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Subject: =?utf-8?Q?The=20Future=20Fund=20is=20Here=20=E2=80=94=20Thoughts=20from=20the=20Chairman=20#7?=
From: =?utf-8?Q?Jeff=20Lynn?= <support@seedrs.com>
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Date: Mon, 18 May 2020 16:33:06 +0000
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View in browser (https://mailchi.mp/seedrs/covid19-379653?e=3D5ef1148adf)
https://www.seedrs.com/learn/blog/the-future-fund-is-here-thoughts-from-th=
e-chairman-7?utm_source=3Dmailchimp&utm_medium=3Demail&utm_campaign=3Dthou=
ghtsfromthechairman_7&utm_content=3D180520&utm_source=3DSeedrs+newsletters=
&utm_campaign=3D98a1e10760-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_med=
ium=3Demail&utm_term=3D0_dfb90523ee-98a1e10760-43129765&mc_cid=3D98=
a1e10760&mc_eid=3D[UNIQID]
https://www.seedrs.com/learn/blog/the-future-fund-is-here-thoughts-from-th=
e-chairman-7?utm_source=3Dmailchimp&utm_medium=3Demail&utm_campaign=3Dthou=
ghtsfromthechairman_7&utm_content=3D180520&utm_source=3DSeedrs+newsletters=
&utm_campaign=3D98a1e10760-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_med=
ium=3Demail&utm_term=3D0_dfb90523ee-98a1e10760-43129765&mc_cid=3D98=
a1e10760&mc_eid=3D[UNIQID]
Dear Friends=2C
This afternoon the government published the long-awaited details of the Fu=
ture Fund=2C and the application portal for match funding applications wil=
l open on Wednesday. You can see an overview here (https://www.british-bus=
iness-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme=
s/future-fund/?utm_source=3DSeedrs+newsletters&utm_campaign=3D98a1e10760-E=
MAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb=
90523ee-98a1e10760-43129765&mc_cid=3D98a1e10760&mc_eid=3D[UNIQID])=
=2C investor-specific information and FAQs here (https://www.british-busi=
ness-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes=
/future-fund/investor-information/?utm_source=3DSeedrs+newsletters&utm_cam=
paign=3D98a1e10760-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Dem=
ail&utm_term=3D0_dfb90523ee-98a1e10760-43129765&mc_cid=3D98a1e10760=
&mc_eid=3D[UNIQID]) and company-specific information and FAQs here (https=
://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interr=
uption-loan-schemes/future-fund/company-information/?utm_source=3DSeedrs+n=
ewsletters&utm_campaign=3D98a1e10760-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_=
01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-98a1e10760-43129765&m=
c_cid=3D98a1e10760&mc_eid=3D[UNIQID]) .
If you are interested in raising your private match funding for the Future=
Fund through Seedrs=2C please get in touch. If you already have a contact=
at Seedrs=2C you can email them directly=2C or else please drop a line to=
campaigns@seedrs.com (mailto:campaigns@seedrs.com) .
Today=E2=80=99s announcement comes after nearly a month of intense work to=
flesh out and operationalise this initiative=2C which the Chancellor firs=
t announced on 20 April. Some of the outcomes are positive=2C some less so=
=2C and I am conscious that since the initial announcement=2C many people=
have expressed valid concerns about the eligibility criteria=2C terms and=
much else. But while this is not perfect=2C I continue to take the view t=
hat=2C on balance=2C it is a fantastic and much-needed contribution to the=
startup and scaleup ecosystem during this time of crisis.
I=E2=80=99ve written previously about the need (https://www.seedrs.com/lea=
rn/blog/save-our-startups-thoughts-from-the-chairman-2?utm_source=3DSeedrs=
+newsletters&utm_campaign=3D98a1e10760-EMAIL_CAMPAIGN_2020_02_26_05_31_COP=
Y_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-98a1e10760-43129765=
&mc_cid=3D98a1e10760&mc_eid=3D[UNIQID]) for this sort of package and reac=
tions (https://www.seedrs.com/learn/blog/treasury-to-the-rescue-thoughts-f=
rom-the-chairman-4?utm_source=3DSeedrs+newsletters&utm_campaign=3D98a1e107=
60-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0=
_dfb90523ee-98a1e10760-43129765&mc_cid=3D98a1e10760&mc_eid=3D[UNIQ=
ID]) to the initial announcement. I won=E2=80=99t repeat those here=2C nor=
will I go into all of the details released today as they are available on=
the Future Fund section (https://www.british-business-bank.co.uk/ourpartn=
ers/coronavirus-business-interruption-loan-schemes/future-fund/?utm_source=
=3DSeedrs+newsletters&utm_campaign=3D98a1e10760-EMAIL_CAMPAIGN_2020_02_26_=
05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-98a1e10760-43129765&mc_cid=3D98a1e10760&mc_eid=3D[UNIQID]) of the British Business=
Bank website. Instead=2C I want to use this opportunity share thoughts on=
a few of the key features of the Future Fund and what I think they will m=
ean for businesses and investors.
