Jason Ball

👀 Hopefully, you've heard by now that we run free fundraising accelerators for seed founders... 👉 What makes this next programme particularly unique is that we teamed up with 4 other organisations - GC Angels, Stronger Stories, Foundervine and Firstport to deliver a brand new initiative called Venture Forward. It combines our decade of experience of running programmes with partners from across the UK to deliver a new initiative, fully funded by Innovate UK, to support a whopping 160 companies in the next 15 months. 🇬🇧 We will deliver these workshops to companies all over the UK, including London, Birminghman, Manchester, & Edinburgh. 🚀 We will also be focusing on under-represented founders (more details in the application form). The programme will consist of fundraising workshops, 1-on-1 mentoring, regional meet-ups, national investor days, centralised resources and an active alumni community. ✅ Applications are now open via ventureforward.co.uk

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📢 📢 📢 Q3-25 Venture Bulletin published today 12:30 📢 📢 📢 On behalf of VenturePath the ScaleUp Investment Platform, and The UK ScaleUp Investment Mission, with our data partner, Sifted, we are able to share the last quarter's scaleup investment insights. The stage of the scaleup journey that has the most challenges remains Series A (£2-10m VC rounds)... and the approach to it. Progression rates from seed funded startups to venture-backed scaleups are just 7-10%. #Insights Q3 Headlines are below and a link in comments to the full Venture Bulletin: ⬇️ Series A volume down nearly 10% from Q2 = just 118 companies raised ⬇️ Series A value down nearly 15% = Reduction of -£91.5m from Q2 ⬇️ Series A cheque size declined = £4.4m average ⬇️ Total investment, at this stage, across the first 3 quarters of 2025 is £1.5bn. Flat year on year. No growth. ⬆️ Increases in mega round outliers into AI. But led by US investors... #Implication: 🔺 Government Growth Goals are not being achieved. 🔺 UK ScaleUps have less capital to scale with 🔺 Less companies are receiving VC funding at Series A #Action: 🌟 UK ScaleUps need all the support available to secure their growth rounds at Series A and B 🌟 Our UK ScaleUp Investment Platform is providing some of this support, but we need more venture collaboration and capital into the system...and faster! 🐌 Mansion House Accord = Expected impact 2028 🐌 Invest in Women Taskforce = Expected in 2026 🐌 British Business Bank improved flexibility & new capital = "from" April 2026 The UK ScaleUp Investment Mission has canvassed views from the private sector, 100 ecosystem leaders, £13bn of VC partners and 300+ scaleups to recommend 6 clear actions for the Government. Data, referral pathways from the public finance initiatives, platform based support to aide access to capital, celebrating success, creating the indexes investors value both domestically and for inward investment. With the #Budget looming, will this be the moment that the Government starts to lean into the necessary #VentureCollaboration with the private sector to help create more UK venture-backed scaleup successes? The data shows the urgency of action needed. CC-Ing those we've spoken to about this Mission: Government: Peter Kyle, Jonathan Reynolds MP, Chi Onwurah, Jonathan Crook Treasury: Rt Hon Rachel Reeves, Alexandra Depledge, MBE, Spencer Livermore & Lord Jason Stockwood PFI friends: Tom Adeyoola, Dr Susanne Coles, Robert Shaw, Sara Palmer, Louis Taylor CBE, Kristen McLeod CBE, Stephen Welton CBE, Vianney de Leudeville Policy friends: Christiana Stewart-Lockhart, Chris Elphick, Sarah Adams, Isobel Clarke, Roderick Beer, Jenny Tooth OBE, Philip Salter, Dom Hallas, Jordan Sullivan, Julian David OBE, Matthew Evans, Mia Haffety

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Last week £1.7bn in funding 🤯 was announced for 19 UK startups including Nscale's record breaking Series C round. Highlights from the Soapbox weekly newsletter include: 📌 Nscale announced their £1.5bn Series C led by Aker ASA and 8090 Industries to build vertically integrated AI infrastructure 📌 Isembard landed £37.5m Series A led by Union Square Ventures to manufacture high-precision components for critical industries 📌 Outpost unlocked a £13m round led by Ribbit Capital for cross-border payments and tax compliance infrastructure 📌 Augur secured a £11m seed round led by Plural to protect critical infrastructure and public spaces 📌 Cytotrait raised a £3m seed round led by Northern Gritstone to develop novel genetic traits for crops 📌 ILS secured a £2.3m seed round led by Chicago Ventures to automate legal workflows for private investment funds 📌 AmpliSi unlocked a £2m pre-seed led by Northern Gritstone and Clean Growth Fund to commercialise silicon anodes for batteries 📌 And Kinewell closed a £750k pre-seed round from Mercia Ventures to accelerate its AI software for offshore wind farm design -- Read Soapbox.vc for every story or hit 𝗩𝗶𝗲𝘄 𝗺𝘆 𝗻𝗲𝘄𝘀𝗹𝗲𝘁𝘁𝗲𝗿 to sign up

