased to announce that Seedrs will be partne=
ring with <a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db2=
11206c49ae6c040bfb8ae74&id=3D9d712c1940&e=3D5ef1148adf" target=3D"_blank"=
 style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit=
-text-size-adjust: 100%;color: #007c89;font-weight: normal;text-decoration=
: underline;">Tortoise</a> in the coming weeks to co-host a series of digi=
tal ThinkIns that dig deeper into how this Covid-19 crisis is affecting st=
artups=2C and what might happen next.<br>
<br>
Many of you will know of Tortoise=2C the new media organisation =E2=80=9Co=
n a mission to slow down and open up journalism.=E2=80=9D Founded by James=
 Harding (former Head of BBC News) and Katie Vanneck-Smith (former Preside=
nt of the Wall Street Journal)=2C Tortoise publishes just one story each d=
ay. We=E2=80=99re big fans of their work and are thrilled to be collaborat=
ing with them on this.<br>
<br>
The first ThinkIn will be this Friday=2C at 1 pm London time=2C and it is=
 called: <strong>Startups in lock-down: should the state step in?</strong>=
 It will be a timely discussion given today=E2=80=99s announcement. I will=
 be joined on the panel by Brent Hoberman and a range of other guests=2C a=
nd it is intended to be a participatory discussion. Tortoise has opened th=
eir digital newsroom up to everyone in the Seedrs community for this=2C an=
d their editors are looking for real experiences=2C new perspectives and s=
tory angles from the start-up front line.&nbsp;<br>
<br>
So please <a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db2=
11206c49ae6c040bfb8ae74&id=3Db66f4333b9&e=3D5ef1148adf" target=3D"_blank"=
 style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit=
-text-size-adjust: 100%;color: #007c89;font-weight: normal;text-decoration=
: underline;">click here to register</a>=2C come along and have your say.<=
/span></span><br>
<br>
<span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csan=
s-serif"><span style=3D"font-size:14px">***<br>
That=E2=80=99s it from me for now. As always please do let me know any fee=
dback or contributions=2C and I hope you all stay well and safe in the wee=
k ahead.<br>
<br>
Best wishes=2C<br>
<br>
<br>
Jeff Lynn<br>
Executive Chairman &amp; Co-Founder</span></span><br>
&nbsp;</p>

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                </tbody></table>
=09=09=09=09<!--[if mso]>
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    </tbody>
</table><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" class=3D"mcnButtonBlock" style=3D"min-width: 100%;border-collapse: co=
llapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 1=
00%;-webkit-text-size-adjust: 100%;">
    <tbody class=3D"mcnButtonBlockOuter">
        <tr>
            <td style=3D"padding-top: 0;padding-right: 18px;padding-bottom=
: 18px;padding-left: 18px;mso-line-height-rule: exactly;-ms-text-size-adju=
st: 100%;-webkit-text-size-adjust: 100%;" valign=3D"top" align=3D"center"=
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                <table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" cl=
ass=3D"mcnButtonContentContainer" style=3D"border-collapse: separate !impo=
rtant;border-radius: 3px;background-color: #92C840;mso-table-lspace: 0pt;m=
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nt;background-color: #F2F2F2;border: 1px solid #7A8288;border-collapse: co=
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00%;-webkit-text-size-adjust: 100%;">
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tent" style=3D"padding: 18px;color: #7A8288;font-family: Helvetica;font-si=
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                                        <div style=3D"text-align: left;"><=
span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans=
-serif"><span style=3D"font-size:14px"><span style=3D"color:#7a8288">Inves=
ting involves risks=2C including loss of capital=2C illiquidity=2C lack of=
 dividends and dilution=2C and should be done only as part of a diversifie=
d portfolio. Please read the </span><a href=3D"https://seedrs.us4.list-man=
age.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D03d600070d&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text=
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ht: normal;text-decoration: none;"><span style=3D"color:#1b82e6">Risk Warn=
ings</span></a><span style=3D"color:#7a8288"> before investing. Investment=
s should only be made by investors who understand these risks. Seedrs does=
 not make investment recommendations to you and any investment decision sh=
ould be made on the basis of the full campaign. No communications from See=
drs=2C through email or any other medium=2C should be construed as an inve=
stment recommendation.&nbsp;&nbsp;Tax treatment depends on individual circ=
umstances and is subject to change in future.&nbsp;</span></span></span></=
div>

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                            <div style=3D"text-align: left;"><span style=
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uthorised and regulated by the Financial Conduct Authority. Seedrs Limited=
 is a limited company=2C registered in England and Wales (No. 06848016)=2C=
 with registered office at Churchill House=2C 142-146 Old Street=2C London=
 EC1V 9BW.<br>
<br>
This message and any attachments are&nbsp;confidential=2C and may be prote=
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fer to sell=2C or a solicitation of an offer to buy=2C any security to any=
 person in any jurisdiction to whom or in which such offer=2C solicitation=
 or sale is unlawful. Seedrs does not provide legal=2C financial or tax ad=
vice of any kind=2C and nothing in this email constitutes such advice. If=
 you have any questions with respect to legal=2C financial or tax matters=
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 consult a professional adviser.&nbsp;<br>
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