Triple Point Venture Fund

Triple Point VCT 2011 plc Issue of Venture Shares

September 2022

Challenge-led Investing
Giving investors access to some of the fastest growing and most exciting companies in the UK.
The Triple Point Venture Fund invests in early stage companies typically at Seed stage funding rounds, as well as at
pre-Seed and Series A funding rounds - focusing on young, technology-driven businesses in B2B sectors. Typically
the fund invests after a company has achieved market validation from at least one established corporate. We call
this a “challenge-led” investment approach, as establishing market fit by solving an existing challenge helps to
reduce one of the most significant risks of early-stage venture capital, while fast-tracking growth prospects.

The Benefits of the Venture Fund

EARLY-STAGE
B2B SOFTWARE WORKING WITH
INVESTING PROVIDES
IS ONE OF THE STARTUPS TO SOLVE THE VENTURE FUND
AN OPPORTUNITY
MOST EXCITING REAL WORLD IS BUILT FOR A POST
FOR BIGGER
OPPORTUNITIES IN CORPORATE COVID ECONOMY
SHAREHOLDER
THE MARKET TODAY CHALLENGES
RETURNS

The point at which we invest into these 100

companies, can positively impact the returns
you can make. A strategy that is complimentary
within a diversified portfolio of VCTs.
Value (m)

10x potential returns available on a typical

company exit by investing at an earlier stage
Series A+
20
Seed
4
5x potential returns available on a typical
company exit by investing at a later stage Lifecycle of business
EARLY STAGE LATER STAGE
INVESTMENT INVESTMENT EXIT

Traditional venture investing focuses broad research

to identify companies which are most likely to be
successful.

However, this analysis often does not take enough

consideration into key factors such as whether there is
a genuine demand for a product or service and whether
there is a market fit – this is known as a proposition
led approach. When following this approach, returns
can be significant, but the individual company failure
rates are higher. Research focused on why start-ups fail
has repeatedly shown that one of the most common
reasons for failure, is due to a lack of market demand.
Entrepreneurs often tackle a problem they find
interesting, rather than one which addresses a market
need.

RISK WARNING: The Triple Point Venture Fund VCT carries all the risks of investment in smaller companies and
places investor’s capital at risk. There is no guarantee that target returns will be achieved, and investors may get
back less than they invested. Past performance and forecasts are not a reliable indicator of future performance.
Tax treatment depends on the individual circumstances of each client and is subject to change. Tax reliefs depend
on the VCT maintaining its qualifying status. Investors should only subscribe for shares on the basis of information
contained in the Prospectus which is available via the Documents section of the website.
 Triple Point Venture Fund
Triple Point VCT 2011 plc Issue of Venture Shares
September 2022

The Challenge
Credit Kudos is an Open
Banking credit reference
agency, helping credit
providers make better
decisions, using better
data.

The
The business businessitslaunched
launched its ‘Assembly’
‘Assembly’ product, product,
allowing
allowing credit creditto
providers providers
automatetopolicies
automate policies
The
The VCT first VCT first
invested invested £500k
£500k and decisioning-making.
and decisioning-making. The
The product product was
was
in Credit
in Credit Kudos Kudos in March
in March Themore
The business business
than more than described
described as as a ‘real game-changer’
a ‘real game-changer’ by Admiral by Admiral
2020
2020 as part as part
of their of their
Series A Series A doubled itsdoubled
numberitsof number of Similarly,
Similarly, revenue revenue
grew by grew by
Financial Services.
Financial Services.
round. round. customers customers
between ourbetween
first our first 141% across 141% acrossperiod.
the same the same period. June 2021
June 2021
March 2020 March 2020 investmentinvestment
and the dateand
ofthe date of April 2021 April 2021
exit. exit.
April 2021 April 2021
In FebruaryIn2022,
February 2022,
CreditInKudos
February
Credit 2022, were
wereKudos Credit
Kudos
acquired were acquired
byacquired
Apple by Appleby
for $150m.Apple
for for $150m.
The$150m. The
acquisitionacquisition
share share
price was aprice was a 5.2x
The5.2x
acquisition
multiple formultiple
the VCT.for the VCT.
share price was a
5.2x multiple for
Credit KudosCredit Kudos successfully
successfully
the VCT.
Credit
Credit Kudos Kudos bolstered
bolstered
built a best-in-class
built a best-in-class open open
senior teamsenior teama by hiring a
by hiring
banking
banking credit credit scoring
scoring Head
Head of Legal andof Legal and
solution. solution. Head of Customer
Head of Customer
July 2020 July 2020
Success. Success. June 2021
June 2021

RISK WARNING: Past performance and forecasts are not a reliable indicator of future performance.

FEES
KEY POINTS ON THE VENTURE FUND
Initial Charge: 2.5% Performance Fee: 20% over a
Income: The Venture Fund is targeting a dividend AMC: 2.0% 3% compounded annual hurdle
of up to 5 pence per share each year, subject to
realisations. For a full breakdown of fees and risks please refer to
the prospectus.
Liquidity: The Venture Fund offers a share buy back
facility, subject to liquidity, at a 5% discount to NAV LOYALTY SHARE DISCOUNT
and board discretion. For existing investors in TP11 we have a 1% loyalty discount
on our initial fee for all applications received before
Diversification: Access to a growing portfolio, 31/12/22.
currently over 35 companies.
CLOSING DATES
Noon on the 05 April 2023 (22/23 tax year) and noon on 28
Triple Point’s venture network: Network of blue July 2023 (23/24 tax year), unless fully subscribed earlier.
chips, entrepreneurs, growth consultants and
corporate innovation specialists built up over 15 years. EARLY BIRD DISCOUNT
1% discount on our initial fees for completed applications
RISK WARNING: Investors capital is at risk and target received before 31/12/22, or on the first £5m of
returns may not be achieved applications, whichever is first.

Something happens when people come together. From the connections we make spring ideas. Fresh
solutions to big problems, from how to improve global communications and heat our homes, to how to
support businesses and drive the economy. And from solutions like these flow opportunities to create
value.

We call it the Triple Point. It’s the place where people, purpose, and profit meet.

Since 2004, we’ve been targeting this Triple Point in areas like digital infrastructure, energy efficiency
and social housing, unlocking investment opportunities that make a difference.

Big problems create strong demand.

Strong demand drives good investments.
Good investments solve big problems.

It means that investors never have to choose between financial returns and social impact.
You achieve one by achieving the other.

Triple Point is the trading name for the Triple Point Group which includes the following
Adviser and Investor Enquiries companies and associated entities: Triple Point Investment Management LLP registered
in England & Wales no. OC321250, authorised and regulated by the Financial Conduct
020 7201 8990 Authority no. 456597, Triple Point Administration LLP registered in England & Wales no.
OC391352 and authorised and regulated by the Financial Conduct Authority no. 618187,
contact@triplepoint.co.uk and TP Nominees Limited registered in England & Wales no.07839571, all of 1 King
1 King William Street
William Street London EC4N 7AF, UK
London EC4N 7AF