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🚨 Founders raising Pre-Seed — this is for you 🚨 Today, I’m sharing the LvlUp Ventures Pre-Seed Fundraising Guide — built from working hands-on with hundreds of portfolio companies and reviewing 15,000+ early-stage funding applications annually. It distills what we see every day: what actually gets funded, where founders lose momentum, and how the strongest teams position themselves to win at the pre-seed stage. Inside the guide: 🔹 How investors really think at Pre-Seed 🔹 What metrics matter (and what to ignore) 🔹 How to price your round without killing momentum 🔹 What a strong Pre-Seed deck actually looks like 🔹 How to run a real fundraising process (without burning months) 🔹 Practical guidance from the LvlUp IC and what we see every day. 👇 Want the guide? Like this post and comment “Guide” — I’ll DM it to you. #PreSeed #Fundraising #StartupFunding #VentureCapital #Founders #Startups #StartupAdvice #VCInsights #RaisingCapital #Tech #CPG #Founder #PitchDeck #AngelInvesting #SeedFunding #LvlUpVentures #VC

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Too many founders treat product market fit like finding coins in the sofa - a one-time discovery you celebrate and assume means victory. But product-market fit isn’t something you find. It’s something you keep or lose. It’s a fluid concept that is always running away from you. Markets shift. Competitors catch up. Customers want more. What works today won’t stay still. The best founders don’t chase a single breakthrough; they build what I call a "system for repeatable genius". They stay curious, keep experimenting, and treat every version like the next prototype. Back in my design days, I learned that craft isn’t about getting it perfect once - it’s about caring enough to keep reinventing and refining it. The same is true for building a company.

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Every founder we invest in signs an Impact Pact. Written into our investment documents. Legally binding. Not as marketing. As requirement. Most impact funds talk about doing good. We structure it into every deal. The concept is simple: paying it forward. We share access to capital with founders the traditional VC ecosystem overlooks. In return, we expect our founders to pay it forward in three areas: Wealth sharing: How are you distributing ownership beyond the executive team? In 2024, our portfolio generated over $400 million in wealth creation—$342 million for BIPOC and women founders, plus $65 million in employee equity. Supplier diversity: How much spending goes to companies founded by people of color or women? Our portfolio directed $9 million to diverse suppliers last year—30% BIPOC-owned, 35% women-owned. Diversity goals: Not quotas. Intentionality. 92% of our founders are BIPOC. 81% of their employees are BIPOC. 77% of the $39.7 million in compensation went to BIPOC team members. Here's what makes this different: It's legally binding. Not in a deck. In the documents we both sign. It's specific. No vague language. Measurable commitments. It compounds. Year over year, these numbers grow because the structure demands it. The question I always get: "Does this work? Or is it virtue signaling?" Fair question. Here's the data: Our portfolio created 436 jobs in 2024 — a 48% compound annual growth rate since 2021. These aren't just any jobs. They're pathways to wealth in communities excluded from venture-backed opportunity. The paying-it-forward model creates a multiplier effect. When our founders prioritize diverse suppliers, those suppliers gain revenue and credibility that help them win more business. When our founders build inclusive teams, they tap talent pools competitors ignore. When our founders share equity broadly, retention improves and alignment deepens. Each company becomes a node in a network of shared access—not just a single investment, but a catalyst for ecosystem-wide change. Why structure impact this way? Because impact that isn't measured doesn't compound. When you invest in a founder, you're not just buying equity in one company. You're investing in their commitment to pay it forward — through the vendors they choose, the teams they build, the wealth they share. The Impact Pact ensures impact is intentional, measurable, and compounding. Returns are not concessionary. Our current Fund I: 34.8% gross IRR. 1.75x return multiple. More than two times above the median for comparable VC funds. The Impact Pact isn't altruism. It's a structured method for paying forward the access we provide and capturing the returns that come when overlooked founders get their shot. Fund II is open with the Impact Pact built into every deal. Same structure. Same accountability. Same thesis: that paying it forward isn't charity. It's alpha. If you're an LP who believes in compounding returns and compounding impact, let's talk.