First-Come=2C First-Served
The Future Fund will be distributed on a purely first-come=2C first-served=
basis. As companies raise the required match funding=2C they (or=2C speci=
fically=2C their lead investors) will be able to apply to the Future Fund=
through the online portal. Assuming all eligibility criteria are met=2C t=
he Future Fund will then allocate funding based on the order in which the=
application was received or processed (it is not yet clear which).
There had been some speculation that the distribution process might be mor=
e nuanced=2C with specific pools set aside for smaller or regional compani=
es. The decision not to do so was presumably taken in the interest of simp=
licity and efficiency=2C but it does create a few risks. One is that the=
=C2=A3250 million pot allocated to the Future Fund gets deployed very qui=
ckly: given that the fund will match up to =C2=A35 million per company=2C=
it won=E2=80=99t take a whole lot of applications from businesses that ha=
ve raised substantial matching capital before all the government=E2=80=99s=
money is spent. As a corollary to this=2C and perhaps more worryingly=2C=
larger companies with established investor bases are likely to be able to=
move faster than smaller ones=2C meaning that we may see the bulk of the=
Future Fund allocated to VC-backed=2C London-based firms rather than spre=
ad across sector=2C stage and location.
How this plays out will all depend on whether more money is made available=
to the Future Fund once the initial =C2=A3250 million has been spent. Gov=
ernment clearly wants to avoid another situation like CBILS=2C where a hug=
e amount of money was nominally made available=2C but then the process of=
getting it out the door was slow and restrictive. So they have set up a s=
ystem here that will maximise the speed with which funds are deployed=2C a=
nd in doing so they have made noises to the effect (and the Chancellor con=
firmed in the Commons today) that if demand is sufficient=2C more money wi=
ll be released.
As long as that actually happens=2C then the first-come=2C first-served ap=
proach should work fine. The more sophisticated businesses will still prob=
ably be the first to access the money=2C but if there is then enough in th=
e (expanded) pot to meet the needs of companies who take a bit longer to r=
aise their private funding and submit their application=2C then I think th=
e substantive concerns are largely addressed.
Broad Investor Eligibility
I wrote in my piece on =E2=80=9CLeaving the Tower (https://www.seedrs.com/=
learn/blog/leaving-the-tower-thoughts-from-the-chairman-5?utm_source=3DSee=
drs+newsletters&utm_campaign=3D98a1e10760-EMAIL_CAMPAIGN_2020_02_26_05_31_=
COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-98a1e10760-43129765&mc_cid=3D98a1e10760&mc_eid=3D[UNIQID]) =E2=80=9D a few weeks ago abou=
t how there were some voices arguing for tight restrictions on who could p=
rovide the private match funding. The specious=2C and I think self-interes=
ted=2C arguments effectively said that only established VCs should be able=
to provide the match=2C because otherwise the Future Fund would risk foll=
owing =E2=80=9Cdumb=E2=80=9D money.
Fortunately Treasury paid these arguments no more heed than they were due=
and instead opted for a very broad definition of who can be an eligible i=
nvestor. Essentially any self-certified high-net-worth or sophisticated in=
vestor will be eligible=2C as will investment professionals (which include=
s essentially all FCA-authorised firms=2C among others) and similar catego=
ries. And this applies not just to investors who meet the UK definitions o=
f these terms but also those international investors who satisfy the equiv=
alent home country standards.
This is a very good outcome=2C and the inclusion in particular of high-net=
-worth and sophisticated investors is going to be important for a range of=
companies that rely on individual investors=2C especially those that are=
too early for VC funding and those from outside London. And note that if=
you raise capital through an investment firm=2C such as Seedrs=2C that ma=
kes the investments on the investors=E2=80=99 behalf=2C investors do not e=
ven need to meet the high-net-worth or sophisticated tests so long as they=
satisfy the firm=E2=80=99s client onboarding requirements.
No EIS
A less encouraging development was the final determination that the privat=
e match funding will not be eligible for EIS relief. It was known that thi=
s was a likely outcome at the time of the initial announcement last month:=
the Future Fund=E2=80=99s investments will be by way of convertible loan=
note (CLN)=2C and CLNs are not EIS-eligible; so if the government was goi=
ng to require the private match funding to be on the exact same terms as t=
he Future Fund=E2=80=99s investment=2C the private funding would not be el=
igible either.
A substantial amount of work went on behind the scenes in order to try to=
fix this issue. There was talk of allowing private investors to invest vi=
a an Advanced Subscription Agreement (ASA)=2C which is like a CLN but lack=
s the debt-like features that make CLNs ineligible. This was rejected on t=
he basis that the government wanted the terms to match exactly between the=
Future Fund and private investors. My own view is that this could have wo=
rked just fine=E2=80=94not least because the ASA would have been slightly=
less advantageous to investors than the CLN=2C so the Future Fund would h=
ave gotten the better end of the deal=E2=80=94but I think a combination of=
ensuring efficiency and a lack of familiarity with ASAs prevented this id=
ea from going forward (Seedrs does ASAs quite frequently=2C but there are=
some who view them as still a primarily American instrument). There was a=
lso discussion of a rule change to allow CLNs=E2=80=94or at least those us=
ed specifically for this match funding process=E2=80=94to attract EIS reli=
ef=2C but
the lawyers concluded that such a change would violate EU state aid rules.
