EMV Capital

What EMV Capital does

EMV Capital plc is a London-based, AIM-listed (ticker: EMVC) deep tech and life sciences venture capital investment group founded in 2012, operating through its FCA-authorised wholly-owned subsidiary EMV Capital Partners Limited (firm reference 982590). The firm invests in early-stage, IP-rich companies at pre-Series A and Series A stages across life sciences, deep tech, and sustainability sectors, with a strategic footprint in the UK and Europe and a particular concentration in the Cambridge innovation cluster following the May 2024 acquisition of Martlet Capital's operational business, which added approximately £23.3 million across 53 companies and lifted AUM to over £100 million.

The platform combines four product lines: a Venture Capital Practice that syndicates investments with private, institutional VC, and corporate investors; the Evergreen EIS Fund offering tax-advantaged deal-by-deal and fund investment opportunities to HNW and family office investors; the Martlet Capital Fund providing patient capital to Cambridge-anchored deep tech and life sciences B2B startups; and Value Creation Services spanning investment readiness, exit readiness, IP strategy, corporate collaborations, financial functions, and senior executive placements. The Venture Build programme, exemplified by the September 2025 acquisition of XF-73 assets from Destiny Pharma and the establishment of AMR Bio Limited with FDA Fast Track status and QIDP designation, extends the model into company creation. Notable portfolio holdings include PDS Biotechnology (NASDAQ: PDSB, 2.3% direct holding), Wanda Health, Cytovale, Sofant Technologies, Xampla, Vortex Biotech, Cambridge GaN Devices, PointGrab, and OctaiPipe.

EMV Capital generates revenue through four streams: recurring fund management fees from the EIS and Martlet Capital funds, corporate finance fees from fundraising support, direct investment returns and carried interest from portfolio exits (M&A, IPO, or sales to PE), and operational fee income from Value Creation Services. FY2025 group revenue is expected at approximately £2.8 million (~16% growth) following 67% growth in FY2024 post-Martlet consolidation, with distribution to HNW investors, family offices, institutional LPs, and a financial advisor network now augmented by the October 2025 Delio Core OS private markets platform.

Name

EMV Capital

Legal name

EMV Capital plc

Website

https://emvcapital.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

EMV Capital is a London-based, AIM-listed deep tech and life sciences venture capital group investing in early-stage IP-rich companies via syndicated deals, balance sheet investments, the Evergreen EIS Fund, and the Martlet Capital Fund, with active board representation and value creation services.

Ownership category

akta.pro rank

Product category

Venture Capital & Private Equity (Deep Tech and Life Sciences)

NAICS

Portfolio Management and Investment Advice (52394), Investment Banking and Securities Intermediation (523150), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

akta.pro secondary industries

Impact / ESG Venture Capital (FSANAAAG), Venture Debt Providers (FSANAAAL)

Keywords

• Venture capital investing
• Deep tech investing
• Life sciences investing
• EIS fund management
• Portfolio company support

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Fund Management Fees: Recurring fund management fees from EIS funds and Martlet Capital Fund management. Higher recurring fund management fees following full operational integration of Martlet Capital.
2. Corporate Finance Fees: Fees generated from fundraising support provided to portfolio companies, including structuring rounds, managing loan conversions, and coordinating stakeholder alignments.
3. Carried Interest: Carried interest from exit realisations for investor base and from Fund management exits, targeting outsized investment returns through strategic partial or full exits from directly owned positions.
4. Direct Investment Returns: Capital gain opportunities from direct disposals of portfolio company stakes and carried interest from exit realisations. Direct stakes increased to £11.3m over three years, equating to £10.4m of fair value creation from £0.9m invested (12.9x multiple).
5. Operational Fee Income: Finance operations through combination of operational fee income and modest divestments.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

EMV Capital is a venture capital investment group that invests in, strengthens, and manages early-stage (pre-Series A and Series A) deep tech and life sciences companies with attractive intellectual property, using a capital-efficient model of syndicated investments, balance sheet stakes, and fund deployments. It sells investment products (Evergreen EIS Fund, Martlet Capital Fund, and deal-by-deal direct investments) to HNW, family office, and institutional investors, and provides Value Creation Services spanning investment readiness, exit readiness, IP strategy, corporate collaborations, financial functions, and senior executive placements to portfolio companies.