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The postcode lottery of opportunity is alive and well in tech funding. Less than 2p of every £1 of UK VC funding goes to all-female founding teams. But there's another barrier that's equally persistent: socio-economic background. The path to founding a tech company isn't just about having a brilliant idea. It's about having the financial cushion to work unpaid, the network for warm introductions, and the cultural capital to navigate unwritten rules. This isn't a footnote - it's systemic. The Pipeline vs Power debate gets to the heart of whether this is about not enough founders from diverse backgrounds entering the system, or whether the gatekeepers themselves define opportunity in exclusionary ways. The evidence suggests it's both. Real social mobility in tech means examining not just who gets funded, but who even gets the chance to try. The Tech Debate: Pipeline vs Power - link in comments 👇

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In 2024, early-stage rounds made up a third of all UK VC deals, with seed rounds averaging £4.1 million and Series A at £17.9 million – the highest since 2021. But every successful fundraising journey starts with one critical document: the term sheet. Every term sheet is essentially a negotiation – but only if you know what to look for. 📄 In this latest article, Jas Bhogal highlights the red flags founders should look out for, including: 🚩 Loan terms that seem 'standard' but carry costly strings 🚩 Valuations that flatter upfront but erode long-term value 🚩 Giving away too much equity too early 🚩 Fundraising restrictions that limit future growth Read the full article linked below to understand how to protect your position and keep your business on track for growth. 🔗 https://lnkd.in/enY4ssZc #startupfunding #termsheets #venturecapital #corporatefunding #corporatelaw

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We've reviewed over 400 seed applications this year. About 20 advanced to due diligence. 7 received funding from Future Consumer Angel Group. That ~5% advancement rate isn't about being exclusive,it's about pattern recognition. After years of active seed investing in UK consumer, we know exactly what separates fundable companies from "not yet ready." The gap is rarely the idea. It's usually: - Data room structure that raises red flags - A growth story that doesn't connect the dots - Missing the investor-readiness basics (SEIS/EIS, vesting, IP) That's why we built the Assembly Cohort Programme. It's not an accelerator. It's a seed-readiness programme built by active investors and operators who review hundreds of deals every year. We know what kills momentum in a seed raise because we see it constantly. If you're raising seed in the next 6–12 months and want to enter the market with the same level of readiness as the top 2% we back, this is for you. Who it’s for: - Early-stage start-ups with traction (revenue, pilots, or user growth) - Building in consumer, consumer-tech, or B2B tools serving consumer markets - Raising within 6–12 months (SEIS/EIS eligible or in process) - UK-based or expanding into the UK/Europe Applications are now open https://lnkd.in/eUm9trB9

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A few weeks ago, we announced our plans to launch PXN Group. Subject to FCA approval, Par Equity and Praetura Ventures will merge to create PXN. PXN is about scale. Scale to help us do more for the North of England, Scotland, and Northern Ireland. We want to build world-class investment programmes that match this region’s ambitions. Whether it’s delivering groceries more sustainably or getting pharmaceuticals to those who need them, we’re here to help founders build the best businesses they can. We’re bringing together the best of both investors to power the North. From pre-seed to scale-up, PXN will be able to support more founders across more sectors and stages. We can’t wait to get started! You can find out more via our new site: https://www.pxngroup.com/ The merger is subject to FCA approval.

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https://lnkd.in/d6M6zQVR Exciting News: Concrete Ventures is proud to announce our investment in AUAR! We're thrilled to back AUAR, a pioneering construction robotics startup transforming homebuilding with timber and automation. AUAR's innovative deployable robotic "Micro-Factory" can produce timber-frame homes on-site, drastically reducing construction costs by up to 40% and labor requirements by an impressive 96%. AUAR recently secured £5.1 million in funding, bringing their total raised to £7.7 million. With a current valuation of £26.1 million, their ambitious plans include supporting over 200 builders and producing 100,000 carbon-negative homes by 2030, projecting over £200 million in revenue. They also aim to expand across Europe and launch a mid-rise timber housing system in 2026. We believe AUAR's technology will play a crucial role in building a more sustainable and efficient future for construction. Read more about this groundbreaking development here: AUAR Secures Over £5 Million #PropTech #ConTech #Innovation #VentureCapital #SustainableBuilding #Robotics #Construction #Investment #AUAR #ConcreteVentures