So investors will not get EIS relief=2C and this will no doubt put off som=
e of the individual investors=2C as well as VCTs and EIS funds=2C who migh=
t otherwise have wanted to put up the match funding (VCs and many other fu=
nds are not eligible for EIS=2C so it will not affect them). I am slightly=
less bothered by this than many people are=2C as I think that while EIS i=
s a fantastic scheme that benefits UK startups and scaleups hugely=2C inve=
sting in a portfolio of early-stage businesses should be a high-returning=
endeavour even without tax relief. Clever investors will hopefully feel t=
hat the opportunity to invest in good businesses on what are relatively in=
vestor-friendly terms=E2=80=94and in doing so take advantage of government=
leverage in the form of match funding=E2=80=94offsets the lack of EIS. Bu=
t I am conscious that some investors will feel differently=2C and again th=
is is mostly likely to be to the detriment of smaller and regional busines=
ses.
There is a separate=2C complicated point around whether investing in a CLN=
could result in investors losing EIS on previous or future investments th=
ey have made or will make in the company. This was a significant concern=
=2C but it has been partially resolved in the FAQs which make it clear tha=
t there will be no impact on relief in respect of previous investments. Th=
e FAQs are=2C however=2C silent on future investments=2C saying simply thi=
s is a matter for HMRC. Hopefully HMRC will clarify that soon=2C but at le=
ast the issue for previous investments has been taken off the table.
Investor-Led Process
Finally=2C I thought it noteworthy that the application for Future Fund in=
vestment will need to come from the lead investor of the private match fun=
ding=2C rather than from the company. There may not be a whole lot in this=
=2C but at first glance it seems a bit odd: generally it is the company th=
at has most of the necessary information to process investment-related doc=
umentation=2C and while an institutional lead investor will likely have sy=
stems in place that make this process easy=2C it may prove cumbersome=E2=
=80=94and even error-prone=E2=80=94for investors who are not as focused on=
the technical details of execution. In practice I would expect any sensib=
le company to work together with their lead investor to ensure that the pr=
ocess goes smoothly=2C but this approach does seem like a hurdle that does=
n=E2=80=99t add much real value.
One benefit that indirectly relates to this process (but could have happen=
ed even if applications were company-led) is that investors are being aske=
d to sign the Investing in Women Code (https://www.gov.uk/government/publi=
cations/investing-in-women-code?utm_source=3DSeedrs+newsletters&utm_campai=
gn=3D98a1e10760-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail=
&utm_term=3D0_dfb90523ee-98a1e10760-43129765&mc_cid=3D98a1e10760&mc=
_eid=3D[UNIQID]) . I think this is a very good initiative: the challenges=
that women founders face in raising capital are well-publicised=2C and th=
is Code will help provide transparency and corrective action to help ensur=
e that the highest-potential entrepreneurs succeed in raising capital rega=
rdless of gender. Check Warner of Ada Ventures has written an excellent pi=
ece (https://medium.com/@checkwarner/investors-the-future-of-the-tech-indu=
stry-depends-on-us-8a384911ef86?utm_source=3DSeedrs+newsletters&utm_campai=
gn=3D98a1e10760-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail=
&utm_term=3D0_dfb90523ee-98a1e10760-43129765&mc_cid=3D98a1e10760&mc=
_eid=3D[UNIQID]) about how this Code and other measures can help ensure t=
hat the Future Fund is allocated across diverse businesses and teams. (I w=
ill confess that I was not aware of this Code until learning about it in t=
he context of the Future Fund=2C but after discussing with and receiving u=
nanimous support
from our Executive Team=2C I have now signed it on behalf of Seedrs).
Final Thoughts
The Covid-19 crisis is an unusual one: unlike the dot-com bust or even=2C=
to an extent=2C the 2007-2009 financial crisis=2C this is not a period wh=
ere dried-up funding streams and massively reduced valuations represent a=
normal and necessary market correction following a period of overexuberan=
ce. Here we have a startup and scaleup ecosystem that was thriving but not=
(with the exception of a handful of companies) a bubble=2C and most of th=
ese businesses are well poised to continue their growth once the economy r=
e-opens.
But in the short-term=2C many businesses whose strategy is to invest in gr=
owth rather than reap early profits=2C and who run lean on cash in the pro=
cess=2C are going to face significant challenges. Meanwhile=2C private sec=
tor investment is inherently going to decline as investors=E2=80=94both in=
stitutional and individual=E2=80=94look to sit on cash (https://www.seedrs=
=2Ecom/learn/blog/the-dry-powder-question-thoughts-from-the-chairman-3?utm_s=
ource=3DSeedrs+newsletters&utm_campaign=3D98a1e10760-EMAIL_CAMPAIGN_2020_0=
2_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-98a1e10760-43129765&mc_cid=3D98a1e10760&mc_eid=3D[UNIQID]) while uncertainty p=
revails. The Future Fund provides a critical solution to help bring capita=
l into the market and ensure that all the work we have done over the past=
decade to build this ecosystem is not lost during this period.
