Case Study

How Fuel Ventures scaled to new heights working with Sapphire

boyd@sapphirecapitalpartners.co.uk (Boyd Carson) — Thu, 20 Aug 2026 11:25:24 GMT

Fund Type

EIS Venture Capital Funds

Challenge

As UK venture fund management must be carried out by an FCA-authorised or registered firm, Sapphire stepped in and became this role for Fuel Ventures. Since this relationship began in 2015, eight successful SEIS and EIS investment funds were launched and managed.

Results

As the FCA-authorised fund manager, Sapphire provided the regulatory oversight for Fuel Ventures’ funds, which have invested in more than 210 companies.

Key Products

Pre-Seed SEIS Fund
EIS Portfolio 1
EIS Portfolio 2
EIS Portfolio 3
EIS Portfolio 4
Co-Investment EIS Fund
Follow-On EIS Fund
Scale Up EIS Fund

www.fuel.ventures

Creating a Winner: Sapphire and EMV’s Journey together

boyd@sapphirecapitalpartners.co.uk (Boyd Carson) — Thu, 20 Aug 2026 11:02:13 GMT

Fund Type

EIS Venture Capital Funds

Challenge

Supporting EMV Capital’s next stage of growth through the launch of a compliant EIS fund, combining EMV’s expertise as a specialist Deep Tech, Life Sciences and Sustainability investor with Sapphire’s deep regulatory and industry experience.

Results

From its origins as a niche Deep Tech and Life Sciences VC, EMV Capital has grown into a listed, diversified early-stage investment group, managing over £100m of assets on behalf of a range of institutional and private investors. Its portfolio has grown to 70 companies, with a reputation as a leading UK Deep Tech investor confirmed through the launch of its Evergreen EIS Fund and acquisition of Martlet Capital in 2024. Today, EMV seeks to provide its investors with a range of potentially high growth, EIS-qualifying co-investment opportunities from across the early-stage risk spectrum. The support and advice provided by Sapphire during this formative period was a key factor in EMV’s growth.

Key Products

EMVC Evergreen EIS Fund

emvcapital.com/

Incubating Excellence: How Sapphire Enabled Love Ventures’ Evolution from Angel Syndicate to Venture Fund Leader

boyd@sapphirecapitalpartners.co.uk (Boyd Carson) — Thu, 20 Aug 2026 10:46:19 GMT

Fund Type

EIS Venture Capital Funds

Challenge

Launching a venture fund is challenging, regardless of experience. The team at Love Ventures VC Limited recognised the importance of having an experienced investment manager to guide them. Sapphire was selected because of our success in launching and managing multiple investment funds.

Results

Sapphire acted as Love Ventures’ FCA-authorised investment manager, while Love Ventures advised the funds. Sapphire played a crucial role in the successful launch and management of the first three Love Ventures funds. Following the successful launch of these funds, Love Ventures went on to become an FCA self-authorised investment manager.

Key Products

Love Ventures Fund I
Love Ventures Fund II
Love Ventures Fund III

loveventures.co.uk/

Sapphire's Role in Transitioning Nigeria's Energy Future

boyd@sapphirecapitalpartners.co.uk (Boyd Carson) — Thu, 20 Aug 2026 10:28:03 GMT

Fund Type

GP/LP Fund

Challenge

Sapphire was engaged to address a specific challenge: The Africa Infrastructure Fund I, based in Denmark, required a dependable UK-based, FCA-authorised operator and manager to oversee its UK subsidiary, Impala Energy Holdings LLP and its holdings in Nigeria. Sapphire was chosen as the ideal partner for this role.

Results

For the past five years, Sapphire has served as the FCA-authorised operator and manager, delivering regulatory oversight, governance, and transparency for investors. Impala Energy Holdings LLP’s Nigerian operations focus on providing Compressed Natural Gas as a power source to companies in Nigeria that lack access to the electricity grid.

GP/LP Entity

Impala Energy Holdings LLP

impalaenergy.com

Embarking on the Launch of an EIS and GP/LP Fund: Sapphire & Zero Carbon

boyd@sapphirecapitalpartners.co.uk (Boyd Carson) — Thu, 20 Aug 2026 10:06:10 GMT

In 2019, Zero Carbon Capital engaged Sapphire as an experienced investment manager to establish an EIS fund and later a GP/LP fund. Sapphire was chosen due to our regulatory guidance and strong governance for early-stage GreenTech investments. This foundation has enabled scalable growth and helped build investor confidence.