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"Damian Boeselager outlines that 70% of venture capital in Europe comes from within the founder’s own country. Only 30% comes from the U.S., and nearly 0% is pan-European. He calls this a lost opportunity, especially for Central and Eastern Europe." EU–INC

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Great to chat with TechRound about how startups can use AI in a more grounded, sustainable way — and when it’s better not to. We’re seeing more founders think carefully about where AI actually moves the needle versus where it just adds noise. It’s less about using AI everywhere, and more about using it where it actually matters. Thanks Gina Marrs, Zee Yende for this opportunity! Link to a full article in comments👇

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💰 Founders — do you know how much your VC’s fund vintage and need for DPI could cost you personally? 💰 This topic came up in a recent conversation with another founder, so I thought I’d share the main points here… It’s easy to assume your investors are always aligned with your long-term vision. But that can change — especially when a VC fund starts nearing the end of its life and hasn’t yet returned enough cash to its LPs. Most VC funds last around 10 years (plus optional small extensions). The first years are all about investing and growing value. But by year 8–10, the focus shifts. VCs start needing DPI (Distributions to Paid-In Capital), i.e. real cash returned, to show their fund was successful and to raise the next one. That’s when things can get misaligned. Your startup might be growing steadily, with a bigger exit a few years away. But if your lead VC’s fund is running out of time, they may push for a premature acquisition — not because it’s best for the company, but because it gets them DPI. Research shows companies sold under this pressure go for ~30% less than their peers. And if you’ve raised several rounds, you’re likely sitting behind a fat preference stack. That means your investors get their money (and sometimes multiples of it) back first. If the exit isn’t big enough, you could walk away with nothing, even if the headline price looks good (just ask the FanDuel founders as has been widely shared). Beyond an outright sale, DPI pressure can also influence how follow-on financing is handled in later-stage startups. If a company still needs more capital in year 8–10 of a fund, the original VC may have limited capacity or willingness to invest (their fund is likely fully committed or in harvest mode). They might encourage a down round or outside lead investor, even at a lower valuation, to keep the company afloat without the VC putting in more money. By this stage in the company’s life, many founders don’t control the board. Between investor drag-along rights and voting majorities, you might have little say in what happens. This isn’t about painting VCs as villains - good investors try to balance their needs with yours. But fund structures and timelines matter, and DPI pressure is real. If you don’t understand where your VC’s fund is in its lifecycle when they invest in your startup, you might be blindsided later. Ideally the fund's lifecycle matches your future fund raising needs and exit horizons perfectly. So next time you raise, don’t just look at the terms offered to you. Ask: ➡️ What year was this fund raised? ➡️ How much DPI have you returned so far? ➡️ How much time is left before the fund needs to wrap up? ➡️ When are you planning to raise your next fund? The answers could directly affect how much you take home when all’s said and done. Stay sharp. #VentureCapital #startups #StartupFunding #Founders #DPI #CapTable #StartupAdvice #Fundraising #StartupLife #ExitStrategy

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We will see a lot of this type of horizontal consolidation, particularly in VC where individually firms can sometimes lack the scale needed to attract larger LPs and also fund their investment and operations teams to the best standard. Culture and governance are the two biggest factors for consideration - LPs should not be tempted to look at the new partnership as a first time manager by accident due to lack of cohesion between teams. Can be offset through messaging and a strong communication plan.

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The BBB’s new VC Returns report tells us: UK venture is performing. UK founders are performing. UK capital… isn’t. Median returns are in line with Europe and the US. Recent vintages (2020–23) are outperforming the US on early TVPI. Exits and valuations are already recovering. The top quartile UK funds are world-class. So the issue isn’t performance. It���s participation. At Slush, we were told that more Swedish institutions invest in UK venture than British ones. Genuinely staggering. A country the size of London allocates more to our scale-ups than our own pensions and corporates do. There’s no structural reason UK institutions shouldn’t be capturing this value. The fundamentals are here: returns, founders, clusters, depth of innovation. What’s missing is alignment between our innovation economy and our long-term pools of capital.

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Raylu continues to lead the pack by working with #Claude and Anthropic to drive alpha for the best private investment firms.

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