No structure or approach to providing this capital was ever going to be pe=
rfect=2C but as we now see more of the details on how the Future Fund will=
work=2C I am increasingly confident that it will be a success. As I discu=
ss above=2C a few things need to be true: there certainly needs to be more=
funding if (and when) the =C2=A3250 million is quickly deployed; and even=
if EIS isn=E2=80=99t available on this investment=2C it needs to be clari=
fied that investing in a CLN will not prejudice future EIS relief. But so=
long as those two things happen=2C I think that given the broad investor=
eligibility=2C the streamlined (if slightly peculiar) application process=
=2C and a distribution system that prioritises speed and efficiency=2C thi=
s initiative is going to be a win for the government and=2C more important=
ly=2C a win for many startups and scaleups across the country.
***
That=E2=80=99s all from me this week. Once again=2C please get in touch if=
you would like to discuss raising a CLN via Seedrs =E2=80=93 you can emai=
l
campaigns@seedrs.com (mailto:campaigns@seedrs.com) =2C your Seedrs contact=
or me at anytime. As always please let me know if you have feedback or co=
ntributions=2C and I hope you all stay well and safe in the week ahead.
Best wishes=2C
Jeff Lynn
Executive Chairman & Co-Founder
View this update on our site (https://www.seedrs.com/learn/blog/the-future=
-fund-is-here-thoughts-from-the-chairman-7?utm_source=3Dmailchimp&utm_medi=
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age.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Db6f02c3a15&e=3D5ef1148adf" title=3D"" class=3D"" target=3D"_blank" style=3D"mso-line-height-=
rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">
<img align=3D"center" alt=3D"" src=
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2b-49f0-a296-eed9d72ba250.png" width=3D"490.68" style=3D"max-width: 600px;=
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100%;-webkit-text-size-adjust: 100%;">
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age.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D4d5171c62a&e=3D5ef1148adf" title=3D"" class=3D"" target=3D"_blank" style=3D"mso-line-height-=
rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">
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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"color: #7A8288;font-family: lato=2Chelvetica neue=2Chelve=
tica=2Carial=2Csans-serif;font-size: 14px;">Dear Friends=2C<br>
<br>
This afternoon the government published the long-awaited details of the Fu=
ture Fund=2C and the application portal for match funding applications wil=
l open on Wednesday. You can see an overview </span><a href=3D"https://see=
drs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Dc99=
defb51c&e=3D5ef1148adf" style=3D"font-family: lato=2C "helvetica neu=
e"=2C helvetica=2C arial=2C sans-serif;font-size: 14px;mso-line-heigh=
t-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;=
color: #39a6e6;font-weight: normal;text-decoration: underline;"><span styl=
e=3D"color:#009ade">here</span></a><span style=3D"color: #7A8288;font-fami=
ly: lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif;font-size: 14px=
;">=2C investor-specific information and FAQs </span><a href=3D"https://se=
edrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D63=
43df5133&e=3D5ef1148adf" style=3D"font-family: lato=2C "helvetica ne=
ue"=2C helvetica=2C arial=2C sans-serif;font-size: 14px;mso-line-heig=
ht-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%=
;color: #39a6e6;font-weight: normal;text-decoration: underline;"><span sty=
le=3D"color:#009ade">here</span></a><span style=3D"color: #7A8288;font-fam=
ily: lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif;font-size: 14p=
x;"> and company-specific information and FAQs </span><a href=3D"https://s=
eedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D4=
f7a063552&e=3D5ef1148adf" style=3D"font-family: lato=2C "helvetica n=
eue"=2C helvetica=2C arial=2C sans-serif;font-size: 14px;mso-line-hei=
ght-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100=
%;color: #39a6e6;font-weight: normal;text-decoration: underline;"><span st=
yle=3D"color:#009ade">here</span></a><span style=3D"color: #7A8288;font-fa=
mily: lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif;font-size: 14=
px;">.<br>
</span><br>
<span style=3D"color:#222f39"><span style=3D"font-family:lato=2Chelvetica=
neue=2Chelvetica=2Carial=2Csans-serif; font-size:14px"><strong>If you are=
interested in raising your private match funding for the Future Fund thro=
ugh Seedrs=2C please get in touch.</strong></span></span><span style=3D"co=
lor: #7A8288;font-family: lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans=
-serif;font-size: 14px;"><strong> </strong>If you already have a contact a=
t Seedrs=2C you can email them directly=2C or else please drop a line to <=
/span><a href=3D"mailto:campaigns@seedrs.com" style=3D"font-family: lato=
=2C "helvetica neue"=2C helvetica=2C arial=2C sans-serif;font-si=
ze: 14px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-=
text-size-adjust: 100%;color: #39a6e6;font-weight: normal;text-decoration:=
underline;"><span style=3D"color:#009ade">campaigns@seedrs.com</span></a>=
<span style=3D"color: #7A8288;font-family: lato=2Chelvetica neue=2Chelveti=
ca=2Carial=2Csans-serif;font-size: 14px;">.<br>
<br>
Today=E2=80=99s announcement comes after nearly a month of intense work to=
flesh out and operationalise this initiative=2C which the Chancellor firs=
t announced on 20 April. Some of the outcomes are positive=2C some less so=