Product overview

EMV Capital is a deep tech and life sciences venture capital investment group offering a platform of investment products. The core offering is the Venture Capital Practice & Corporate Finance arm, which syndicates investments at pre-Series A and Series A stages with active Board representation. This is complemented by two fund products: the Evergreen EIS Fund (tax-advantaged investments) and the Martlet Capital Fund (early-stage Cambridge-based practice). Value Creation Services provide hands-on operational support including investment readiness, exit readiness, IP strategy, and executive placements. The managed portfolio spans 70+ companies across Life Sciences, Deep Tech, and Sustainability, including notable holdings such as Wanda Health (AI-driven remote patient monitoring), Cytovale (sepsis diagnostics), PointGrab (computer vision for smart buildings), and OctaiPipe (federated learning for Edge AIoT).

Differentiator

Problem solved

Functional benefit

Brands

• Martlet Capital: EMV Capital's early-stage Cambridge-based investment practice focused on providing patient capital and hands-on support to deep tech and life sciences B2B startups.

Products and services

• Venture Capital Practice & Corporate Finance EMV Capital's core VC and corporate finance arm that syndicates investments from private, institutional VC, and corporate investors, focusing on pre-Series A and Series A stages with active board representation and value creation services. Targeted at founders and management teams of early-stage deep tech and life sciences companies with attractive intellectual property.
• Evergreen EIS Fund Enterprise Investment Scheme (EIS) fund offering tax-advantaged investment opportunities in early-stage deep tech and life sciences companies through a capital-efficient deployment model. Designed for professional high-net-worth investors and family offices seeking EIS tax relief.
• EIS Direct Investment Practice Deal-by-deal direct EIS investment opportunities offered to professional HNW and family office investors, allowing selective participation in specific early-stage deep tech and life sciences rounds alongside the EIS Fund.
• Martlet Capital Fund Early-stage Cambridge-based investment practice providing patient capital and hands-on support to deep tech and life sciences B2B startups, managing a portfolio of 70+ companies following integration with EMV Capital. Targeted at founders of Cambridge-ecosystem IP-rich companies.
• Value Creation Services Hands-on operational support service for portfolio companies spanning investment readiness, exit readiness, IP strategy, corporate collaborations, financial functions, and senior executive placements, delivered by an in-house operational team, venture partners, and a panel of expert service providers.

Quantifiable outcome

• £100 million+ AUM as at December 2025
• +5 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability11 records

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core and major.