Results

Since November 2019, Zero Carbon Capital has been an Appointed Representative of Sapphire. Leveraging Sapphire’s extensive investment management and regulatory experience, this relationship has enabled the Zero Carbon Capital funds to successfully establish, raise capital, and make investments via both an EIS and, subsequently, a GP/LP fund.

Key Products

Zero Carbon Capital 2022 LP
Zero Carbon Fund

www.zerocarbon.vc/

Pioneering EIS Excellence: Sapphire & SideBySide Forge the Future of Fund Innovation

boyd@sapphirecapitalpartners.co.uk (Boyd Carson) — Thu, 20 Aug 2026 09:53:40 GMT

The SideBySide Partnership International needed an experienced FCA-authorised investment fund manager to help them launch their first EIS Fund. Since the relationship began in 2019, Sapphire has successfully launched and managed two funds alongside SideBySide.

Results

As the FCA-authorised fund manager, Sapphire enabled the successful launch of the SidebySide Later Stage EIS Fund in 2019 and the SidebySide EIS Venture Fund in 2020. This was achieved by combining Sapphire’s proven fund incubation expertise with SidebySide’s strength in deal sourcing.

Key Products

SideBySide EIS Venture Fund
SideBySide Later Stage EIS Fund

thesidebysidepartnership.com/

Launching Multiple Funds: The Sapphire & Vala Story

boyd@sapphirecapitalpartners.co.uk (Boyd Carson) — Thu, 20 Aug 2026 09:42:07 GMT

Fund Type

EIS Venture Capital Funds

Challenge

Vala Capital needed to partner with an FCA-authorised Investment Manager to facilitate the launch of its EIS funds. Since 2018, five distinct funds have been successfully established and launched. Sapphire continues to manage the funds.

Results

Sapphire provided the solution in our role as the FCA-authorised fund manager. Vala Capital became an Appointed Representative ("AR") of Sapphire in November 2018. As an AR, Vala Capital has advised Sapphire on the investments in the various funds.

Key Products

Better Ventures EIS
One Four Nine Wealth Sustainable Growth EIS
UK Challenger Fund
Vala Self Select EIS
Vala Sustainable Growth EIS

www.valacap.com/

Anotherway & Sapphire: Powering the Launch of Anotherway Ventures

boyd@sapphirecapitalpartners.co.uk (Boyd Carson) — Thu, 20 Aug 2026 09:27:41 GMT

Fund Type

EIS Venture Capital Funds

Challenge

Due to the regulatory requirements surrounding venture capital fund management in the UK, Anotherway Ventures needed an FCA-authorised and highly trusted manager to facilitate the launch of their SEIS and EIS Fund.

Results

In 2023, Sapphire assumed this critical role for Anotherway Ventures, delivering the regulatory expertise and oversight essential for the successful launch and ongoing management of their SEIS and EIS Fund.

Key Products

Anotherway Ventures Fund

www.anotherway.ventures/

Sustainable Ventures & Sapphire: Investing in Sustainability

boyd@sapphirecapitalpartners.co.uk (Boyd Carson) — Thu, 20 Aug 2026 08:44:31 GMT

Fund Type

EIS Venture Capital Funds

Challenge

Given the complexities of UK venture fund management and the obligation for an FCA‑authorised firm to oversee investments, Sustainable Ventures Investment Management Limited required a regulated investment manager. Partnering with Sapphire in this capacity allowed them to launch both their SEIS and EIS Impact Funds simultaneously.

Results

With Sapphire managing the regulatory requirements and day-to-day oversight of Sustainable Ventures’ two funds, the team could focus entirely on sourcing deals. Sustainable Ventures also became Sapphire's appointed representative in March 2025, allowing it to advise Sapphire on equity investments.

Key Products

Sustainable Ventures SEIS Impact Fund
Sustainable Ventures EIS Impact Fund

www.sustainableventures.co.uk/

The British Design Fund & Sapphire: Driven by a mission to invest in purpose-led British products

boyd@sapphirecapitalpartners.co.uk (Boyd Carson) — Thu, 20 Aug 2026 08:25:38 GMT

Fund Type

EIS Venture Capital Funds

Challenge

BDF Advisors Limited sought an experienced, trusted FCA-authorised investment manager to assist in launching and managing an initial venture capital fund. Since 2016, Sapphire has fulfilled this role, successfully launching six funds in partnership with BDF Advisors.

Results

With Sapphire acting as the FCA-authorised investment manager, BDF Advisors could focus on mentoring and supporting the fund's investee companies.

Key Products

The British Design Fund
The British Design Fund 2
The British Design Fund 3
The British Design Fund 4
The British Design Fund 5
The British Design Evergreen SEIS & EIS Fund