=2C and I am conscious that since the initial announcement=2C many people=
have expressed valid concerns about the eligibility criteria=2C terms and=
much else. But while this is not perfect=2C I continue to take the view t=
hat=2C on balance=2C it is a fantastic and much-needed contribution to the=
startup and scaleup ecosystem during this time of crisis.<br>
<br>
I=E2=80=99ve written previously about </span><a href=3D"https://seedrs.us4=
=2Elist-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D69692bfada=
&e=3D5ef1148adf" style=3D"font-family: lato=2C "helvetica neue"=
=2C helvetica=2C arial=2C sans-serif;font-size: 14px;mso-line-height-rule:=
exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color:=
#39a6e6;font-weight: normal;text-decoration: underline;"><span style=3D"c=
olor:#009ade">the need</span></a><span style=3D"color: #7A8288;font-family=
: lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif;font-size: 14px;"=
> for this sort of package and </span><a href=3D"https://seedrs.us4.list-m=
anage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D96c48d6e6e&e=3D5ef1148adf" style=3D"font-family: lato=2C "helvetica neue"=2C hel=
vetica=2C arial=2C sans-serif;font-size: 14px;mso-line-height-rule: exactl=
y;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #39a6e6=
;font-weight: normal;text-decoration: underline;"><span style=3D"color:#00=
9ade">reactions</span></a><span style=3D"color: #009ADE;font-family: lato=
=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif;font-size: 14px;"> </sp=
an><span style=3D"color: #7A8288;font-family: lato=2Chelvetica neue=2Chelv=
etica=2Carial=2Csans-serif;font-size: 14px;">to the initial announcement.=
I won=E2=80=99t repeat those here=2C nor will I go into all of the detail=
s released today as they are available on the </span><a href=3D"https://se=
edrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D22=
af507648&e=3D5ef1148adf" style=3D"font-family: lato=2C "helvetica ne=
ue"=2C helvetica=2C arial=2C sans-serif;font-size: 14px;mso-line-heig=
ht-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%=
;color: #39a6e6;font-weight: normal;text-decoration: underline;"><span sty=
le=3D"color:#009ade">Future Fund section</span></a><span style=3D"color: #=
7A8288;font-family: lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif=
;font-size: 14px;"> of the British Business Bank website. Instead=2C I wan=
t to use this opportunity share thoughts on a few of the key features of t=
he Future Fund and what I think they will mean for businesses and investor=
s. <br>
</span><br>
<span style=3D"color:#222f39"><strong><span style=3D"font-size:16px"><span=
style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-ser=
if">First-Come=2C First-Served</span></span></strong></span><br>
<span style=3D"color: #7A8288;font-family: lato=2Chelvetica neue=2Chelveti=
ca=2Carial=2Csans-serif;font-size: 14px;"> <br>
The Future Fund will be distributed on a purely first-come=2C first-served=
basis. As companies raise the required match funding=2C they (or=2C speci=
fically=2C their lead investors) will be able to apply to the Future Fund=
through the online portal. Assuming all eligibility criteria are met=2C t=
he Future Fund will then allocate funding based on the order in which the=
application was received or processed (it is not yet clear which).<br>
<br>
There had been some speculation that the distribution process might be mor=
e nuanced=2C with specific pools set aside for smaller or regional compani=
es. The decision not to do so was presumably taken in the interest of simp=
licity and efficiency=2C but it does create a few risks. One is that the=
=C2=A3250 million pot allocated to the Future Fund gets deployed very qui=
ckly: given that the fund will match up to =C2=A35 million per company=2C=
it won=E2=80=99t take a whole lot of applications from businesses that ha=
ve raised substantial matching capital before all the government=E2=80=99s=
money is spent. As a corollary to this=2C and perhaps more worryingly=2C=
larger companies with established investor bases are likely to be able to=
move faster than smaller ones=2C meaning that we may see the bulk of the=
Future Fund allocated to VC-backed=2C London-based firms rather than spre=
ad across sector=2C stage and location.<br>
<br>
How this plays out will all depend on whether more money is made available=
to the Future Fund once the initial =C2=A3250 million has been spent. Gov=
ernment clearly wants to avoid another situation like CBILS=2C where a hug=
e amount of money was nominally made available=2C but then the process of=
getting it out the door was slow and restrictive. So they have set up a s=
ystem here that will maximise the speed with which funds are deployed=2C a=
nd in doing so they have made noises to the effect (and the Chancellor con=
firmed in the Commons today) that if demand is sufficient=2C more money wi=
ll be released.<br>
<br>
As long as that actually happens=2C then the first-come=2C first-served ap=
proach should work fine. The more sophisticated businesses will still prob=
ably be the first to access the money=2C but if there is then enough in th=
e (expanded) pot to meet the needs of companies who take a bit longer to r=
aise their private funding and submit their application=2C then I think th=
e substantive concerns are largely addressed.<br>
</span><br>
<span style=3D"color:#222f39"><strong><span style=3D"font-size:16px"><span=
style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-ser=
if">Broad Investor Eligibility</span></span></strong></span><br>
<span style=3D"color: #7A8288;font-family: lato=2Chelvetica neue=2Chelveti=