• DeliocoreTechnology or Integration · 23 October 2025Collaboration with Delio to implement Delio Core OS, a next-generation private markets platform delivering single digital experience across onboarding, transaction execution, oversight, and investment reporting. Streamlines investor journey while providing institutional-grade reporting for advisors and LPs across EMVC Evergreen EIS Fund, Martlet Capital Fund, and deal-by-deal practices.
• Destiny PharmamajorStrategic or Co-development Partner · 1 September 2025EMV Capital acquired XF-73 intellectual property and clinical assets from Destiny Pharma, establishing AMR Bio Limited to develop assets and plan commercialization route.
• University of Maryland BaltimoremajorStrategic or Co-development Partner · 2 April 2025Vortex Biotech announces clinical study with University of Maryland Baltimore for liquid biopsy technology development.
• University of ManchestermajorStrategic or Co-development Partner · 26 January 2025Vortex Biotech's Manchester Science Park laboratory proximity to University of Manchester enables direct access to world-class research, clinical samples, and translational infrastructure essential for advancing liquid biopsy into clinical practice.
• NHS Manchester Foundation TrustmajorStrategic or Co-development Partner · 26 January 2025Vortex Biotech's laboratory at Manchester Science Park enables collaborations with NHS Manchester Foundation Trust for clinical research and sample access.
• Cardinal HealthmajorImplementation/ SI/ Consulting PartnerAppointed as AMR Bio's US regulatory agent to support FDA submission process for XF-73 nasal programme, leveraging Cardinal Health's regulatory expertise and US market access capabilities.
• Imperial College LondonmajorStrategic or Co-development PartnerAMR Bio advancing clinical study in Chronic Obstructive Pulmonary Disease (COPD) in partnership with Imperial College London, targeted at expanding clinical trials for respiratory diagnostics.
• AstraZenecamajorStrategic or Co-development PartnerVortex selected as first company in AstraZeneca Exchange Programme, providing access to AstraZeneca's innovation ecosystem and potential collaboration opportunities in precision oncology.
• European Space AgencymajorStrategic or Co-development PartnerSupporting Sofant Technologies through programmes alongside UK Space Agency, advancing development of next-generation satellite communication terminals.
• UK Space AgencymajorStrategic or Co-development PartnerSupporting Sofant Technologies through programmes alongside European Space Agency for satellite communications technology development.
• National Cancer InstitutemajorStrategic or Co-development PartnerPDS Biotech running Phase 1/2 clinical trial under Cooperative Research and Development Agreement with National Cancer Institute for MUC1-positive solid tumours.
• NXP SemiconductorsmajorStrategic or Co-development PartnerCambridge GaN Devices long-term collaboration with NXP to develop GaN-based system solutions, leveraging CGD's advanced GaN products and extensive expertise in GaN processes.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• IP Group plc: AIM-listed UK intellectual-property-rich deep tech and life sciences investor. Highly comparable as a publicly listed, UK/EU-focused deep-tech VC with a similar balance-sheet + fund model and university spin-out focus.
• Cambridge Innovation Capital: Cambridge-cluster deep tech and life sciences growth investor. Directly comparable given EMV's deepening Cambridge presence via Martlet Capital and the shared focus on IP-rich spinouts.
• Oxford Science Enterprises: Oxford-cluster deep tech and life sciences investor building and backing science-led businesses. Comparable as a UK university-cluster deep tech VC with an active company-creation and portfolio support model.
• Parkwalk Advisors: UK university spin-out and deep tech investor managing EIS and institutional funds. Closely comparable given EMV's EIS-led, deep tech / life sciences focus and UK university spin-out pipeline.
• Mercia Asset Management: UK regional venture capital manager with regional funds and university partnerships. Comparable in its listed UK VC model and focus on early-stage IP-rich UK companies.
• Albion Capital: UK venture capital manager running VCT and EIS funds alongside principal investing. Comparable through its multi-fund, UK-focused, tax-advantaged early-stage investment platform.
• Amadeus Capital Partners: UK deep tech VC with a long-standing Cambridge / UK university spin-out focus. Comparable as a deep tech specialist VC and existing co-investor alongside EMV in portfolio companies (e.g., Xampla).

Broad incumbents

• Octopus Ventures: Large UK VC with a life sciences and deep tech practice. Comparable in sector focus and stage but materially larger AUM, representing a scaling benchmark EMV is targeting.
• British Patient Capital: UK government-backed LP providing long-term capital to UK scale-up and VC funds. Comparable as a deep UK VC ecosystem participant and potential co-investor / LP relationship for EMV funds.

Others

• Delio: Private-markets digital platform provider. Not a peer investor but a strategic technology / distribution partner to EMV Capital, providing the investor onboarding, transaction execution and reporting infrastructure used across the EIS and Martlet funds.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/EMVCapital
• LinkedInuk.linkedin.com/company/emvcapital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments35 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EMV Capital