EIS & SEIS investments are complex products, which should be considered as being higher-risk investments, and are not suitable for all investors. They may be appropriate as part of a diversified portfolio, giving access to an alternative asset class, but many involve long-term investments and as non-readily realisable securities therefore should be considered illiquid and unsuitable for unplanned or early capital withdrawals. An investor may not get back the amount invested and could lose all of the investment. Investors should seek qualified professional advice before investing.


  • Investment in the Start-Up Series Fund (the ‘Fund’) carries substantial risk.
  • It is the responsibility of any person outside the United Kingdom wishing to make an application to invest in the Fund to satisfy himself as to full observance of the laws of any relevant territory in connection therewith.
  • Potential investors should note that investors’ money subscribed to the Fund will be committed to investments which investors should regard as long term and illiquid.
  • The value of an investment may go down as well as up and an investor may not get back the full amount invested.
  • Investors’ interests are unsecured and rank subordinate to the interests of all creditors.
  • The companies in which the Fund invests will not be quoted on any regulated market and, accordingly, there will not be an established or ready market for any such shares. Therefore it may be difficult for an investor to sell shares and investors may receive less than the amount invested.
  • It may be difficult to obtain information regarding how much an investment is worth or how risky it is at any given time and the Manager may experience difficulty in realising the investments (for value or at all).
  • It is unlikely there will be any dividend income from any of the Fund’s investee companies as start-ups rarely pay dividends.
  • Investments are likely to be subject to dilution, meaning investors’ percentages of portfolio companies will decline as portfolio companies issue new shares to raise further funds.
  • Many early-stage investments are recently formed and will have no substantive operating history upon which prospective investors can evaluate likely future prospects and may be largely dependent on the ability of their directors to deliver against stated investment objectives.
  • Investors should in any case not rely on any past performance as an indicator of future investment performance.
  • The Fund has not been approved by HMRC under section 251 of the Income Tax Act 2007.


  • The Fund is not treated as an unregulated collective investment scheme (as defined in section 235 of FSMA) but is an alternative investment fund as defined in the Alternative Investment Managers Directive 2011. The Fund Manager is Amersham Investment Management Ltd which is authorised and regulated by the Financial Conduct Authority in the United Kingdom with FRN number 507460 and whose registered office is 25 Lexington Street (1st Floor), London, W1F 9AH.
  • Worth Capital Limited is not an FCA authorised firm and will not be providing any investment services or undertaking any regulated activities in connection with the Fund.
  • Investors appoint the Manager to invest their subscription monies on a discretionary basis into the investee companies.
  • An investment in the Fund may only be made on the basis of the Fund’s Information Memorandum and the Investment Management agreement, which are available to eligible investors upon request.
  • Prospective investors should not regard the contents of the Information Memorandum as constituting a recommendation or advice relating to any legal, taxation, regulatory or investment matters and are advised to consult their own professional advisers before contemplating any investment.
  • The Manager, its directors, officers, employees and agents do not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any information or opinions contained herein or in any other communication in connection with an investment in the Fund except where such liability arises under FSMA, regulations made under FSMA or the FCA’s Handbook of Rules and Guidance and may not be excluded.
  • Prospective investors should be aware that the arrangements described in the Information Memorandum represent a discretionary management service subject to the terms of the Investment Management Agreement.
  • All investments made will be held in the name of a nominee and in a way that enables each Investor’s entitlement to be separately identified.


  • The tax treatments of SEIS and EIS schemes depends on the individual circumstances of each investor and may be subject to change in the future.
  • The availability of any tax reliefs depends on the companies in which the Fund invests maintaining their qualifying status and may be withdrawn at any time by HMRC.


  • The webpages on this site are only intended for release in the United Kingdom and do not constitute an offer, or the solicitation of an offer, in any jurisdiction in which such offer or solicitation is unlawful.