ca=2Carial=2Csans-serif;font-size: 14px;"> <br>
I wrote in my piece on =E2=80=9C</span><a href=3D"https://seedrs.us4.list-=
manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Df6eefd29e4&e=3D5ef1148adf" style=3D"font-family: lato=2C "helvetica neue"=2C he=
lvetica=2C arial=2C sans-serif;font-size: 14px;mso-line-height-rule: exact=
ly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #39a6e=
6;font-weight: normal;text-decoration: underline;"><span style=3D"color:#0=
09ade">Leaving the Tower</span></a><span style=3D"color: #7A8288;font-fami=
ly: lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif;font-size: 14px=
;">=E2=80=9D a few weeks ago about how there were some voices arguing for=
tight restrictions on who could provide the private match funding. The sp=
ecious=2C and I think self-interested=2C arguments effectively said that o=
nly established VCs should be able to provide the match=2C because otherwi=
se the Future Fund would risk following =E2=80=9Cdumb=E2=80=9D money.<br>
<br>
Fortunately Treasury paid these arguments no more heed than they were due=
and instead opted for a very broad definition of who can be an eligible i=
nvestor. Essentially any self-certified high-net-worth or sophisticated in=
vestor will be eligible=2C as will investment professionals (which include=
s essentially all FCA-authorised firms=2C among others) and similar catego=
ries. And this applies not just to investors who meet the UK definitions o=
f these terms but also those international investors who satisfy the equiv=
alent home country standards.<br>
<br>
This is a very good outcome=2C and the inclusion in particular of high-net=
-worth and sophisticated investors is going to be important for a range of=
companies that rely on individual investors=2C especially those that are=
too early for VC funding and those from outside London. And note that if=
you raise capital through an investment firm=2C such as Seedrs=2C that ma=
kes the investments on the investors=E2=80=99 behalf=2C investors do not e=
ven need to meet the high-net-worth or sophisticated tests so long as they=
satisfy the firm=E2=80=99s client onboarding requirements.<br>
</span><br>
<span style=3D"font-size:16px"><span style=3D"color:#222f39"><span style=
=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif"><s=
trong>No EIS</strong></span></span></span><br>
<span style=3D"color: #7A8288;font-family: lato=2Chelvetica neue=2Chelveti=
ca=2Carial=2Csans-serif;font-size: 14px;"> <br>
A less encouraging development was the final determination that the privat=
e match funding will not be eligible for EIS relief. It was known that thi=
s was a likely outcome at the time of the initial announcement last month:=
the Future Fund=E2=80=99s investments will be by way of convertible loan=
note (CLN)=2C and CLNs are not EIS-eligible; so if the government was goi=
ng to require the private match funding to be on the exact same terms as t=
he Future Fund=E2=80=99s investment=2C the private funding would not be el=
igible either.<br>
<br>
A substantial amount of work went on behind the scenes in order to try to=
fix this issue. There was talk of allowing private investors to invest vi=
a an Advanced Subscription Agreement (ASA)=2C which is like a CLN but lack=
s the debt-like features that make CLNs ineligible. This was rejected on t=
he basis that the government wanted the terms to match exactly between the=
Future Fund and private investors. My own view is that this could have wo=
rked just fine=E2=80=94not least because the ASA would have been slightly=
less advantageous to investors than the CLN=2C so the Future Fund would h=
ave gotten the better end of the deal=E2=80=94but I think a combination of=
ensuring efficiency and a lack of familiarity with ASAs prevented this id=
ea from going forward (Seedrs does ASAs quite frequently=2C but there are=
some who view them as still a primarily American instrument). There was a=
lso discussion of a rule change to allow CLNs=E2=80=94or at least those us=
ed specifically for this match funding process=E2=80=94to attract EIS reli=
ef=2C but the lawyers concluded that such a change would violate EU state=
aid rules.<br>
<br>
So investors will not get EIS relief=2C and this will no doubt put off som=
e of the individual investors=2C as well as VCTs and EIS funds=2C who migh=
t otherwise have wanted to put up the match funding (VCs and many other fu=
nds are not eligible for EIS=2C so it will not affect them). I am slightly=
less bothered by this than many people are=2C as I think that while EIS i=
s a fantastic scheme that benefits UK startups and scaleups hugely=2C inve=
sting in a portfolio of early-stage businesses should be a high-returning=
endeavour even without tax relief. Clever investors will hopefully feel t=
hat the opportunity to invest in good businesses on what are relatively in=
vestor-friendly terms=E2=80=94and in doing so take advantage of government=
leverage in the form of match funding=E2=80=94offsets the lack of EIS. Bu=
t I am conscious that some investors will feel differently=2C and again th=
is is mostly likely to be to the detriment of smaller and regional busines=
ses.<br>
<br>
There is a separate=2C complicated point around whether investing in a CLN=
could result in investors losing EIS on previous or future investments th=
ey have made or will make in the company. This was a significant concern=
=2C but it has been partially resolved in the FAQs which make it clear tha=
t there will be no impact on relief in respect of previous investments. Th=
e FAQs are=2C however=2C silent on future investments=2C saying simply thi=
s is a matter for HMRC. Hopefully HMRC will clarify that soon=2C but at le=
ast the issue for previous investments has been taken off the table.<br>
</span><br>
<span style=3D"font-size:16px"><strong><span style=3D"color:#222f39"><span=
style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-ser=
if">Investor-Led Process</span></span></strong></span><br>
<span style=3D"color: #7A8288;font-family: lato=2Chelvetica neue=2Chelveti=
ca=2Carial=2Csans-serif;font-size: 14px;"> <br>
Finally=2C I thought it noteworthy that the application for Future Fund in=
vestment will need to come from the lead investor of the private match fun=
ding=2C rather than from the company. There may not be a whole lot in this=
=2C but at first glance it seems a bit odd: generally it is the company th=
at has most of the necessary information to process investment-related doc=
umentation=2C and while an institutional lead investor will likely have sy=
stems in place that make this process easy=2C it may prove cumbersome=E2=
=80=94and even error-prone=E2=80=94for investors who are not as focused on=
the technical details of execution. In practice I would expect any sensib=
le company to work together with their lead investor to ensure that the pr=
ocess goes smoothly=2C but this approach does seem like a hurdle that does=
n=E2=80=99t add much real value.<br>
<br>
One benefit that indirectly relates to this process (but could have happen=
ed even if applications were company-led) is that investors are being aske=
d to sign the </span><a href=3D"https://seedrs.us4.list-manage.com/track/c=
lick?u=3Db211206c49ae6c040bfb8ae74&id=3Df2ddfdde34&e=3D5ef1148adf" style=
=3D"font-family: lato=2C "helvetica neue"=2C helvetica=2C arial=
=2C sans-serif;font-size: 14px;mso-line-height-rule: exactly;-ms-text-size=
-adjust: 100%;-webkit-text-size-adjust: 100%;color: #39a6e6;font-weight: n=
ormal;text-decoration: underline;"><span style=3D"color:#009ade">Investing=
in Women Code</span></a><span style=3D"color: #7A8288;font-family: lato=
=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif;font-size: 14px;">. I t=
hink this is a very good initiative: the challenges that women founders fa=
ce in raising capital are well-publicised=2C and this Code will help provi=
de transparency and corrective action to help ensure that the highest-pote=
ntial entrepreneurs succeed in raising capital regardless of gender. Check=
Warner of Ada Ventures has written an </span><a href=3D"https://seedrs.us=
4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D280857117=
1&e=3D5ef1148adf" style=3D"font-family: lato=2C "helvetica neue"=
;=2C helvetica=2C arial=2C sans-serif;font-size: 14px;mso-line-height-rule=
: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color:=
#39a6e6;font-weight: normal;text-decoration: underline;"><span style=3D"c=
olor:#009ade">excellent piece</span></a><span style=3D"color: #009ADE;font=
-family: lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif;font-size:=
14px;"> </span><font color=3D"#7a8288" face=3D"lato=2C helvetica neue=2C=
helvetica=2C arial=2C sans-serif"><span style=3D"font-size:14px">about ho=
w this Code and other measures can help ensure that the Future Fund is all=
ocated across diverse businesses and teams. (I will confess that I was not=
aware of this Code until learning about it in the context of the Fut=
ure Fund=2C but after discussing with and receiving unanimous support from=
our Executive Team=2C I have now signed it on behalf of Seedrs).</span></=
font><br>
<font color=3D"#7a8288" face=3D"lato=2C helvetica neue=2C helvetica=2C ari=
al=2C sans-serif"><span style=3D"font-size:14px"> </span></font><br>
<span style=3D"font-size:16px"><strong><span style=3D"color:#222f39"><font=
face=3D"lato=2C helvetica neue=2C helvetica=2C arial=2C sans-serif">Final=
Thoughts</font></span></strong></span><br>
<font color=3D"#7a8288" face=3D"lato=2C helvetica neue=2C helvetica=2C ari=
al=2C sans-serif"><span style=3D"font-size:14px"> </span></font><br>
<font color=3D"#7a8288" face=3D"lato=2C helvetica neue=2C helvetica=2C ari=
al=2C sans-serif"><span style=3D"font-size:14px">The Covid-19 crisis is an=
unusual one: unlike the dot-com bust or even=2C to an extent=2C the 2007-=
2009 financial crisis=2C this is not a period where dried-up funding strea=
ms and massively reduced valuations represent a normal and necessary marke=
t correction following a period of overexuberance. Here we have a startup=
and scaleup ecosystem that was thriving but not (with the exception of a=
handful of companies) a bubble=2C and most of these businesses are well p=
oised to continue their growth once the economy re-opens.</span></font><br=
>
<font color=3D"#7a8288" face=3D"lato=2C helvetica neue=2C helvetica=2C ari=
al=2C sans-serif"><span style=3D"font-size:14px"> </span></font><br>
<font color=3D"#7a8288" face=3D"lato=2C helvetica neue=2C helvetica=2C ari=
al=2C sans-serif"><span style=3D"font-size:14px">But in the short-term=2C=
many businesses whose strategy is to invest in growth rather than reap ea=
rly profits=2C and who run lean on cash in the process=2C are going to fac=
e significant challenges. Meanwhile=2C private sector investment is inhere=
ntly going to decline as investors=E2=80=94both institutional and individu=
al=E2=80=94look to </span></font><a href=3D"https://seedrs.us4.list-manage=
=2Ecom/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D441b3d2b8c&e=3D5ef1148adf" style=3D"font-family: lato=2C "helvetica neue"=2C helvetic=
a=2C arial=2C sans-serif;font-size: 14px;mso-line-height-rule: exactly;-ms=
-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #39a6e6;font=
-weight: normal;text-decoration: underline;"><span style=3D"color:#009ade"=
>sit on cash</span></a><span style=3D"color: #7A8288;font-family: lato=2Ch=
elvetica neue=2Chelvetica=2Carial=2Csans-serif;font-size: 14px;"> while un=
certainty prevails. The Future Fund provides a critical solution to help b=
ring capital into the market and ensure that all the work we have done ove=
r the past decade to build this ecosystem is not lost during this period.<=
br>
<br>
No structure or approach to providing this capital was ever going to be pe=
rfect=2C but as we now see more of the details on how the Future Fund will=
work=2C I am increasingly confident that it will be a success. As I discu=
ss above=2C a few things need to be true: there certainly needs to be more=
funding if (and when) the =C2=A3250 million is quickly deployed; and even=
if EIS isn=E2=80=99t available on this investment=2C it needs to be clari=
fied that investing in a CLN will not prejudice future EIS relief. But so=
long as those two things happen=2C I think that given the broad investor=
eligibility=2C the streamlined (if slightly peculiar) application process=
=2C and a distribution system that prioritises speed and efficiency=2C thi=
s initiative is going to be a win for the government and=2C more important=
ly=2C a win for many startups and scaleups across the country.<br>
<br>
***<br>
<br>
That=E2=80=99s all from me this week. Once again=2C please get in touch if=
you would like to discuss raising a CLN via Seedrs =E2=80=93 you can emai=
l </span><a href=3D"mailto:campaigns@seedrs.com" style=3D"font-family: lat=
o=2C "helvetica neue"=2C helvetica=2C arial=2C sans-serif;font-s=
ize: 14px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit=
-text-size-adjust: 100%;color: #39a6e6;font-weight: normal;text-decoration=
: underline;"><span style=3D"color:#009ade">campaigns@seedrs.com</span></a=
><span style=3D"color: #7A8288;font-family: lato=2Chelvetica neue=2Chelvet=
ica=2Carial=2Csans-serif;font-size: 14px;">=2C your Seedrs contact or me a=
t anytime. As always please let me know if you have feedback or contributi=
ons=2C and I hope you all stay well and safe in the week ahead.<br>
<br>
Best wishes=2C<br>
<br>
Jeff Lynn<br>
Executive Chairman & Co-Founder<br>
</span></p>
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<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" cl=
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rtant;border-radius: 3px;background-color: #92C840;mso-table-lspace: 0pt;m=
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18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-tex=
t-size-adjust: 100%;">
<a class=3D"mcnButton " title=3D"View this=
update on our site" href=3D"https://seedrs.us4.list-manage.com/track/clic=
k?u=3Db211206c49ae6c040bfb8ae74&id=3D852daa0786&e=3D5ef1148adf" target=3D=
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isplay: block;">View this update on our site</a>
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<div style=3D"text-align: center;"><br>
<a href=3D"http://" style=3D"mso-line-height-rule: exactly;-ms-text-size-a=
djust: 100%;-webkit-text-size-adjust: 100%;color: #1b82e6;font-weight: nor=
mal;text-decoration: none;"><img data-file-id=3D"34965" height=3D"27" src=
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t: 27px;margin: 0px;outline: none;text-decoration: none;-ms-interpolation-=
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<p style=3D"font-family: Arial=2C "Arial Black"=2C Tahoma=2C &qu=
ot;Trebuchet MS"=2C Verdana=2C sans-serif;font-size: 12px;color: #AAA=
AAA;text-decoration: none;text-align: center;margin: 10px 0;padding: 0;mso=
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just: 100%;line-height: 150%;"><a href=3D"https://seedrs.us4.list-manage.c=
om/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Da906d32289&e=3D5ef1148adf" style=3D"text-decoration: none;text-underline: none;mso-line-height-ru=
le: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;colo=
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"mcnTextContentContainer" width=3D"100%" style=3D"min-width: 100% !importa=
nt;background-color: #F2F2F2;border: 1px solid #7A8288;border-collapse: co=
llapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 1=
00%;-webkit-text-size-adjust: 100%;">
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<td valign=3D"top" class=3D"mcnTextCon=
tent" style=3D"padding: 18px;color: #7A8288;font-family: Helvetica;font-si=
ze: 14px;font-weight: normal;line-height: 150%;text-align: center;mso-line=
-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust:=
100%;word-break: break-word;">
<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=3Dced42572e0&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text=
-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #1b82e6;font-weig=
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. Tax treatment depends on individual circ=
umstances and is subject to change in future. </span></span></span></=
div>
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%;-webkit-text-size-adjust: 100%;">
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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 confidential=2C and may be prote=
cted by legal privilege. Nothing in this message shall be considered an of=
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=
relevant to your interactions with Seedrs or its affiliates=2C you should=
consult a professional adviser. <br>
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